Careers in Risk Management & Insurance
Agent/Broker
Agents or brokers are primarily responsibility for selling and/or placing insurance. Agents or brokers act as intermediaries between the customer and the insurance company. It is their job to evaluate and select risks for placement with insurers that can provide insureds with the best coverage at the best price. The agents or brokers also may provide the customer with additional services such as helping customers identify the risks they face as well as determining various ways of controlling, retaining, or transferring the risks. They play a very important role in the insurance industry because they are the first contact that most customers have with the industry when applying for insurance as well as when they have a claim.
Claims Adjuster
A claims adjuster is responsible for settlement of policyholders' claims. The adjuster will investigate the claim, determine if coverage exists, and decide how much should be paid. As a result, adjusters are insurance companies' first line of defense against fraudulent claims. They must have extensive knowledge of company policies and current insurance laws. Adjusters also must be able to communicate and negotiate effectively with insureds, claimants and/or other insurance companies. They are used in both commercial and personal lines of insurance.
Risk Manager
A risk manager is responsible for identifying risks and determining the most effective ways to deal with the risks in order to preserve firm's assets against accidental losses. Losses could result from events such as product or professional services liability, property damage, or employee dishonesty. A risk manager uses various methods, including loss control, retention, and risk transfer techniques, including insurance, to reduce risk. Risk managers are primarily employed by large to mid-sized corporations, non-profit organizations, and public entities. Risk management is sometimes outsourced to consulting firms and other businesses.
Underwriter
While agents or brokers may provide the initial screening of risks, it is the underwriter that makes the final decision on whether or not to insure a risk. In other words, underwriters are responsible for determining if risks meet the criteria set by the insurance company and what rate classification the risk can be placed in. Underwriters work closely with agents and brokers in an effort to make sure that the insurance company has all of the needed information. They also may work with agents, brokers and potential customers to address specific concerns regarding the risk.
Other Career Opportunities
Accountants, investment specialists, economists - In compliance with regulation, insurance companies must be able honor all claims made against its policies. In order to do so, they must maintain sufficient financial reserves. Accountants, investment specialists, economists are responsible for investing premiums, completing regulatory filings, and preparing financial statements as well as managing the day-to-day financial functions of the company, such as payroll and budgeting.
Educators - The primary responsibilities of educators are to provide the training required to keep employees up to date on changes in the industry and to aid employees in obtain licenses needed to perform their jobs. They also are often responsible for determining what type of training and/or skills are needed for different positions within the company and designing training aimed at career advancement.
Investigators - Insurance companies attempt to protect themselves against fraudulent claims by using both in-house and contract investigators. Suspect claims are referred to investigators. They research things like prior claims involving the same individuals or vehicles or the use of the same doctors and/or lawyers with multiple claims to determine if a claim is legitimate. They may conduct surveillance on individuals claiming injuries or inspect property suspected of being intentionally damaged.
Lawyers - One very important responsibility of lawyers within the insurance company is to review policy language. Since insurance policies are in fact contracts between insureds and insurance companies, the policies must be written such that the promises the insurance companies are making and the responsibilities of the insured are clear and not open to interpretation. In-house and outside lawyers are also used to defend insurance companies and insureds against lawsuits, to make sure insurers are operating within the scope of the law, and to communicate with lobbyists and regulators on proposed legislation that would affect the insurance industry.
Loss control specialists - The objectives of loss control specialists are to try to reduce the frequency with which losses occur and to reduce the severity of losses when they do occur. This involves working to identify the hazards a company faces and determining the most effective way to control them. Specialists generally work for insurers, brokers, or consulting firms and generally have highly specialized and/or technical knowledge in the field in which their customer operates.
Public relations/consumer affairs experts - How the insurance industry and specific companies are perceived is important to the insurance community. Public relations or consumer affairs experts are responsible for keeping the public well informed on insurance related issues and what their company is doing to address policy concerns.
Regulators - Both the state and the National Association of Insurance Commissioners employ individuals to approve policy and rating changes by insurers, to issue licenses to insurers, agents, and brokers, and to assist consumers who have questions about insurance or complaints related to claims settlement. They also are involved with monitoring insurers to make sure they are adhering to the insurance codes in the states in which they operate.
