The Minor in Insurance and Risk Management, administered by the Department of Finance, provides the student with fundamental knowledge of risk management skills and the application of insurance to mitigate those risks. The minor is a valuable addition to any business degree/career allowing the student to better identify and manage risk in any industry or at a personal level, and to understand key insurance concepts. In addition, the minor is an effective introduction to the insurance industry, teaching the fundamental concepts, coverages, operations, and financial aspects of the insurance industry.
The minor is available as an elective to students who are enrolled in bachelor’s degree programs at Michigan State University. With the approval of the department and college that administer the student’s degree program, the courses that are used to satisfy the minor may also be used to satisfy the requirements for the bachelor’s degree.
Admission
Students who plan to complete the requirements of the minor should consult the undergraduate advisor in the Department of Finance to apply. To be admitted to the minor students must have completed two of the following courses with a grade of 3.0 through selection of a course from item a. and a course from item b.:
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| a. |
STT |
200 |
Statistical Methods |
3 |
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STT |
201 |
Statistical Methods |
4 |
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STT |
231 |
Statistics for Scientists |
3 |
|
STT |
315 |
Introduction to Probability and Statistics for Business |
3 |
|
STT |
351 |
Probability and Statistics for Engineering |
3 |
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STT |
421 |
Statistics I |
3 |
|
STT |
441 |
Probability and Statistics I: Probability |
3 |
| b. |
FI |
311 |
Financial Management |
3 |
|
FI |
320 |
Introduction to Finance |
3 |
Students must provide a completed online application, including a statement of purpose and resume. The online application must be completed by March 15th. Admission decisions are made in late spring each year. Admission is highly competitive and therefore not guaranteed. By applying to the minor, you give consent to the selection committee to review your grades.
Requirements for the Minor in Insurance and Risk ManagementStudents must complete 15 credits from the following:
| 1. |
At least two of the following courses (5 or 6 credits): |
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EC |
301 |
Intermediate Microeconomics |
3 |
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EC |
330 |
Money, Banking, and Financial Markets |
3 |
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FI |
413 |
Management of Financial Institutions |
3 |
|
FI |
414 |
Advanced Business Finance (W) |
3 |
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FI |
480 |
Financial Risk Management |
3 |
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MKT |
319 |
Customer and Market Insights |
3 |
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STT |
467 |
Insurance Operations |
3 |
| 2. |
All of the following courses (9 credits): |
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FI |
380 |
Principles of Insurance and Risk Management |
3 |
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FI |
381 |
Enterprise Risk Management and Insurance Theory |
3 |
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FI |
481 |
Advanced Enterprise Risk Management and Industry Applications |
3 |