Risk Management and Insurance

Risk Management and Insurance at the University of Illinois at Urbana-Champaign is a comprehensive undergraduate program designed to prepare students for diverse careers in the insurance industry, risk assessment, and financial services sectors. This program combines rigorous coursework in business, economics, and risk analysis with practical experiences to develop students' skills in identifying, evaluating, and managing risks across various industries and organizations. Students will explore core topics such as property and liability insurance, risk financing, strategic risk management, and insurance operations, gaining a solid understanding of the principles that underpin modern risk management practices. The program emphasizes quantitative analysis, decision-making, and ethical considerations vital for effective risk management roles. Students will also have opportunities for internships and industry exposure, facilitated through strong connections with leading insurance companies and risk management firms. The curriculum is designed to foster critical thinking and problem-solving skills, preparing graduates to analyze complex risk scenarios and develop innovative solutions tailored to organizational needs. Graduates of the program are well-equipped to pursue careers in insurance underwriting, brokerage, claims management, risk consulting, and other related fields. Additionally, the program prepares students for professional certification exams such as the Certified Risk Manager (CRM) and Chartered Property Casualty Underwriter (CPCU) designations. With access to state-of-the-art resources, dedicated faculty with industry experience, and a vibrant campus community, students gain not only technical expertise but also valuable networking opportunities. This program aims to produce graduates who are knowledgeable, ethical, and proactive in safeguarding organizations' assets and ensuring their long-term stability and success.

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. 

The Bachelor of Science in Risk Management and Insurance at the University of Illinois at Urbana-Champaign offers a comprehensive understanding of the financial aspects related to risk assessment, underwriting, claims management, and insurance services. The program prepares students for careers in the insurance industry by providing foundational knowledge in finance, economics, and business principles. Tuition for in-state students is approximately $16,000 per year, while out-of-state students pay around $34,000 annually. Additional fees, including registration, technology, and health services, contribute to the overall cost. Students are encouraged to explore scholarships and financial aid options such as federal grants, state aid, and university-specific scholarships to offset expenses. The university provides various loan programs, including federal student loans, which students can utilize to finance their education. Part-time employment opportunities through campus jobs help students gain practical experience and supplement their income. The cost of living in Urbana-Champaign varies but is generally lower than urban centers, with estimated housing costs around $8,000 to $12,000 per year. Furthermore, students often participate in work-study programs that enable them to work on-campus in roles related to their field of study. The university offers financial guidance and planning services to assist students in managing educational expenses and debt responsibly. Overall, the programme's financing options aim to make quality education accessible while emphasizing financial literacy and responsible financial planning among students.

The Bachelor of Science in Risk Management and Insurance at the University of Illinois at Urbana-Champaign is a comprehensive undergraduate program designed to prepare students for careers in the dynamic and essential field of risk management and insurance. This program offers a rigorous curriculum that covers fundamental topics such as property and liability insurance, risk analysis, risk control techniques, insurance operations, and financial management. Students gain a solid grounding in economic principles, business law, and ethical considerations relevant to the insurance industry. The program emphasizes practical skills through case studies, internships, and project-based learning, enabling students to apply theoretical knowledge to real-world scenarios.

The curriculum is developed in collaboration with industry professionals and academics to ensure relevance and up-to-date content reflecting current industry practices and trends. Specialized courses may include enterprise risk management, reinsurance, life and health insurance, and analytical methods for risk assessment. Students are encouraged to participate in professional organizations, networking events, and internships available through the university’s strong industry connections, which facilitate experiential learning and enhance employability after graduation.

Graduates of this program often pursue careers in insurance companies, brokerage firms, risk management consultancies, and financial services firms. They may occupy roles such as risk analyst, underwriter, claims adjuster, insurance broker, or risk manager. The program also provides a solid foundation for students interested in pursuing professional designations such as Chartered Property Casualty Underwriter (CPCU) or Fellow of the Casualty Actuarial Society (FCAS).

The university's state-of-the-art facilities, dedicated faculty specializing in insurance and risk management, and completion of relevant projects and internship experiences are integral components that help students develop critical thinking, quantitative analysis, and communication skills. In addition, the program supports students in gaining a global perspective on risk and insurance issues, reflecting the interconnected and international nature of the industry.

Overall, the Risk Management and Insurance program at the University of Illinois at Urbana-Champaign aims to produce highly qualified professionals capable of addressing complex risk-related challenges across diverse sectors, contributing positively to societal safety and financial stability. The program’s combination of academic rigor, practical training, and industry engagement makes it a sought-after choice for students interested in this vital field of finance and business.