System analysts - Being able to efficiently and accurately store and recall coverage information and loss data is essential to the functioning of the insurance company. System analysts are needed to design and manage these systems as well as integrate outside resources used to investigate and process applications for insurance and claims. Additionally, risk management information systems are used by risk managers to organize all of the information they need to effectively identify and manage the risks faced by their customers.
Dr. William T. Hold Scholarship Program for MS-RMI
The Dr. William T. Hold Scholarship Program was created in 2012 following a generous donation from Dr. William T. Hold and The National Risk & Insurance Education Alliance. The program provides financial support to College of Business students pursuing a Master of Science in Risk Management and Insurance (MS-RMI). The recipients of these scholarships, known as Hold Scholars, include industry professionals with varied experiences and backgrounds. Past Hold Scholars continue to engage with the program and serve as guest speakers and presenters, as well as assist in the placement of current undergraduate and graduate students.
Criteria and Program Requirements
Hold Scholars are selected each year based on a variety of factors, including professional experience, academic performance, financial need and industry engagement including participation in The National Alliance for Insurance Education & Research programs such as the CIC, CRM and CSR designations. Both existing and incoming MS-RMI students are considered. Existing students must be in good academic standing.
SCHOLARSHIP DETAILS
- Scholarship awards are for the academic year and are distributed through Financial Aid in two equal installments, one at the beginning of the fall semester and one at the beginning of the spring semester.
- Students must be enrolled for the full suggested course load (two courses in both the fall and spring semesters) to receive the full award. Students taking a reduced load will receive a pro-rated portion of the scholarship.
APPLICATION TIMELINE
- New students must be accepted to the MS-RMI graduate program and indicate intent to enroll before the scholarship deadline to be considered.
- Scholarship applications from current and prospective master’s students are due by April 1 each year.
For additional information on this and other scholarship opportunities for graduate students, visit business.fsu.edu/students/scholarships/graduate.
CONTACT
Cassandra Cole
Robert L. Atkins Professor in Risk Management & Insurance and MS-RMI Program Director
(850) 644-9283
ccole@business.fsu.edu
Dr. William T. Hold/The National Alliance Program in Risk Management & Insurance
Department of Risk Management/Insurance, Real Estate & Legal Studies
College of Business
Florida State University
821 Academic Way, Suite 313
P.O. Box 3061110
Tallahassee, Florida 32306-1110
About Dr. William T. Hold
Dr. William T. Hold is the co-founder, executive chairman and retired president of The National Risk & Insurance Education Alliance. He was named to the prestigious Insurance Newscast’s annual list of the “100 Most Powerful People in the Insurance Industry” six years in a row, and in 2011, he received the Dr. Henry C. Martin Award of Industry Achievement. Prior to co-founding The National Risk & Insurance Education Alliance, Dr. Hold held faculty positions at the University of Wisconsin and the University of Texas. He has authored several books on industry-related topics and his articles have been published in insurance-related academic and trade journals. Dr. Hold earned his bachelor’s degree from Florida State University and his master’s and doctoral degrees from the University of Wisconsin.
Scholarships – Undergraduate and Graduate
Each year the College of Business Scholarship Committee awards a number of scholarships to undergraduate and graduate students. Scholarships are distributed on an academic-year basis covering both the fall and spring semesters. Scholarship awards are distributed in two equal installments, one at the beginning of the fall semester and one at the beginning of the spring semester.
The scholarship application period runs December through March of each year, and is awarded for the following fall and spring semesters. For more information and FAQs, please visit: Scholarships | College of Business.
For questions, please contact Sarah Fountain at sfountain@business.fsu.edu.
