Bachelor’s Degree in Risk Management: Courses & Careers

Undergraduate students who are interested in studying insurance and risk management can enroll in a university's school of business or finance and declare an insurance major in their sophomore or junior year. They should also maintain an overall grade point average of at least 2.0 in order to qualify at most schools. The type of degree conferred depends on the school, but BA, BS and bachelor of business administration (BBA) insurance and risk management degree programs are the most common. Some universities may not have a separate degree in insurance and risk management, but do offer concentrations or certificates in risk management and insurance to students pursuing a degree in business or a similar program of study.

Insurance and risk management degree programs typically feature courses that provide a background in both business principles and insurance theory. Some examples of courses in insurance and risk management are listed below:

• Business statistics
• Business finance
• Life and health insurance
• Property risk management and insurance
• Employee benefits
• Management and organizational behavior
• Risk and insurance

A bachelor in risk management is not as commonly available as a degree in English, business or science, but there are still a variety of schools that offer the degree or comparable programs. Some of them also have the option of earning your bachelor's degree in insurance and risk management online rather than on campus. Institutions offering a bachelor of insurance and risk management, or similar degree program, either online or in person, include:

• University of Hartford
• Troy University
• Ohio Dominican University
• Saint Joseph's University
• Temple University
• Eastern Kentucky University
• Indiana State University

Popular Career Options

The insurance industry encompasses a wide variety of careers, many of which are open to graduates from a baccalaureate program in risk management and insurance. Parts of the industry are experiencing growth, while others are seeing a decline in demand for their services. Some potential entry-level positions in the field include the following:

• Insurance sales agent
• Insurance claims adjuster
• Insurance underwriter
• Market researcher
• Insurance marketer
• Risk management analyst
• Damage appraiser
• Insurance investigator

While many of these jobs require a bachelor's degree, others, such as insurance sales agent and some claims adjuster positions, are often open to applicants with only a high school diploma or GED certificate. Because employers tend to prefer candidates with experience, securing one of these jobs before or while pursuing a higher education could give you a valuable advantage when looking for a long-term career after graduation. It may even be possible to advance to a more senior position in the same company if you obtain an entry level job while still earning your degree. Holding a degree can also give you more leverage to negotiate a higher salary for the same position.

Employment Outlook and Salary Information

According to the United States Bureau of Labor Statistics (BLS), insurance sales agents could expect job growth of 5% from 2019-2029. However, Insurance underwriters, the BLS predicted, could expect a 6% decline in job opportunities during the same decade. The BLS reported median annual salaries of $50,940 for sales agents and $70,020 for underwriters as of 2019. Other insurance industry professions, including claims adjusters, appraisers, examiners and investigators, are also expected to see a 6% decline in the decade of 2019-2029. Employees in these positions earned a median annual salary of $66,540 in 2019.

Continuing Education

Continuing education programs are a very important element of the insurance field. While there are some master's degree programs in risk management available, many insurance professionals count on seminars and conferences to learn about new laws and emerging technologies in the industry.

Licensing requirements for insurance professionals vary by state. Some states require that individual insurance adjusters acquire a license, while others just require professionals to work for licensed insurance companies. Continuing education may or may not be required to maintain licensure.

Individuals interested in careers in the insurance field can complete a bachelor's degree in insurance and risk management, in which students learn the theories and practice of business, finance, economics, and management as well as insurance. The most common degrees offered are bachelor of science, bachelor of arts, and bachelor of business administration. Some schools only offer insurance and risk management concentrations, which can be earned while pursuing a bachelor's in a related field, such as business.

Graduates can apply for a variety of entry level jobs as insurance sales agents and insurance underwriters. Some of these jobs only require a high school diploma and are open to students still working to earn their degree. Licensing requirements for higher level positions vary by state.