The insurance industry depends on risk management professionals to identify, manage, and analyze risk. A typical risk management bachelors degree program teaches students how to foresee potential insurance risk problems and understand how to manage these risks. Students in this degree program will take courses in liability, loss prevention, risk theory, health insurance, personal insurance, commercial insurance, and insurance law. After graduation, students will be prepared to work in an array of professions that use risk assessment and analysis in their day-to-day operations.
Why a Bachelor’s Degree?
The courses featured in a risk management bachelor’s degree program are designed to introduce students to the theories and methodologies entailed in the risk management industry. Graduates of risk management programs often find employment as financial analysts, claims adjusters, and insurance coordinators. According to the U.S. Bureau of Labor Statistics (BLS), most financial analysts are required to have at least an undergraduate degree. Claims adjusters are not required to have a formal degree; instead, they just need a high school diploma.
Getting into a Bachelor’s Degree Program
To be admitted into a bachelor’s degree program, students should make sure they are qualified to attend at the most basic level. Most schools require individuals to have the following before considering them for undergraduate risk management degree programs:
- High school diploma or its equivalent
- Desired SAT or ACT scores
- Completion of select pre-major courses
Inside a Risk Management Bachelor’s Degree Program
The first chunk of the risk management degree program is comprised of pre-major liberal arts courses common to all degree plans, which assess the student’s readiness to move onto more complex concepts pertaining to their major. The student must pass their pre-major classes before enrolling in core classes specific to their degree. A few of the popular undergraduate courses in risk management include business statistics, decision analysis, strategic portfolio decisions, loss prevention, financial auditing, and security theory. Some universities may also require their risk management students to obtain internships or assistantships as well.
These days, numerous students are opting to pursue an online bachelors degree in risk management. An online degree is an ideal option for students who lead busy lives and therefore need to complete their coursework outside of the traditional classroom. Most online colleges allow students to submit their assignments, projects, and exams via online platforms like Blackboard. Online degrees also offer students the ability to complete their assignments from anywhere at any time of day, assuming they complete the work before it is due.
What’s Next for Risk Management Bachelor’s Degree Holders?
Those who obtain an undergraduate degree in risk management may look into job positions within insurance agencies and business operations. Financial analysts, claims adjusters, and insurance coordinators are a few of the most popular professions risk management graduates attain. According to the BLS, financial analysts make an average of $74,000 a year. Claims adjusters make a lower income than analysts, earning around $59,000 a year.
Students may also choose to heighten their academic pursuits by earning their master’s degree in risk management. A master’s degree in this subject introduces students to in-depth specialties in risk management that will help them move up to management and executive positions within the industry. For a list of other business degrees students can pursue after completing a risk management degree, see this link.