Undergraduate Minor

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.:

a.	STT	200	Statistical Methods						3
	STT	201	Statistical Methods						4
	STT	231	Statistics for Scientists						3
	STT	315	Introduction to Probability and Statistics for Business						3
	STT	351	Probability and Statistics for Engineering						3
	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 Management

Students must complete 15 credits from the following:
 

1.	At least two of the following courses (5 or 6 credits):
	EC	301	Intermediate Microeconomics						3
	EC	330	Money, Banking, and Financial Markets						3
	FI	413	Management of Financial Institutions						3
	FI	414	Advanced Business Finance (W)						3
	FI	480	Financial Risk Management						3
	MKT	319	Customer and Market Insights						3
	STT	467	Insurance Operations						3
2.	All of the following courses (9 credits):
	FI	380	Principles of Insurance and Risk Management						3
	FI	381	Enterprise Risk Management and Insurance Theory						3
	FI	481	Advanced Enterprise Risk Management and Industry Applications						3