ICS - The Institute of Chartered Shipbrokers

The Institute of Chartered Shipbrokers serves as the professional organization for individuals in the global commercial shipping industry. Established in 1911 and granted a Royal Charter in 1920, it holds a unique position in the maritime world.

This institute is responsible for creating and evaluating the course content needed for membership, ensuring that the shipping industry has well-qualified professionals. It stands out as the sole internationally acknowledged professional body in the field of commercial maritime activities, advocating for and representing shipbrokers, ship managers, and agents worldwide. With 27 branches strategically located and boasting a membership of 4,000 individuals, the institute has a significant global presence.

Members of this institute are dedicated to upholding the highest standards of professionalism throughout the shipping industry. As part of this professional community, members enjoy the advantages of an improved career in the shipping sector.

Membership: 

There are four types of membership in the Institute of Chartered Shipbrokers:

1. MICS - Member of the Institute of Chartered Shipbrokers:
   • Individuals who are members of the institute.
2. FICS - Fellow of the Institute of Chartered Shipbrokers and a Chartered Shipbroker:
   • Individuals who are not only members but also have a special recognition as fellows and are chartered shipbrokers.
3. Retired MICS or FICS:
   • Individuals who were members or fellows but are no longer active in the shipping industry due to retirement.
4. Life Member:
   • Individuals nominated by a branch and approved by the Controlling Council, enjoying lifelong membership.
5. Honorary Fellowship:
   • Individuals invited by the Controlling Council to become honorary fellows.

Eligibility for MICS Membership: 

Most people working in the maritime field would qualify for MICS membership. To be eligible, you need to meet the following criteria:

1. Have a genuine connection to the commercial shipping industry at the time of application:
   • This includes a wide range of roles such as brokers, agents, principals, owners, lawyers, seafarers, insurers, covering various activities in the industry.
2. Pass the Institute's Professional Qualifying Examinations or submit an approved dissertation:
   • Successful completion of the required exams or submission of a dissertation meeting the criteria set by the Institute's Education and Training Committee.
3. Be deemed a fit and proper person by the Controlling Council:
   • The Controlling Council evaluates whether the applicant demonstrates the qualities necessary to be a responsible and ethical member of the Institute.

The most challenging aspect is meeting the requirements for the Professional Qualifying Examination.

Qualifying for the Professional Qualifying Examinations (PQEs):

The Professional Qualifying Examinations (PQEs) are the most advanced qualifications offered by the Institute of Chartered Shipbrokers. Successfully passing these 7 exams proves that you have a deep understanding of the commercial shipping industry. The PQE program spans up to five years and includes four compulsory exams, along with the option to choose three from a list of 12 subjects (refer to our website for the syllabus).

Compulsory Subjects - Group 1: These are essential because they lay the foundation for all activities in the commercial shipping industry:

1. Introduction to Shipping
2. Legal Principles in Shipping Business
3. Economics of Sea Transport & International Trade
4. Shipping Business

Specialisms - Group 2: These papers delve into specific areas of practical shipping in detail:

1. Dry Cargo Chartering
2. Ship Operations & Management
3. Ship Sale & Purchase
4. Tanker Chartering
5. Liner Trades
6. Port Agency
7. Logistics & Multi-modal Transport
8. Port & Terminal Management
9. Offshore Support Industry
10. Shipping Law
11. Marine Insurance
12. Shipping Finance

Candidates can apply for exemptions for up to three subjects if they hold relevant professional or educational qualifications acquired within the last 7 years. Exemptions are only applicable to the PQE qualification and not to the Foundation and Advanced Diplomas. To support exemption applications, certificates and transcripts demonstrating qualifications are required.

Exemptions based on certificates or degrees are as follows: If you hold a Master COC, you would generally receive exemptions for Introduction to Shipping (IS), Economics of Sea Transport (EST), and Shipping Law (SL).

Exemption Process and Criteria:

The Institute's Education and Training Committee (ETC) oversees exemptions. If you have a maritime qualification not listed, the ETC will assess it, considering the following criteria:

1. The course must be maritime-related and equivalent to the Institute's Professional Qualifying Examinations (with a minimum standard of a lower second class or equivalent UK degree).
2. The qualification should be no older than seven years.
3. You must provide an official course certificate and transcript in English or a certified English translation.

Examination Procedures:

1. To sit an exam with the Institute during the 2023/24 academic year, you will need to register as a student. This can be done online click here to register.
2. To check the deadlines for registrations, click here.
3. For past papers and reports, you may click here
4. For tips and techniques, you may click here.

Membership Application:

After successfully completing all 7 exams, you can apply for Membership by filling out a form.

Costs Involved:

Please be aware that each activity within ICS has associated costs. Here are the costs:

Conclusion: 

Is the PQE or being a member of ICS beneficial. 

It will definitely help you to differentiate yourselves from others with same experience but ONLY doing this will not guarantee you a job. 

Should I do PQE exams?

You may but ensure that you are clear on the purpose of why you are doing it. This will help you 

1. Gain Knowledge
2. Holistic development
3. Differentiate yourselves

But don’t do this ONLY to get a job. This examination will help you but it will not GAURANTEE you a job. 

Disclaimer: True to the best of the known as of Jan 2024.

Source/Credit: ICS website