Undergraduate Minor

Minor in Insurance and Risk Management

Minor in Insurance and Risk Management
Plan Code:
Program Level:
Award Type:
Minor Undergraduate
Eli Broad College of Business

Excerpt from the official Academic Programs Catalog:

Listed below are the approved requirements for the program from the official Academic Programs Catalog.
Students must consult their advisors to learn which specific requirements apply to their degree programs.

The Eli Broad College of Business and The Eli Broad Graduate School of Management

Department of Finance

Undergraduate Programs
Minor in Insurance and Risk Management

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.


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