Risk management and insurance is recognized as an important feld by many corporations, hospitals, and government units. Many of these organizations employ college graduates in positions requiring an understanding of issues related to insurance and risk management (e.g., employee beneft management). In addition, the insurance industry is a large employer of individuals with university-level education, and knowledge of principles of risk management and insurance provides important background for understanding the insurance operations and the functions of insurance in society. The feld of fnancial planning offers other opportunities for individuals with university-level training in risk management and insurance combined with a fnance background. A familiarity with risk management and insurance should prove useful for students who pursue careers in related areas such as health care, law, engineering, and other felds in business.
A bachelor’s degree is required for entry into many careers within the insurance industry. Specifc career opportunities within the insurance industry include underwriters, claims administrators, information systems experts, investment managers, and sales agents. Outside the insurance industry, knowledge from the felds of risk management and insurance is needed by employee beneft managers, fnancial planners, and risk managers. Increasingly, continued education after leaving the university environment is essential for promotion in these careers. Professional designations such as ARM, CLU, CPCU, ChFc, LOMA, and CFP often appear after the names of risk managers, employee beneft managers, and executives in the insurance industry. Risk management and insurance courses provide a valuable background for continued study towards these designations. Graduating seniors in 2007–2008 averaged entry-level salaries of $46,861 annually.
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