Selecting a broad undergraduate degree program in finance or business would be a good start for those interested in a career involving insurance. Some schools offer bachelor’s degree programs particularly for insurance, such as a Bachelor of Science (B.S.) in Insurance and Risk Management.
B.S. Programs in Insurance and Risk Management
Students enrolled in a bachelor’s degree program in Insurance and Risk Management can expect to become adept at helping individual clients and businesses aimed at foreseeing potential risk problems and minimizing losses. The focus of the program is often on the principles of organizational management, economics, finance, and business, in addition to imparting information about the theories behind loss management and risk management.
Students enrolled in a bachelor’s degree program in Insurance and Risk Management are also provided with a strong basic knowledge of the insurance industry. Coursework is devised to cover the fundamentals of personal insurance, commercial insurance, insurance laws and regulations, and life and health insurance policies. Coursework in an Insurance and Risk Management baccalaureate program is devised to help students with the passage of exams for state licensure by providing them with technical training and an educational background that suffices the purpose.
Undergraduate students who seek training in insurance and risk management can seek admission to a school for business or finance and opt for an insurance major in their junior or sophomore years. They would need an overall GPA score of 2.0 before they can be admitted to most programs.
Coursework in an Insurance and Risk Management bachelor’s degree program typically covers courses that give students a background in both insurance theory and business principles. Coursework may include topic areas such as:
•Property risk management and insurance
•Commercial liability risk
•Life and health insurance
•Risk and insurance
•Management and organizational behavior
Armed with a baccalaureate degree in Insurance and Risk Management, a graduate can seek entry-level jobs in the field such as:
•Insurance claims adjuster
•Insurance sales agent
•Risk management analyst
Job and Wage outlook
An average job growth rate of 10% has been predicted for insurance sales agents over the 2012-2022 decade (U.S. Bureau of Labor Statistics (BLS)). A slower-than-average job growth rate of 6% has been projected for insurance underwriters, during the same decade. In May 2012, sales agents took home an average annual wage of $48,150, while underwriters earned $62,870.
Licensure and Continuing Education Choices
Those interested in continuing education can earn a master’s degree in Risk Management; insurance professionals can also attend conferences and seminars to keep abreast of emerging technologies and new laws in the industry. Licensing requirements for insurance professionals vary from state to state. In some states, individual insurance adjusters may be required to acquire a license; in other states, these professionals may only be required to work for licensed insurance companies.