15 Reasons to Pursue a Risk Management and Insurance Degree and Career

Fifteen Reasons to Pursue a Risk Management and Insurance Career

1. Job opportunities abound.

One-third of insurance producers are between the ages of 55 and 64. (1)

2. One million current RMI employees will retire by 2027. (2)

The U.S. Bureau of Labor Statistics projects that 50% of the insurance workforce will retire by 2028. (8)

3. It’s rewarding.

More than 90 percent of insurance professionals between 19 and 35 years of age say that insurance careers meet important criteria essential for job satisfaction, including work/life balance, career development opportunities and financial stability.  (3)

4. You don’t have to sell insurance, although YOU can make good money doing so!

You could be a risk manager, claims adjuster, underwriter, loss control consultant, product developer, business analyst, technology professional, and more. There’s a job for your skills and interests!

5. It’s a stable and sustainable career.

The industry employs more than 2.3 million people in America – more than Google, Facebook, Apple, Twitter and Yahoo combined. (4)

6. The work is not boring.

Emerging risks related to driverless cars, drones, 3D printers, wearables, and the internet of things means that each day will bring its own challenges and unique experiences. (3)

7. The insurance industry is looking to you – the generation of digital natives – to creatively use technology to solve problems and deliver risk solutions. (5)

8. Many RMI work schedules are flexible.

Depending on your position, you may be out in the field conducting business, working from home, and setting your own schedule.

9. Live and work where you want.

There are insurance opportunities everywhere. You can work in major American cities or overseas in places like London, Tokyo, and Zurich. If you prefer more serene settings, you can work in Traverse City or even the Upper Peninsula of Michigan.

10. Make a difference for the common good.

You will play a role in helping people and restoring property and business after catastrophes. Insurance companies paid a combined $41 billion to policyholders after Hurricane Katrina, and the industry routinely donates millions to charitable causes.  (4)

11. Scholarships can pay for a large portion of your tuition.

There are more than 30 scholarships totaling over $50,000 in tuition assistance listed on the Ferris RMI website alone.  (5)

12. Internships often lead to permanent jobs.

Internships provide real-world experience and valuable connections, and they often result in a permanent job after graduation.

13. Experiential and networking opportunities throughout your academic career.

Gamma Iota Sigma membership and numerous industry field trips and conferences give you a chance to build your professional network and experience the industry before you graduate. 

14. Risk Manager is suddenly a hot job.

The 2020 coronavirus pandemic has catapulted the risk management field into prominence almost overnight, and spurred boards to seek risk experts. (6)

15. Lucrative compensation.

Insurance professionals’ average base salary was $150,300 with 58% receiving average bonuses of $35,150, with average industry experience of 23.4 years. (7)

 

Sources

1. https://www.propertycasualty360.com/2016/11/21/12-ways-to-engage-millennials-in-insurance-and-finance-careers/?slreturn=20220326150231
2. Jacobson Group and Deloitte
3. https://www.propertycasualty360.com/2016/10/01/who-says-insurance-is-boring-not-millennials/
4. https://www.propertycasualty360.com/2017/02/03/10-reasons-why-an-insurance-career-is-great-for-millennials/
5. https://www.ferris.edu/business/risk-management-insurance/rmi-scholarships.htm
6. https://www.bloomberg.com/news/articles/2020-04-14/risk-manager-is-suddenly-a-hot-job-amid-coronavirus
7. Toh, A. (2021, December 1). A snapshot of the insurance professional. Business Insurance, 55(13), 16–19.
8. https://www.forbes.com/sites/forbestechcouncil/2021/11/09/the-great-reshuffle-shaping-the-insurance-workforce-of-the-future/?sh=2281fd5fb70e