While enrolled in a bachelor's in risk management and insurance, students learn about the basic theories behind personal and corporate finance, financial analysis and business organization. They learn how to gather data to determine the risks involved with insuring particular clients or recommending a particular investment strategy. While many employees of the insurance industry learn their day-to-day tasks on the job, they can gain an overall background in the business world through degree programs in risk management. Certifications are available to insurance risk analysts who have substantial industry knowledge and are prepared to pass qualifying examinations.
Degree Programs in Risk Management and Insurance
Degree programs in risk management and insurance pull courses from the fields of accounting, business, management and finance. Students must have a high school diploma and strong grades in mathematics, economics, and communication to apply for the program. This program normally takes four years to complete. Through the courses of this program, students explore the following concepts:
- Financial analysis
- Business finance
- Business management
- Risk management
Popular Career Options
A degree in risk management and insurance can prepare graduates for a variety of positions within the insurance, credit-lending, banking and corporate sectors. Some of these include:
- Insurance underwriter
- Management analyst
- Loss control representative
- Insurance operations manager
- Investment analyst
Career Outlook and Salary Info
Per the U.S. Bureau of Labor Statistics (BLS), job openings for actuaries were expected to increase by 20% from 2018-2028, and 14% growth was expected for management analysts (www.bls.gov). Both of these projections represent faster-than-average growth. As of May 2018, actuaries earned a median salary of $102,880, and management analysts earned a median of $83,610, according to BLS data.
Several different types of certifications are available within the insurance and risk management industry. The American Institute for Chartered Property Casualty Underwriters, for example, confers the Chartered Property and Casualty Underwriter certification. Insurance risk analysts working in particular segments of the industry, such as healthcare, can also gain specific certification in that field.
In a bachelor's program in risk management and insurance, students will learn about finance, business management skills and statistics.