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Minor in Insurance and Risk Management

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Risk management and knowledge of insurance are critical skills essential to all business executives.  With the significant emerging risks in the world today, every business needs to be prepared for ‘what can go wrong’ and how to effectively mitigate those exposures.  The Minor in Insurance and Risk Management, administered by the Department of Finance, provides the student with fundamental knowledge of risk management skills and the application of insurance to effectively manage risks.  This minor also provides an effective introduction to the insurance industry, teaching the fundamental concepts, coverages, operations, and financial aspects of the industry.  The minor is a valuable addition to any business degree/career allowing the student to better identify and manage risk in any industry or at a personal level,  and to understand key insurance concepts.

The insurance industry is one of the largest and most dynamic sectors of the financial services industry.  With greater competition and innovative disruption, the industry in constantly working to enhance products, services and improve customer experiences.  The industry is in dire need of the next generation of talent and with many interesting and challenging career opportunities.

The minor is available to students who are enrolled in bachelor’s degree programs at Michigan State University. With the approval of the department and college that administer the student’s degree program, the courses that are used to satisfy the minor may also be used to satisfy the requirements for the bachelor’s degree.

INSURANCE AND RISK MANAGEMENT MINOR

Why should you consider Insurance & Risk Management for a minor and a possible career?

  • Insurance and risk management is a fascinating and exciting career

    INSURANCE IS NOT WHAT YOU THINK—it is not just sales and it’s not boring.  The insurance industry is a dynamic industry dealing with current real-world issues.  Emerging risks related to driverless cars, drones, 3D printers, wearables, and climate events means that each day will bring its own challenges and unique experiences.

    INSURETECH IS DRIVING INNOVATION—the Insuretech sector raises billions in new capital every year to fund the development of innovative technologies and processes that can disrupt the norms of the industry and enhance the insurance customer experience.

    LIVE AND WORK MOST ANYWHRE IN THE WORLD–There are insurance opportunities everywhere. You can work in major American cities or overseas in places like London, Tokyo, and Zurich.  The Lansing, Michigan area is also a hub of many major insurance companies.

    MAKING A DIFFERENCE—Insurance companies play a critical role in helping people and restoring property and business after catastrophes. Insurance companies paid a combined $41 billion to policyholders after Hurricane Katrina, and the industry routinely donates millions to charitable causes.

    RISK MANAGER IS A CRITICAL ROLE—The pandemic has elevated the risk management field into greater prominence and inspired companies and boards to seek risk experts.

  • There are great jobs and opportunities in insurance and risk management

    OPPORTUNITY—The U.S. Bureau of Labor Statistics projects that 50% of the insurance workforce will retire by 2028—over a million employees will retire by 2027. The industry employs more than 2.3 million people in America – more than Google, Facebook, Apple, Twitter and Yahoo combined.  Michigan is the home to several major insurance companies and agencies.

    IT’S REWARDING—More than 90 percent of insurance professionals between 19 and 35 years of age say that insurance careers meet important criteria essential for job satisfaction, including work/life balance, career development opportunities and financial stability.

    IT’S NOT JUST INSURANCE SALES—You could be a risk manager, claims adjuster, underwriter, actuary, loss control consultant, product developer, business analyst, technology professional, and more. There is a job for your skills and interests!

    MOST COMPANIES ARE OFFERING INTERNSHIPS–Internships provide real-world experience and valuable connections, and they often result in a permanent job after graduation.

    STRONG AND STABLE COMPENSATISON–Insurance professionals’ average base salary was $150,300 with 58% receiving average bonuses of $35,150, with average industry experience of 23.4 years.  Toh, A. (2021, December 1). A snapshot of the insurance professional. Business Insurance, 55(13), 16–19.

Admission

The online application must be completed by the deadline of March 15.  Admissions decisions are made in late spring each year. Admission is highly competitive and therefore not guaranteed. By applying to the minor, you are agreeing to allow the selection committee to review your grades.

This curriculum is effective starting Fall 2022 – students following the previous curriculum should refer to their “Academic Progress” tile in student.msu.edu

For students participating in S/NS grading, please note that The Broad College will use original numeric grades from Fall 2020 and Spring 2021 in admission decisions for the Insurance and Risk Management Minor.

To be admitted to the minor, students must complete one course from item (a) and one course from item (b). A grade of 3.0 or higher in each course is required for admission.

a. One (1) of the following courses (3 credits)

b. One (1) of the following courses (3 credits)

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If you have satisfied the course prerequisites for admission, you are invited to apply to the insurance and risk management minor.

Apply to Minor

Minor in Insurance and Risk Management Requirements

Students must complete a total of 15 credits from the following:

 

Required Courses

All the following courses (9 credits)

Minor Selection Courses

At least two (2) courses of the following courses (5 or 6 credits)

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Department of Finance
Financial Markets Institute
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