About this Program
Are you a people person who also enjoys next-level assessment and working with numbers? Would you like to do sophisticated analysis to ensure investors receive sturdy investment recommendations with their long-term comprehensive financial plans? Do you thrive at offering guidance or aspire to help consumers better plan for their financial future? If so, the Risk Management & Insurance major may be a great fit for you.
The Risk Management & Insurance major will familiarize students with risk management principles and various insurance instruments used to cover risk exposures such as property and casualty, auto, commercial, general liability, production and operational elements of risk management. Students will gain a solid foundation of the insurance industry along with practical skills to apply that knowledge.
Acquired Skills
- Skills in risk management principles and various insurance instruments used to cover risk exposures such as property and casualty, auto, commercial, general liability, production, and operational elements of risk management.
- Apply the knowledge of insurance policies and risk management strategies to be built into clients' financial plans.
All undergraduate LSBE students are required to take business and economics core courses and concentration courses related to their major.
Core Courses
- Corporate Finance
- Production Operations / Management
- Organizational Behavior & Management
- Human Resources Management
- Principles of Marketing
Major Courses
- Individual Income Tax
- Investment Fundamentals
- Risk Management & Insurance
- Derivative Securities
- Property & Casualty Insurance
- Commercial Risk Management
Career Possibilities
There is currently a high level of demand in the US market (including the state of Minnesota) for graduates who have background knowledge in insurance and general risk management skills.
Interested in a professional career in risk management at a major insurance company? Here are some insurance company specific careers supported by the RMI major:
- Underwriting
- Actuarial Services Support
- Rate / Premium Setting
- Quantitative Risk Analyst
- Client / Customer Consultative Services
- Fraud Business Analyst
- Quality Assurance
- Licensed Insurance Representative
- Claims Processing / Approval
- Insurance Brokerage Services
If your preference is working for corporations in a variety of industries, consider some of the following career choices enabled by the RMI major:
- Manager – Corporate Risk
- Insurance Compliance Manager
- Production / Operations Risk Analyst
- Credit Manager
- Risk Auditor
- Chief Risk Officer
Admissions and Scholarships
Students with a major in LSBE are eligible to apply for more than 120 scholarships, with the total scholarship amount in excess of $200,000 annually. Many of these scholarships are reserved exclusively for accounting students.
Requirements
Freshmen and transfer students are typically admitted as pre-business students. Admission to candidacy status, which allows access to upper division LSBE classes, typically occurs at the junior level when students have successfully completed all pre-major (pre-candidacy) course requirements and met all of the GPA standards. Students with 2.60 UM and overall, and 2.00 internal and pre-major GPAs, are admitted into the major upon completion of pre-major courses.