Those seeking a PhD in insurance management will earn a solid background in financial theory, as well as comprehensive research methodology skills. The application process for PhD programs will vary by university. Typically, students must take either the GMAT or GRE, and many applicants have master’s degrees, although a master’s degree is not necessarily required for admission.
Insurance Administration Education and Training
In addition to test scores, applicants must submit a valid set of transcripts, demonstrating an above-average GPA, and letters of recommendation, along with their application and application fee. Admitted students will demonstrate excellent qualifications, as well as a strong interest in research and instruction.
The insurance industry provides protection against financial losses, which may result from a variety of hazards. Although job growth may be limited by corporate and federal government downsizing, graduates may expect numerous job openings to arise as current workers leave the industry, or retire.
The PhD will prepare individuals for jobs in academics and research. Coursework typically includes classes in theoretical and applied aspects of insurance, risk management, and employee benefits. Also, students must write a dissertation, demonstrating their ability to conduct original research, on risk management or insurer-related topics.
Students will have a similar course of study at most institutions. Courses will include economics, statistics, finance, risk, and insurance, in addition to elective seminars and research projects.
Some institutions will also require doctoral students to teach undergraduate classes, to give them a mentored transition from student to instructor. Throughout the program of study, doctoral students may have to write smaller research papers, and may be required to take qualifying exams, to ensure that they may remain in their program.
Careers in Insurance Management
PhD in insurance graduates will have a variety of career options. Some will become researchers in the fields of insurance and risk management, while others will begin academic careers at major business schools and economics departments. Some graduates may even find themselves employed in research positions at policy-oriented institutions, or in the public sector.
Many factors will both limit and enhance job growth. For instance, many insurers suffered major losses in the recent financial crisis, which led to corporate downsizing. Insurers also face a loss in sales due to new technology, as well as increasing sales via direct mail, telephone, and Internet. However, as insurers rebuild their capital, and adhere to stricter federal government regulations, the industry should stabilize.
Estimated Income and Projected Job Outlook
Median income expectations may vary according to position. Post-secondary instructors made a median salary of $58,830, but that figure includes part-time instructors, which made up 29% of the workforce. Dedicated researchers made a median salary of $67,400, but applicants for introductory research positions faced stiff competition, due to declines in Federal government hiring.
While demand for coverage from insurers may increase, jobs, overall, will grow more slowly than in other industries. Jobs in the industry are expected to grow only three percent over the next ten years, while the average growth for all occupations will be around 11%.
Post-secondary instructors will see faster-than-average job growth; however, most of that growth will be in part-time positions, or short-term contracts. Many instructors with a PhD in insurance management either teach part-time at multiple universities, or hold jobs in the industry while teaching part-time, as a second job.
Risk Management and Insurance Programs
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