StudyQA — Master: Risk Management and Insurance — University of Illinois at Urbana-Champaign

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Description Contents Requirements Funding

Traditional risk management focused on insurable risks, but has grown to include financial risk management and, more recently, enterprise risk management that encompasses all of the risks facing an organization. Many companies, especially insurers, banks, energy firms and large non-financial corporations, have a Chief Risk Officer to oversee this function. Specialists in this area need to be able to identify risks, quantify these risks and evaluate alternative methods to manage risks. Multidisciplinary teams need diverse skills to effectively manage risks in today’s organizations. Coursework in insurance, corporate finance, corporate risk management, financial risk management and enterprise risk management would be useful for this career path. Successful candidates generally need strong quantitative and effective communication skills and creativity. Risk analysts work in many parts of an organization, from operating divisions to financial positions. Consulting organizations are also beginning to specialize and provide focus on risk management as an important component of their practice.

Within the insurance industry, a variety of positions are available for candidates with an advanced degree in finance. As insurers manage large investment portfolios, investment analysts, particularly for fixed income portfolios, are in high demand. Insurers are developing innovative ways to shift some of their catastrophe risk to the financial markets through the use of debt that bases repayment on contingent events, from natural disasters to jumps in mortality rates. Expertise in derivatives would be useful for these applications.

Highly Recommended Course (required for the relevant track)

Financial Derivatives
Foundations in Risk Management (2 hours)

Other Electives (At least 8 hours from the relevant list below)

Property-Liability Insurance
Health Care Policy (2 hours)
Retirement Policy (2 hours)
Managing Financial Risk for Insurers
Risk Management
Enterprise Risk Management

Requirements

Résumé
Written Statement. The 300 word statement is the only statement required. Applicants Do NOT need to complete the 1500 word statement referenced in the online application.
Unofficial Transcripts. The unofficial transcripts must include a transcript legend, grade scale or grade criteria. If an offer of admission is made, the Official Transcript(s) are required to be submitted upon arrival to campus**.
Degree Certificate/Diploma If an offer of admission is made, the final Official Transcripts and the Official Degree Certificate(s)/Diploma are required to be submitted upon arrival to campus.
(3) Letters of Recommendation. Enter the name and email address of 3 recommenders. The application system will send emails to the Recommenders and request their electronic submission.
Provide official GMAT or GRE scores. MSF applicants are required to submit a test score. All current and previous results must be reported to the University of Illinois electronically. Application files will not be reviewed until a GMAT or GRE score is provided.
Online Application/ fee payment ($70 domestic/$90 international) can be paid by credit card when you submit your online application.
English Language Test Score TOEFL (from ETS) or IELTS score TOEFL scores must be sent to the U of I directly from ETS using Institution Code: 1836, Department Code: 00. IF you are required to select a division, you may select “Graduate School of Management”. For IELTS scores, you should upload a copy of your score card.
International applicants are required to provide financial verification for the first 12 months of their program.