The undergraduate Certificate in Risk Management and Insurance is designed to provide an understanding of the many aspects of risk management and insurance (RMI). It concentrates on value creation and asset protection, including pure insurance and risk management, and corporate and financial risk management. The program also addresses the financial and economic characteristics of potential exposures to loss that business organizations and individuals face, as well as the techniques available for hedging the risks and minimizing the costs associated with these exposures.
The certificate provides students in business and other majors—particularly actuarial science, mathematics, or statistics—with a foundation for careers in financial and credit analysis, corporate risk management, risk management consulting, employee benefits management and insurance consulting, insurance brokerage, and underwriting. It also may be of value to students seeking professional designations, such as chartered life underwriter (CLU) and chartered property and casualty underwriter (CPCU).
In addition, RMI courses benefit a student's personal life by imparting knowledge about the risks that are insurable and types of insurance (property, liability, life and health). Through elective courses, students learn about employee benefit plans, wealth management, real estate, banking, among others.
The Department of Finance and the Emmett J. Vaughan Institute of Risk Management and Insurance offer the Certificate in Risk Management and Insurance.
Undergraduate Program of Study
Risk management and insurance (RMI) is a growing field in most industries, as all industries are beginning to recognize the need to manage risks across the enterprise. It is estimated that 400,000 industry positions in the industry will be open by 2020. Six of every ten RMI professionals will retire in the next decade.
Most RMI students find internships and most students take their first full-time job with the company where they intern. All of the May 2015 RMI graduates who took internships accepted a full-time position by February 2015.
Popular careers include those in analysis (finance, investments, credit, portfolio, risk), underwriting, auditing, working for brokers or agencies, actuarial and consulting work, corporate finance, marketing, investment banking, management, sales, and as entrepreneurs.
Graduates work for various industries, including banking, insurance, manufacturing, consulting, education, and health care and nonprofit agencies. Many attend graduate school; law and finance graduate programs are prevalent among those.
The Institute has awarded 273 certificates. While most graduates remain in the Midwest (72 percent), RMI graduates are working in 24 states and four countries. RMI graduates are employed in 14 different industries and by 150 different companies. Nearly 40 percent work for insurance companies, brokers, and agencies.