Thursday, February 3, 2011
The Risk Management & Insurance major deals with the diagnosis and treatment of inherent risks in for-profit as well as not-for-profit organizations. Some of the organizations that incorporate risk management are insurers, brokerage, and consulting firms. Many organizations, especially the larger ones, have their own risk management department and they usually have professional risk managers with designations like the Chartered Life Underwriter (CLU), Associate in Risk Management (ARM), and Chartered Property and Casualty Underwriter (CPCU) managing the organizations’ risks.
Required courses for major: http://ww.bus.wisc.edu/undergrad/majors/risk.asp
Possible Career Paths:
Leadership Development Programs
- Rotational program across all key insurance company functional areas
- Provides a variety of risk management functions for organizations, most commonly assistance in acquisition of insurance but also captive management and other alternative financial arrangements, as well as risk management
- Assesses risks of potential policyholders to make decisions on accepting or rejecting risk
Insurance Claims Adjusting
- Evaluate losses to determine coverage under policy and at what value
Risk Management and Insurance Student Organizations
Risk Management and Insurance Society
Actuarial Science, Risk Management & Insurance Co-Curricular Learning Board
- Evaluate risks of organization and devise risk control and risk financing strategies
Business Student Testimonials
"I chose to major in Risk Management and Insurance because it complements my Actuarial Science major very well. It allows me to have a broad understanding of how insurance works and why that is an important part of managing risks. Besides, every organization encounters financial and non-financial risks, thus it makes sense to me to have a good knowledge in risk management when I run an organization some day. I would recommend any business students to attend the speaker series organized by the Risk Management and Insurance Society to gain some insights on the industry. They provide pizzas too, which is a plus!"
Risk Management & Insurance, May 2012
“I chose to add Risk Management & Insurance to my majors after initially taking RMI 300 as one of my business breadth courses. While partaking in this course, I joined the Risk Management and Insurance Society where I attended many speaker events and several socials. The speaker events exposed me to many professionals in many different areas of the business world and really illustrated how risk management is an integral part of every successful business. The practicality of the subject matter, even for someone who won’t necessarily work specifically in the Insurance field is just one of the reasons why I was so interested in studying it. The experience I have gotten has certainly paid off even though my first choice in career is not to be an insurance agent. Throughout the first several weeks of an internship of mine at a local bank I benefited greatly from my knowledge and application of the Risk Management process.”
Risk Management & Insurance, December 2011
Want to learn more?
View the RMI Academic and Career Essentials PowerPoint
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This post is part of a series of myBiz posts highlighting the different business majors to help pre-business and business students learn about their academic and career options. Next week we will spotlight the Actuarial Science and International Business majors. Stay tuned!
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