An online insurance MBA program prepares students for potential employment in the insurance industry, a complex field that requires an thorough understanding of a variety of subjects, such as actuary science, risk management, finance, and contracts. Insurance MBA programs combine core business courses with coursework in subjects directly related to insurance, including risk management, insurance law, reinsurance, and risk financing. Many programs offer insurance certification in addition to the MBA degree. Graduates will be prepared to take on management and leadership positions in a corporate environment at insurance companies.
What Does an MBA in Insurance Cover?
Insurance MBA programs begin with a curriculum of traditional core business subjects, which may include business operations, budgeting, economics, management and organizational behavior, and marketing. Students then move on to subjects uniquely related to insurance, such as risk management, insurance operations, and insurance law. Some insurance MBA programs offer a post-graduate certificate in insurance, while other programs are designed for professionals already working in the insurance industry and award credits accordingly.
Most programs are two-year programs, but some can be accelerated to accommodate the schedule of non-traditional students. Students may benefit from on-ground internships where they can apply what they are learning online in a real-world environment.
Getting Into a Insurance MBA Program
In order to enroll in an insurance MBA program, applicants must hold a bachelor’s degree, preferably in a business-related field, from an accredited institution. Brenau University requires a 3.0 grade point average, but other schools may have lower or higher GPA requirements. Schools may also request that applicants submit a letter of recommendation, a resume, and/or GMAT or GRE scores. Unless they have an undergraduate business degree, applicants to Brenau University’s specialty MBA programs are required to take the following courses:
- MBA Foundations
- Introduction to Business Communications (unless the applicant has a prior master’s degree)
The online insurance MBA offered by Brenau University is specifically designed for professionals with Chartered Property Casualty Underwriter (CPCU) certification from The Institutes (formerly the American Institute of Chartered Property Casualty Underwriters). Brenau awards up to 6 hours of credit to students with CPCU certification toward its insurance MBA.
Why Should I Get an AACSB Accredited Insurance MBA?
The Association to Advance Collegiate Schools of Business (AACSB) is nonprofit organization that evaluates and oversees the academic quality of bachelor’s, master’s, and doctoral degree programs in business administration and accounting. Accredited institutions and degree programs receive a seal of approval from a recognized accrediting agency to indicate quality and rigor. Accreditation is crucial to the quality of your education and your future job opportunities. Most MBAs from non-accredited institutions are not recognized by employers and course credits may not transfer to other schools. Getting your MBA from an accredited institution assures that your degree will be recognized and respected.
Who Should Pursue an Insurance MBA?
Students already pursuing an undergraduate degree in a business-related field with an interest in risk management, finance, or human resources, may want to consider getting an MBA with an insurance specialty. MBA insurance students commonly share a gift for negotiation and conflict resolution, creating strong interpersonal relationships, communicating with people outside of their immediate workplace. Strong leadership skills are also essential in kind of jobs available to those with an insurance MBA. People already working in the insurance industry often pursue an insurance MBA in order to move ahead in their profession and pursue a leadership role with a major insurance company. Many schools apply credits for insurance certification toward an MBA.
What Jobs Can an MBA Insurance Online Get Me?
- Insurance Underwriter: Insurance underwriters determine whether or not to provide insurance to a business or individuals. Insurance underwriters review and analyze information as it appears on insurance applications, evaluate recommendations from underwriting software, determine the amount of coverage and premiums, and write policies to cover any potential losses. Not surprisingly, the U.S. Bureau of Labor Statistics reports that in 2010, 70 percent of insurance underwriters were employed in the U.S. by insurance carriers. Certification beyond a bachelor degree as well as an insurance MBA can help with career advancement to senior and managerial underwriter positions.
- Financial Analyst: An insurance MBA can prepare you for a career as a financial analyst for a large organization, especially a major insurance company. Financial analysts, also known as securities or investment analysts, are usually focused on trends affecting a specific industry or product. A financial analyst with an insurance company needs to be very knowledgeable about trends in that industry in order to guide the company’s investment decisions and assess the performance of any stocks, bonds, and other types of investments. According to the U.S. Bureau of Labor Statistic’s Occupational Outlook Handbook, in 2010, approximately 46 percent of financial analysts were employed in finance and insurance industries
- Product Manager: A product manager is generally defined as a person who oversees the development of a product from its concept all the way to production. In the insurance industry, a product manager may take on a variety of roles while overseeing insurance products. A product manager for an insurer analyzes trends within the industry, including actions by competitors and regulatory and market changes. Product managers may play a public role by representing company’s product to potential customers.
Top Earning Industries for Jobs
- Insurance Carrier: $33,937-$74,200
- Commercial Insurance: $32,071-$79,366
- Government Contractor: $39,594-$87,700
- Financial Services: $37,189-$69,005
- Health Care: $49,492-$120,636
- Medical Devices: $44,042-$114,571
- Health Insurance: $51,064-$111,159
How Do I Find Online INSURANCE MBA Programs?
The website for the AACSB provides a list of its accredited business schools with links to each school’s website. Check out the website of an accredited business school that offers an MBA, and then check to see if the school offers a specialty insurance MBAs. Another good resource, U.S. News and World Report, regularly updates its ranked list of online graduate programs.