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Information on Master’s Degree Programs in Insurance

Majors Overview June 7, 2015

This article talks about master’s degree programs in insurance and their education requirements, coursework, career choices, job and wage outlook, and continuing education choices.

Master’s Programs in Insurance

Students enrolled in master’s degree programs in insurance and risk management are taught various ways in which to identify, measure and manage corporate risk. Students learn unconventional and alternative risk management concepts for use in mitigating financial loss. They learn to apply simulation and statistical tools aimed at developing corporate risk management strategies, in addition to the fundamentals of a variety of insurance products. Graduates must complete about 30 core credits, including 12 elective credits, in addition to a comprehensive exam or a thesis. These programs take about one year of full-time study for most students.

Education Requirements

Admission criteria typically require incoming students to hold an undergraduate degree, in addition to being familiar with microeconomics, corporate financial practices, and statistics. A grade of ‘B’ or better in undergraduate classes related to these subject areas or passage of a competency examination can help students to showcase proficiency before admission.

They may also have to submit a written statement of their career, personal, and educational goals, a professional supervisor’s recommendation, a resume detailing their leadership experience and GMAT scores. Incoming students to some master’s degree programs in insurance are also required to have gained professional certification as a Chartered Property Casualty Underwriter (CPCU) before they are admitted to the program. A CPCU is obtainable through the passage of examinations pertinent to property casualty underwriting, in addition to meeting experience prerequisites and agreeing to adhere to a stringent code of ethics.

Coursework

CPCU designation holders seeking admission to some master’s degree programs in insurance and risk management are allowed to apply a specified number of credits toward a degree. Core coursework may commonly include subject areas such as:

•Research methods for risk
•Insurance finance and accounting
•Insurance business operations
•Principles of risk management
•Employee, life and health insurance benefits

Career Choices

Risk management professionals mainly find employment in the insurance and finance industries. They can aspire for possible job positions such as:

•Insurance career agent
•Securities and commodity contract mediator
•Business enterprise manager

Job and Wage Outlook

Over the 2012 – 2022 decade, a job growth rate of 9% has been predicted for risk managers, among other types of financial managers (U.S. Bureau of Labor Statistics). In May 2012, these professionals brought in an average annual wage of $109,740 (BLS).

Continuing Education Choices

Program graduates seeking continued education may choose to earn a Doctor of Philosophy (Ph.D.) degree in numerous concentrations, including insurance and risk management. They may also choose to attend workshops, seminars and symposia offered by the CPCU Society. Membership of the CPCU Society Center for Leadership will allow graduates to sign up for public speaking and leadership training opportunities.

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