Master's Degree Programs in Insurance

<p>The most common programs in which you can enroll award a Master of Science in Insurance Management, Master of Actuarial Science or Master of Science in Risk Management. Online programs are uncommon, but they are available if you're looking to earn a degree on a flexible schedule. </p> <p /> <table border="1"><tr><td><b>Degree Options</b></td><td> Master of Actuarial Science, Master of Science in Insurance Management, Master of Science in Risk Management</td></tr> <tr><td><b>Career Options</b></td><td> Chartered property casualty underwriter, insurance manager, financial risk manager</td></tr> <tr><td><b>Prerequisites</b></td><td> Bachelor's degree; coursework in statistics and calculus</td></tr> <tr><td><b>Common Courses</b></td><td> Applied econometrics, microeconomics, behavioral science, macroeconomics, accounting</td></tr> <tr><td><b>Median Salary (2020)*</b></td><td> $134,180 (<i>for financial managers</i>)</td></tr> <tr><td><b>Job Outlook (2019-2029)*</b></td><td> 15% growth (<i>for financial managers</i>)</td></tr> </table><p><i>Source: *U.S. Bureau of Labor Statistics</i> </p> <h3 id="section---WhyShouldIEarnAMasterSDegree">Why Should I Earn a Master's Degree?</h3> <p>While many insurance programs cover the same material, they can often be customized to suit one or more of your career goals. For example, you can earn a Master of Science in Insurance Management if you're looking to build upon your career as a chartered property casualty underwriter. </p> <p>A Master of Science in Financial Risk Management is more appropriate if you're looking for a career in financial risk management and an opportunity to acquire quantitative and other analytical skills. This type of program also provides you with the skills to account for specific markets, interest rates, currency fluctuations, human behavior issues and niche investments in complex business decisions. Knowledge of these areas is critical for long-term insurance planning. </p> <p>Master of Actuarial Science programs focus on the risk modeling, statistics and mathematical skills used by insurance managers and executives. This type of master's degree program comes the closest to an exclusive focus on actuarial theory and practices in the insurance industry. </p> <h3 id="section---WhatDoINeedToEnroll">What Do I Need to Enroll?</h3> <p>You need a bachelor's degree to study insurance or risk management as a graduate student. Some programs require at least two semesters of coursework in statistics and three semesters in calculus. While few schools place restrictions on what field you studied as an undergraduate, it might be beneficial to complete undergraduate coursework in the following areas: </p> <ul><li>Accounting </li><li>Finance </li><li>Business administration </li><li>Economics </li><li>Monetary policy </li></ul><h3 id="section---WhatCoursesCanITake">What Courses Can I Take?</h3> <p>Many of the courses you'll take in accounting, corporate finance and economics are similar to those taken in a Master of Business Administration (MBA) program. You can also expect to complete courses that cover behavioral science, applied econometrics, macroeconomics and microeconomics. </p> <p>Coursework specific to insurance introduces you to the mathematical formulas used to calculate risk in life, casualty and property insurance. You'll also learn how to create risk models based on the variables a policy holder provides and on other variables that need to be considered. As you earn your degree, you'll learn how to merge data from specific markets with the risks of the insured to make informed actuarial decisions.</p>