Most insurance degree programs train you for a career in insurance, risk management and actuarial services and fall under business at colleges and universities. That means to obtain an insurance degree you will be required to take general business courses such as accounting, economics, business law and marketing along with specific insurance-related courses that provide you with knowledge of insurance industry standards, practices, concepts and terminology.
Many colleges and universities offer a specific insurance or a combined insurance and risk management program. The courses you will be required to take will teach you about:
An Associate degree will provide you with a basic understanding of insurance and risk management and prepare you for an entry-level career in the field. With a Bachelor of Science in Insurance and Risk Management you will be trained to help individuals with their personal and business insurance needs and be prepared to move into a position of management. Additionally, there are graduate degree programs available, including a Master degree or Doctor of Philosophy in Insurance and Risk Management.
In addition, there are a wide variety of certification programs available including Associate in Commercial Underwriting (ACU) and Associate in Personal Insurance (API), both from the Insurance Institute of America.
While much of what you will learn in college will be about understanding the ins and outs of insurance programs and risk management, you also will have the opportunity to develop important skills that will assist you in your insurance future. These include:
The field of insurance is one that many people overlook. However, it is extremely important in today’s world and it can be lucrative as well. Though the U.S. Bureau of Labor Statistics (BLS) suggests that the insurance field is growing slowly (only about three percent over the next few years) due to current economic factors, certain segments of the insurance field such as medical services, health insurance, and financial services, such as securities and mutual funds, are seeing faster growth.
There are a number of traditional brick-and-mortar community colleges as well as 4-year colleges and universities which offer an insurance program. However, you might also want to consider getting your insurance degree through one of the many online college opportunities that are now available.
Insurance is an area that many people enter through on-the-job training with little formal education. However, if you want to pursue a management career with an insurance carrier, agency or brokerage firm, you should seriously consider a Bachelor degree. Traditional roles within the insurance field include adjuster, investigator, examiner, appraiser, underwriter, and loss control analyst.
Those with a Master or PhD may also want to consider a career in insurance education. And if you choose sales as a career, be prepared to sit for the Series 6 or Series 7 licensing exam.