RMI as a Double Major
Please note that the Risk Management and Insurance major will be discontinued for students entering in Fall 2025 or later. Students who entered in Fall 2024 or earlier will be able to complete the RMI major requirements.
Finance
Students interested in using their Finance degree in the field of investment management may find RMI to be a good complement. For corporate investment management, FIN 3305 and FIN 4335 provide a solid foundation in corporate risk management, including investment and economic risk. Insurers are major sources of investment capital and investment management jobs, so an understanding of insurance products provided by FIN 4311, FIN 4320 or FIN 4332 creates invaluable product and industry knowledge for one entering the industry. If your focus is individual investment and wealth management, an RMI track of FIN 3305, FIN 4311, FIN 4320 and FIN 4332 would acquaint you with typical insurance and employee benefits plans used in individual financial planning. FIN 4335 can be counted toward either the Finance major or the RMI major.
Entrepreneurship and Corporate Innovation
The RMI degree plan enhances the Entrepreneurship and Corporate Innovation major by providing education in these typical tools of start-up businesses – general risk management, business insurance and employee benefits. An RMI track of FIN 3305, FIN 4335, FIN 4320 and FIN 4332 (or possibly FIN 4311 for business continuity planning) could easily fit with your degree.
Professional Selling
The insurance industry employs large numbers of salespeople and sales managers. An RMI track of FIN 3305, FIN 4320, FIN 4311 and FIN 4332 would provide you with invaluable knowledge of typical insurance products and their usage. Many of these courses equip you to take examinations leading to professional certifications such as CLU, ChFC and CIC, and RMI majors may be eligible for reimbursement of exam fees.
Management
An RMI degree combined with a Management degree creates a well-equipped business leader. A business leader needs to understand how to anticipate and mitigate risks. FIN 3305 and FIN 4335 provide that knowledge. Add FIN 4320 for a basic understanding of business insurance and FIN 4332 to understand employee benefits. For those interested in management careers in the insurance industry, RMI offers tests and support for the FLMI certification for insurance managers.
Human Resources Management
FIN 4332 Employee Benefit Planning can be counted toward either the RMI major or the HR Management major. It will also equip the student for the benefits test for the PHR certification. FIN 4311 provides the HR manager with additional knowledge of common life and health insurance products. FIN 3305 and FIN 4320 increase the value of the HR professional by teaching him or her how to anticipate company risks and mitigate them through insurance.
Supply Chain Management
Supply Chain Risk Management (SCRM) is a growing field within supply chain management. Click here for more information regarding this topic. FIN 3305 and FIN 4335 equip the supply chain manager to identify and understand risks. FIN 4320 educates concerning business insurance to mitigate risks. One additional RMI elective would then allow the Supply Chain Management major to demonstrate a sub-specialty of risk management to the marketplace.
