The insurance industry provides numerous rewarding career opportunities, and a strong academic foundation in risk management and insurance (RMI) is a fantastic way to start. For individuals pursuing a career in this field, universities with well-regarded RMI programs are essential. According to the 2022 AM Best Review survey, many schools in the U.S. have robust offerings in this area.
The survey ranks the top 20 colleges that garnered the most votes, with Eastern Kentucky University (EKU) taking the top spot, particularly due to the success of its online program during the COVID-19 pandemic. More than 300 industry professionals contributed to the survey this year.
Top 20 Schools with Leading Risk Management and Insurance Programs:
- Eastern Kentucky University
- Appalachian State University
- Olivet College
- Florida State University
- University of Wisconsin-Madison
- California State University, Fullerton
- University of Georgia
- University of Alabama
- Temple University
- St. John’s University
- University of North Carolina at Charlotte
- Illinois State University
- Baylor University
- Indiana State University
- Troy University
- University of Cincinnati
- East Carolina University
- Georgia State University
- Mississippi State University
- Saint Joseph’s University
Eastern Kentucky University’s program stood out for offering practical, real-world experience to its students. It provides not only study-abroad opportunities but also helps students secure internships and jobs that pay well. The program is also praised for its excellent online learning platform, which became increasingly popular during the COVID-19 shutdowns.
According to Ashley Hacker, a client service manager at Gallagher Global Brokerage who attended EKU, the program’s director organizes career fairs and meetings with industry professionals to recruit students into internships and full-time roles. This direct approach to connecting students with industry professionals is part of what makes the program so successful.
One of the key reasons for EKU’s success is that it was among the first to offer a fully online RMI degree, making it an attractive option for non-traditional students. “We aim to provide online learners with experiences similar to those available to students attending classes in person,” said program director Gardner.
The demand for well-trained RMI professionals is rising, with salaries for insurance professionals increasing by nearly 12.6% from 2019 to 2021, according to RIMS (the Risk Management Society). This increase in salary was consistent for both men and women, with male professionals seeing a rise of 12.5% and female professionals increasing by 12.8%.
Moreover, higher education is seen as critical to career growth, with U.S. executives in insurance and risk management roles experiencing a $19,000 salary increase over two years, the largest pay boost among executives. Mary Roth, CEO of RIMS, emphasized that as companies rely more heavily on risk management teams to navigate challenges and uncertainties, the value of this field and its professionals has never been more significant. Risk professionals are not only managing risks but are also integral to strategic decision-making that drives innovation and resilience within organizations.
In conclusion, pursuing an education in risk management and insurance opens up diverse and well-compensated career opportunities. These top-ranked programs ensure that students are equipped with the skills and knowledge necessary to succeed in the growing field of RMI.