Internal Undergraduate Risk Management/Insurance Scholarships
- AmWINS Group, Inc. FSU Alumni Scholarship
- Billy Teel, Clara Jo Milligan Teel & Ann Teel Hatcher Scholarship
- Bob Ross Scholarship
- Bonnie Royce Stanley Scholarship
- Dr. William T. Hold/The Alliance's Program in RMI Scholarship
- E. Ray Solomon Scholarship
- Elfreda L. Egger, CPCU Memorial Scholarship
- Erb Family Scholarship
- Florida Association of Insurance Agents Scholarship
- Gold Coast CPCU Scholarship
- Gulf Coast CPCU Scholarship
- Harry R. Levine Scholarship
- HCI Group Foundation Award
- Heritage Insurance Scholarship
- Insurance Days Career Placement Scholarship
- Jeffrey W. Grady Scholarship
- Katrina Anne "Katie" Froeschle Memorial Scholarship
- Lighthouse Property Insurance Corporation Scholarship
- Major D. Wright Jr. Scholarship
- NAAIA Florida Scholarship
- North Florida CPCU Scholarship
- Northeast Florida Chapter RIMS Scholarship
- One Source Advisory Scholarship
- PIA of Florida Scholarship
- Pinellas Association of Insurance Agents Scholarship
- RMI Program Scholarship
- Robert T. Powell Scholarship
- Southern Fidelity/Capitol Preferred Scholarship
- Southwest Florida RIMS Scholarship
- Tom C. Johnson Scholarship
- William “Buddy” G. McCue Scholarship
- Windstorm Insurance Network Scholarship
External Undergraduate Risk Management/Insurance Scholarships
The following scholarships are awarded by organizations outside the Department of Risk Management/Insurance, Real Estate & Legal Studies. Deadlines and application procedures are unique to each scholarship. Applications may be obtained directly from the sponsoring organization.
- Association of Insurance Compliance Professionals
- Johnstone Educational Foundation Scholarship
- Public Risk Management Association (PRIMA) Scholarships
- Spencer Foundation Scholarships
Internal Graduate Risk Management/Insurance Scholarships
- Dr. William T. Hold/The Alliance's Program in RMI Scholarship
- Erb Family Scholarship
- Elfreda L. Egger, CPCU Memorial Scholarship
- Florida Association of Insurance Agents Scholarship
- Heritage Insurance Scholarship
- Insurance Days Career Scholarship
- Katrina Anne "Katie" Froeschle Memorial Scholarship
- Lighthouse Property Insurance Corporation Scholarship
- Major D. Wright Jr. Scholarship
- PIA of Florida Scholarship
- Pinellas Association of Insurance Agents Scholarship
- RMI Program Scholarship
External Graduate Risk Management/Insurance Scholarships
- Association of Insurance Compliance Professionals
- The Derek Hughes/NAPSLO Educational Foundation Scholarship
For short descriptions of the above external scholarships, click here for the scholarship criteria. The above scholarships are awarded by organizations outside the Department of Risk Management/Insurance, Real Estate & Legal Studies. Deadlines and application procedures are unique to each scholarship. Applications may be obtained directly from the sponsoring organization through the website links provided.
Internship for Credit Program for RMI Majors
The Internship for Credit program allows students to earn three course credits by combining practical industry-related work experience with academic requirements. Any student majoring in RMI that has completed nine credit hours of business/risk management courses (including RMI 3011 - Risk Management/Insurance) can participate. The course credits can be used as elective credits within the major and internships can be completed during any semester (fall, spring, or summer).
To participate in the program, you must first secure a position with an insurance company, consulting firm, financial services firm, insurance agency/brokerage, or other related business and then have the internship approved. To find out more about the process and requirements, stop by the Business Career Services office (222 RBB) or see Internship Information for Students.
Internship/Employment Opportunities
The Dr. William T. Hold/The Alliance’s Program in Risk Management and Insurance offers RMI majors multiple full-time, part-time and internship employment opportunities through its bi-annual career placement event, Insurance Days; networking receptions; speaker series; corporate tours; competitions, such as the Intercollegiate Insurance Sales Challenge; and participation in Gamma Iota Sigma at FSU.
For the latest internship and employment opportunities, search the College of Business Job Board. Please note the college’s job board is transitioning to Handshake, an online platform for students to connect with employers, find jobs and manage career-related activities, starting April 25. Current students will receive an email from the College of Business to join Handshake after May 1.
Gamma Iota Sigma
One of the oldest in the nation, the Iota chapter of Gamma Iota Sigma at Florida State University was chartered in 1975. The organization currently has more than 200 members from numerous majors in the College of Business and on FSU’s campus. While the focus of the organization is promoting and supporting careers in risk management and insurance (RMI) and actuarial science, students of any major are welcome to join and benefit from the significant professional development, networking and social benefits of membership. The Iota chapter holds regular member meetings, hosts social events, study sessions and philanthropy outreach, as well as industry and alumni speaker events.
