Degree Type: B.A., B.S.
CIP Code 52.0801
Major Code RMI
Department Code FIN
Degree Website usfsm.edu/programs/risk-management-insurance/

The Risk Management/Insurance major prepares individuals to plan, manage, and analyze the financial and monetary aspects of the insurance industry. It provides a broad based, analytical program for students anticipating a career in either the property casualty insurance or life/health insurance fields. The curriculum in risk management/insurance provides students with the knowledge necessary to analyze the impact of risk and uncertainty upon people, businesses and society. Graduates in risk management and insurance find a variety of career opportunities open to them as risk analysts within the business community and government; as brokers/agents providing professional risk management counseling and market placement services for clients; as consultants and personal financial planners; and in the underwriting, marketing, claims adjusting, planning, governmental relations, and financial management activities of insurers.

The major is designed to ensure that graduates are familiar with the tools of risk management and insurance decision making and that they possess the skills to stay abreast of the developments in the field. It includes preparation in principles of accounting, financial instruments, capital planning, asset and debt management, budgeting, financial analysis, and investment portfolio management. Risk Management/Insurance graduates will understand the functions and operations of insurance providers. Course content is designed to provide majors with an appreciation of cooperative work skills and to enhance their verbal and written communication skills.

Intended Learning Outcomes

The curriculum for the Risk Management/Insurance Major develops the ability to do the following:

  • The evaluation of insurance products by identifying key economic and environmental issues to determine appropriate strategies.
  • In-depth knowledge of Risk Management/Insurance management; the underlying principles and the analytical techniques involved in financial planning and decision-making.
  • A comprehensive understanding of the various functions and operations of insurance providers and markets.
  • Critical thinking and analytical abilities, including the capability to engage in inductive, deductive, and quantitative reasoning and to construct sound arguments.
  • The ability to communicate effectively, both on an individual basis and in collaboration with others.

Prerequisites

State-Mandated Common Prerequisites

Students must complete the following courses (or equivalents) with a grade of C or higher in each course and an overall 2.00 GPA.

State Prerequisite USFSM Course Offerings
Course Number  Course Number Credit Hours
ACG X021 or ACG X022 or ACG X001 & ACG X011 ACG 2021 3
ACG X071 or ACG X301 ACG 2071 3
CGS X100C, CGS X100, CGS X530, CGS X570, CGS X060, CGS X531, CGS X000, ISM X000, or CGS X518 CGS 2100 3
ECO X013 ECO 2013 3
ECO X023 ECO 2023 3
MAC X233 or MAC X230 MAC 2233 3
STA X023, STA X122, or QMB X100 STA 2023 3

Required Communication Courses

Students must complete two (2) of the following for a total of six (6) credit hours.

Course Number Title Credit Hours Requisites (KEY) Notes (KEY)
SPC 2608 Public Speaking 3 None SMEL
or
COM 3110 Communication for Business and the Professions 3 None
ENC 3250 Professional Writing 3 PR: ENC 1101 and ENC 1102 OR ENC 1121 and ENC 1122
or
ENC 3310 Expository Writing 3 PR: ENC 1101 and ENC 1102 OR ENC 1121 and ENC 1122 SMCD

Business Foundation Required Courses (21 credit hours)

Foundation Courses in business require a minimum grade of C in each foundation course with an overall 2.00 GPA.

Course Number Title Credit Hours Requisites (KEY) Notes (KEY)
BUL 3320 Law and Business I 3 None
FIN 3403 Principles of Finance 3 PR: ACG 2071, ECO 2013, ECO 2023
ISM 3011 Information Systems in Organizations 3 PR: CGS 2100 or equivalent
QMB 3200 Business and Economic Statistics II 3 PR: MAC 2233 or MAC 2241, QMB 2100 For USFSM students, STA 2023 can serve as equivalent to QMB 2100
MAN 3025 Principles of Management 3 None SMLE
MAR 3023 Basic Marketing 3 Junior Standing
GEB 4890 Strategic Management and Decision Making 3 PR: FIN 3403, MAN 3025, MAR 3023; Senior Standing 6ACM, SMCC; This course should be taken in the final semester of the program.

Additionally, all business students are required to select at least one course that deals with contemporary international topics. This course can be included in the business, non-business, or elective category. Consult with a business advisor for approved courses.

Requirements

Students must complete a minimum of twenty one (21) credit hours of upper-level courses beyond FIN 3403. At least twelve (12) credit hours must be taken in residence at USFSM. A grade point average of 2.00 or higher must be achieved in all major coursework at USFSM. Students are required to earn a “C” or higher in all finance courses that are counted toward the major requirements.

Courses taken as part of the major, minor, or concentration, cannot be used on other majors, minors or concentrations within the College of Business.

Required Courses (21 credit hours)

Course Number Title Credit Hours Requisites (KEY) Notes (KEY)
FIN 4303 Financial Institutions and Markets 3 PR: FIN 3403
FIN 4934 Selected Topics: Life & Health Insurance Products 3 None
MAR 4933 Selected Topics: Services Marketing 3 PR: MAR 3023 with a grade of “C” or better
RMI 3011 Principles of Insurance 3 None
RMI 4292 Property & Casualty Insurance Operations 3 PR: RMI 3011
Additional upper-level approved Finance electives 6 Electives can be selected from among those 3000 and 4000 level classes that have RMI and FIN prefixes, as well as FIN 4504, MAN 3240, MAN 4802, and MAR 3400.