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6 Majors to Study in College for Risk Management

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Written by CB Community

If you have a passion for math and want to use your expertise to solve real-world problems, you should consider studying risk management.

Majoring in risk management opens doors to various career pathways such as risk managing, claims investigation, and underwriting, among many other options.

However, you should know that the major you choose will determine the courses you undertake, which consequently will shape your career path.

If you are unsure what major to take in college, here are six popular ones to consider when making your choice:

1. Risk Management and Insurance

There are many reasons you might want to pursue a major in insurance and management. Some of them include getting into a stable career –  there is a very good chance of a permanent job once you finish your internship.

As a risk and insurance professional, you have many career options including becoming an underwriter, insurance agent, and risk manager.

Since most of the demand lies in the field meeting clients, your communication skills should be topnotch, and you should also be versatile to work anywhere in the world.

The remuneration is not as high as that of an actuary; the salaries for most jobs you qualify for fall between $45,000 and $54,000.

2. Finance, Investment, and Risk

This degree is for those who want to specialize in risk management, investment, and financial analysis.

You can take three or four years to graduate; the one year is if you opt for industry placement. The entry requirement includes excelling in economics, mathematics, and statistics.

The degree provides diverse skills if you are seeking employment in finance and investment fields.

3. Actuarial Science and Risk Management

If becoming an actuary is still in your dreams, you have to start doing much better in calculus, algebra, and statistics.

Unfortunately, most students assume such subjects to be tricky.

Studying actuarial science and risk management is marketable, considering that actuaries’ employment was expected to go up by 19% between 2019 and 2029.

If money is the motivating factor in your career decision, you will be glad to know that the salary averages $140,000.

However, you must be patient though to stay in school for around eight years if you do not have any exemptions when you join college.

You should also be ready to take 3-hour long preliminary exams consisting of 30-35 multiple choice questions and whose pass rate is usually 30%.

Some of the modules you will cover include actuarial mathematics, financial reporting and analysis, financial risk modeling, among many more.

4. Insurance Studies

If you are bent on studying insurance but still want to equip yourself with risk management skills, then an insurance studies degree is the way to go.

It will get you started on a career path in the insurance industries while the minors will provide you with additional risk management job opportunities. Therefore, contrary to popular belief, studying insurance does not limit you to selling insurance only.

Besides, the salary will boost your morale when you learn that you can bank as much as $64,000 from your insurance job.

5. Finance

It would be best if you were careful when selecting this option because institutions have a Bachelor of Science in finance, Bachelor of Business Administration with a concentration in finance, and Bachelor of Science in business with a specialization in finance.

While the bottom line is that you will be studying finance, you should check that the courses under each have what you need for that profession you plan to pursue.

With a major in finance, you can pursue careers in financial planning, insurance portfolio analysis, and management and contract management. The courses you will undertake here include risk management, investments, and security analysis and valuation.

If you choose a minor in finance instead, you can expect a much more specialized course such as risk management strategies.

6. Risk and Security Management

The University of Portsmouth offers a risk and security management degree option for anyone already working in security but wants to break into the risk management career.

The course was developed for those working in the private sector to equip them with the necessary skills relevant to their chosen careers.

Some of the topics you will study are related to the risk management process. They include risk management, operational management, security management, investigations, and counter fraud.

Institutions usually do not have specific qualification requirements, and your application will be assessed on its own merits.

However, you can be asked to produce a written artifact for the course leader to assess your suitability for the course.

Takeaway

Choosing the right course in college is essential in laying the foundation of your career.

However, besides learning which course to take, you should know the college basics, including such as applying for college, paying for college tuition, and even planning for college.

After all, chance favors the prepared mind, and opportunity knocks but once.

About the author

CB Community

CB Community

Passionate members of the College Basics community that include students, essay writers, consultants and beyond. Please note, while community content has passed our editorial guidelines, we do not endorse any product or service contained in these articles which may also include links for which College Basics is compensated.