Due to its RMI-centricity, there are also many opportunities to benefit from the professional development and industry interactions afforded through the nationally ranked Dr. William T. Hold/The Alliance’s Program of Risk Management and Insurance. Examples include attending Insurance Days, a recruiting event solely for RMI students and GIS members, which has 60+ companies come to campus every semester solely to recruit RMI and GIS students. In addition, the RMI program hosts two speaker series every semester, as well as panel speaker events, which bring experts in related areas of the industry to share their experience and wisdom with the students.
To learn more and explore membership, visit nolecentral.dsa.fsu.edu/organization/gammaiotasigma.
2025-2026 Gamma Iota Sigma officers
- President: Rainey Sharrow
- Executive Vice President: Brianna Smart
- Executive Secretary: Razi Harb
- Treasurer: Kajana James
- Public Relations Secretary: Allie Logue
- Involvement Coordinator: Alexa March
- VP of Professional Events: Zachary Dobhan
- VP of Social and Philanthropy: Luke Elian
Gamma Iota Sigma advisor: Gabriel Carrillo (gcarrillo@business.fsu.edu)
Gamma Iota Sigma (GIS) is an international professional fraternity with 110 Chapters Nationwide with 5,500+ members organized to promote, encourage and sustain student interest in insurance, risk management and actuarial science as professions. GIS aims to encourage high moral and scholastic attainments and to facilitate the interaction and cooperation of educational institutions, industry and professional organizations by fostering research, scholarship and improved public relations.
RMI Licenses and Designations
Risk management and insurance is a diverse field. Earning a designation or obtaining a license demonstrates that you have acquired specific insurance expertise and is often encouraged or required by employers. In an effort to ensure that our risk management/insurance students remain competitive in the job market, the department provides financial assistance for the costs associated with earning a designation or obtaining a license. The exact level of financial assistance may vary unless specifically indicated.
To learn more about licenses, contact Dr. Charles Nyce, department chair, at 850-645-8392. For more information about insurance designations, contact the college's designation coordinator, Paul Schriefer, J.D., at pschriefer@business.fsu.edu.
Licenses
For insurance professionals working in the state of Florida, licensing is managed by the Florida Department of Financial Services. There are several types of licenses for agents and agencies as well as for adjusters; some are general in nature, while others are for specific lines of coverage. The requirements for each of these licenses vary.
Completion of the risk management/insurance undergraduate or graduate program meets the educational requirements to receive several licenses without sitting for the licensing exams. These include:
- General Lines Agent License (2-20)
- Health & Life (Including Annuities & Variable Contracts) Agent License (2-15)
- All-Lines Adjuster License (6-20)
- Personal Lines Agent License (20-44)
- Customer Representative (4-40)
To obtain a license(s), students need to visit the MyProfile page on the Florida Department of Financial Services website, create an account, and follow the instructions for applying for a license(s). Students are able to apply for multiple licenses at the same time and only pay one application fee ($50). Note, there is a $5 fee per license.
Students should monitor their MyFSU account and wait until after they see “Degree Awarded” at the end of the transcript before they order official transcripts to submit to the department.
University Designations and Course Waiver Programs
The Risk Management & Insurance Education Alliance's University Associate Designations
The Alliance offers two designations for undergraduate students, the University Associate Certified Insurance Counselor (UACIC) and the University Associated Certified Risk Manager (UACRM).
For the UACIC designation, students must: 1) complete RMI 4224 - Property and Liability Insurance Contracts with a grade of “C” or better; and 2) take a second CIC exam through The Alliance (note: this course can be completed while taking RMI 4224 – Property and Liability Insurance Contracts). The cost for each is $100. Students completing the designation are eligible for full reimbursement. Students passing RMI 4224 - Property and Casualty Insurance Products only are eligible to apply for CIC credit, but will not receive reimbursement. Graduate students are not eligible for reimbursement if they elect to take the exam and receive the UACIC designation. To learn more, visit The Alliance website.
