If you are interested in a career where you could help organizations and individuals manage risk, help forecast financial risk and problems, understand insurance needs of various companies and individuals, and help minimize the risk from options available, then a bachelor of risk management degree is for you. This program introduces students to health and life insurance, risk management, personal insurance, insurance law, and personal insurance; in addition to the tools and techniques used by various companies and individuals to manage risk. The risk management bachelor's degree program provides you with in-depth knowledge of risk management and insurance techniques, so that you may develop organizational strategies to minimize and manage risk.
Admission Requirements
You may be required to complete prerequisite courses for this program. These courses may include statistics, mathematics and economics. Additional documents may be required when submitting an application: SAT or ACT score, letters of recommendation, and personal essays about why you would like to enroll in the program.
Curriculum and Coursework
The curriculum helps the student build a strong foundation in liberal arts and various business disciplines. In addition, the curriculum provides a core concentration in insurance techniques and risk management. Coursework may vary at each school, but could include the following similar core courses:
-
Principles of Risk Management and Insurance
-
Microeconomics
-
Macroeconomics
-
Fraud Examination
-
Legal Elements of Fraud
-
Financial Planning
-
Financial Management
-
Operations of Insurance Enterprises
-
Advanced Statistics
Some universities or colleges may also require students to complete an internship at the end of their curriculum. The aim of this internship is to provide the students with a real-world experience in risk management and insurance.
Certifications
Although certifications are not obligatory, acquiring them may demonstrate your professional skills. Several professional bodies in the United States offer certifications in this regard; such as The Institutes, which provides the Chartered Property and Casualty Underwriter designation, the Associate in Personal Insurance, and the Associate in Commercial Underwriting certifications. In addition, the American College of Financial Services provides the Chartered Life Underwriter certification. The Society of Actuaries and the Causality Actuarial Society sponsors programs that students may take to become professional actuaries.
Career Outlook Prospects
After you have successfully earned a bachelor's degree in risk management, you may be able to become a corporate risk manager, an actuary, a foreign exchange trader, or an insurance underwriter. The US Bureau of Labor Statistics stated that insurance underwriters were paid a median $62,870 salary figure per year in 2012.