The Butler University Lacy School of Business is launching an online Master of Science in Risk and Insurance (MRSI), among the first of its kind in the United States.
The course, which begins in January 2019, will help address the insurance industries ‘talent crisis’—the gap between the risk and insurance industry’s personnel needs and the limited talent pool that exists in today’s job market.
The MRSI is targeted at students who aspire to advanced roles in corporate risk management and students with finance or legal experience seeking employment in the insurance field.
Additionally, it is intended to serve early-phase professionals already working for insurance firms in both property and casualty, and life and health, and students who have an undergraduate degree in risk and insurance and want to pursue advanced study in the industry.
The part-time programme will be exclusively online, apart from two required in-residence experiences–one on the Butler campus at the start of the programme and one at the end in Bermuda.
The MRSI’s coursework will take approximately 24 months to complete.
Donald Ortegel, resident managing partner of Aon Global Risk Consulting, explained that the need for risk management professionals in the professional services industry is well-documented.
Ortegel commented: “The good news is that the trend line is positive for professionals with a specific, applicable risk management four-year degree.”
“Someone holding an advanced degree or additional education in this area would have an edge over other professionals competing for open and career-advancement opportunities.”
Associate professor of Risk Management and Insurance Victor Puleo, who will run the MSRI programme, said graduates of the programme will have access to some of the best jobs available for corporate risk managers.
Other candidates will be able to enter or accelerate their careers with insurance carriers and brokers, while high-caliber graduates from this programme will possess the capability to attain senior level positions in such firms.
He added: “As one insurance executive said in our focus group: 'This degree is an automatic $10,000 raise for any employee who acquires it.’”
According to Zach Finn, clinical professor and director of Butler’s Davey Risk Management and Insurance programme, the goal of the programme is to prepare students for an industry that anticipates needing 400,000 new employees by 2020.
Earlier this year at the CICA conference, Finn said education could play a huge part in counteracting the talent crisis.
Applications open on 1 August.