For the UACRM designation, students must: 1) complete RMI 4347 - Commercial Risk Management with a grade of “C” or better; and 2) take the Principles of Risk Management exam through The Alliance (note: this course can be completed while taking RMI 4347 - Commercial Risk Management). The cost for each is $100. Students completing the designation are eligible for full reimbursement. Students passing RMI 4347 only are eligible to apply for CRM credit, but will not receive reimbursement. Graduate students are also eligible for this program and can receive credit for one part of the CRM designation for completion of RMI 5345 – Risk Management in the Business Enterprise with a grade of “C’ or better and eligible for the UACRM designation by taking a second CIC exam through The Alliance. Graduate students are not eligible for reimbursement if they elect to take the exam and receive the UACRM designation. To learn more, visit The Alliance website.
Collegiate Studies for CPCU Program
The Institutes, a leading provider of professional education, allows you to earn course waivers for completing coursework with a “B” or better at approved universities through its Collegiate Studies for CPCU Program. The following FSU risk management and insurance classes have been approved: RMI 4292 (CPCU 520), RMI 5710 (CPCU 520), and RMI 4420 (CPCU 530). In addition, students that are enrolled at an approved college or university, earn two course waivers, and take The Institutes’ Ethics 312 course online can earn the Collegiate Studies for CPCU Certificate.
To submit your request for a course waiver, visit https://theinstitutes.wufoo.com/forms/collegiate-studies-form-students or contact Dr. Charles Nyce, Department Chair, at 850-645-8392.
Course Waiver for AIDA Designation
The Associate in Insurance Data Analytics, offered by The Institutes, demonstrates knowledge in predictive modeling and how big data is utilized in the risk management and insurance industry. To earn the designation, individuals are required to pass three exams and take The Institutes’ free Ethics 312 course offered online. Students successfully completing RMI 4226 or RMI 5257 with a “B” or better at approved universities can receive a course waiver for AIDA 181.
To submit your request for a course waiver, visit https://theinstitutes.wufoo.com/forms/collegiate-studies-form-students or contact Dr. Patricia Born.
National Designations
Designations are sponsored by a number of organizations and are earned by completing a set of courses or exams. While there are more than 40 designations, the most common include the Associate in Risk Management (ARM), Certified Insurance Counselor (CIC), Chartered Life Underwriter (CLU), Chartered Property Casualty Underwriter (CPCU) and Certified Risk Manager (CRM).
Associate in Risk Management (ARM)
The ARM designation is administered by the The Institutes. The ARM requires completion of three courses and exams which cover risk assessment, risk control and risk financing. Those focusing on risk management of public entities may want to consider obtaining the ARM-P, which involves completing one additional course. Most recently, The Institutes introduced an ARM-E, which covers enterprise-risk management theories and practices. As with the ARM-P, this designation requires completing one additional course.
Certified Insurance Counselors (CIC)
The CIC designation is offered by The Risk Management & Insurance Education Alliance and requires the completion of five courses and exams covering the following topics: personal lines, commercial casualty, commercial property, life and health and agency management.
Chartered Life Underwriter (CLU)
The CLU designation is managed by the American College. This designation requires the completion of eight courses and exams, five core courses plus three electives. The core courses cover basic insurance planning, individual life insurance, life insurance law, estate planning and planning for business owners and professionals. The elective courses include such topics as individual health insurance, group benefits, retirement needs, investments, and advanced financial planning and estate planning.
Chartered Property Casualty Underwriter (CPCU)
The CPCU designation is administered by The Institutes. Similar to the CLU, there are several core courses covering basic risk management and insurance concepts, insurer operations, business law for insurance professionals, and financial and accounting for insurance professionals. There is also an elective course requirement, which covers such specialty topics as workers compensation, financial services and reinsurance. An additional three courses in the either commercial lines or personal lines are also required for a total of eight courses and exams.
Certified Risk Managers (CRM)
The CRM designation is offered by The Risk Management & Insurance Education Alliance. Similar to the CIC, the designation involves completion of five courses and exams covering various aspects of risk management including: principles of risk management, analysis of risk, control of risk, financing of risk and practice of risk.
Other Useful Designations
The Associate in Commercial Underwriting (AU), Accredited Advisor in Insurance (AAI), Associate in Claims (AIC), Certified Employee Benefits Specialist (CEBS), Chartered Financial Consultant (ChFC) and Personal Lines Coverage Specialist (PLCS) are other designations that typically demonstrate knowledge in more focused areas.
