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Master of Science in Risk Management and 
Insurance (MS-RMI)

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About the Program | Apply Today | Degree Requirements | Faculty
Application Process | Program Costs | Request More Information

Master of Science in Risk Management and Insurance (MS-RMI)

Today’s insurance professionals face difficult financial, ethical, legal and global concerns. Our Risk Management and Insurance program at the Florida State University College of Business further develops a student’s ability to analyze these issues from different perspectives, fosters critical thinking, and enhances the discipline needed in today’s risk management and insurance market.

Reasons to Choose FSU:

  • Recognized as one of the nation’s oldest and largest insurance programs
  • Ranked in Top 10 nationwide by U.S. News & World Report.
  • Online courses taught by outstanding full-time faculty, including an eminent scholar and endowed professors
  • Faculty known for enthusiastic teaching, notable research and consulting expertise
  • Alumni include leading risk managers, insurance industry executives, agents and brokers
  • Eligibility to receive several state licenses in Florida without sitting for the exams

Personal Benefits:

  • Pursue a quality Master of Science degree at your convenience
  • Complete your degree in less than 2 years
  • Network and connect with classmates worldwide
  • Thrive in program designed for the working professional

For more information, contact Dr. Cassandra Cole, master’s program coordinator for the Dr. William T. Hold/The National Alliance Program in Risk Management and Insurance, or download our brochure (PDF).

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Apply Today

Begin your Master of Risk Management and Insurance application today by entering the Graduate Admissions Portal external link icon.  The application deadline is March 1, and the program admits in the summer semester only.

Application Process

Admission to the Master of Science in Risk Management and Insurance program is highly competitive.  The decision is based on a portfolio of qualifications, including prior academic performance, work experience, entrance exam scores (such as the GMAT or GRE) and letters of recommendation. The entrance exam is a university requirement that may be waived if an applicant meets certain criteria. For exact criteria and instructions on requesting waivers, see business.fsu.edu/waive.

The GMAT is the preferred exam. If you have not taken the GMAT, you should make plans to take the exam as soon as possible. To register for the GMAT and pay testing fees, visit http://gmat.com external link icon.

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Degree Requirements

Course Descriptions and Schedule

FIRST SUMMER

RMI 5017 Fundamentals of Risk & Insurance
Develops concepts such as time value of money, statistical analysis, information technology, and management of risk exposure.  Topics include the fundamentals of risk, management of risks, insurer operations, and the regulation of insurance.

FIRST FALL

BUL 5810 The Legal and Ethical Environment of Business
Creates an awareness of  the laws and the legal, political, and social institutions which impact upon business activity. The  course emphasizes public law, governmental regulation, ethics and corporate governance. Landmark legislation and judicial decisions will be examined.

RMI 5225 Property/Liability Insurance Contract Analysis
Analyzes basic commercial property and liability insurance contracts, including commercial property, commercial  general liability, crime, inland marine, boiler and machinery, commercial auto and farm policies. The course will focus on both the terms of the contract as well as their usage.

FIRST SPRING

RMI 5136 Employee Benefits
Managerial approach to employee benefit plans such as group insurance and pensions with in-depth  consideration given to funding instruments and variety among plans.

RMI 5710 Insurance Company Operations
Covers the fundamentals of risk, the management of pure risk, insurance mechanisms, insurer operations and the evolution of risk management. Additional focus will be giving the market trends, regulation, and new trends in risk financing.

SECOND SUMMER

RMI 5087 International Risk Management **
Addresses risk management and insurance from an international perspective.

RMI 5720 Insurance Accounting & Finance
A survey of accounting and finance, financial statement analysis, and statutory requirements for insurance companies. The course also  includes important elements of finance such as coverage of present value and incorporating coverage  of expected values and expected rates of return for both individual securities and portfolios of  securities. (Prereq: RMI 5710)

SECOND FALL

MAN 5716 Business Conditions Analysis
A combination of statistics and managerial economics designed to illustrate statistical methods and techniques by applying them to basic managerial issues using elementary calculus and basic statistical programs (Excel and SAS) for regressions, testing hypotheses, and applying other statistical methods to important issues in managerial economics. Also, problems of managing the firm in relation to the changing economic environment; analysis of major business fluctuations and development of forecasting techniques.

RMI 5810 Personal Financial Planning
Focus on individual/family financial planning including risk  analysis, wealth accumulation, and retirement planning. Analysis of loss exposures facing individuals & families; basic personal-lines property-liability insurance (auto & homeowners); individual life, health & disability insurance as well as information on savings models, credit management, real estate, and longevity risk.

SECOND SPRING

RMI 5018 Alternative Risk Financing
Evaluates how corporations and insurance companies finance risk. It covers the basic financial tools that are used in risk financing, the traditional and alternative risk financing techniques corporations use, and the unique risk financing techniques used by insurance companies.

RMI 5345 Risk Management in the Business Enterprise
Application of the risk management process, including risk control and risk financing techniques, to business risk management problems. Includes a focus on enterprise risk management and the related tool and techniques.

**MAR 5957 Global Business Seminar. May substitute for RMI 5087, and is only available in summer and spring semesters. This course consists of online assignments and an international trip to an overseas destination. Online assignments help students understand the related international business theories, as well as the inhibiting and opportunity-offering roles of local cultures in international business. The international trip is to gain access to the best business practices of world-class multinational firms in the destination city. Duplicate registration allowed within the same term.

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Risk Management and Insurance faculty and staff members list

Click here to view our RMI faculty and staff.

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Application Process

The following items should be submitted through the Florida State Graduate Application portal, available exclusively online at https://admissions.fsu.edu/gradapp external link icon:

  • Applicant Statement/Essay Question Responses (Word document, .docx)
  • An up-to-date resume, clearly indicating work experience including dates and positions held, as well as noting full-time or part-time employment
  • One (1) letter of recommendation from your supervisor
  • Nonrefundable application fee of $30.00 (see University Application or go to http://fees.fsu.edu external link icon)

The following items should be sent to the Admissions Office, PO Box 3062400, 282 Champions Way, Florida State University, Tallahassee, FL 32306-2400:

  • One (1) official transcript from all colleges and universities attended
  • Florida Resident Affidavit, if applicable (see University Application or http://admissions.fsu.edu/images/pdf/residency.pdf external link icon)
  • Official TOEFL/IELTS score report (required of international applicants whose native language is not English, regardless of academic background).  The ETS code to send TOEFL scores to Florida State is 5219.
  • Official GMAT or GRE scores (all sections of the entrance exams must be completed).  The code to send GMAT scores to Florida State is PN8K567, and the code to send GRE scores is 5219.

International Applicants
International applicants should visit http://admissions.fsu.edu/international external link icon for information concerning financial responsibilities, degree equivalency, etc.

Test of English as a Foreign Language (TOEFL) or IELTS exams
International applicants whose native language is not English and who have not completed an undergraduate or graduate degree in an English-speaking country are required to take either the Test of English as a Foreign Language (TOEFL) or the International English Language Testing System (IELTS) and submit official test results in order to be admitted to The Florida State University. The College of Business requires a minimum TOEFL score of 600 on the paper-based test and 100 on the internet-based test, or a minimum of7.0 on the IELTS exam, taken within the past two (2) years.
A minimum score of 25 for each section of the TOEFL is strongly recommended. In addition, international graduate applicants seeking teaching assistantships are required to pass a test of spoken English.

Waiving the GMAT/GRE
The entrance exam requirement may be waived for outstanding applicants who meet certain criteria.

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Program Costs

ESTIMATED PROGRAM COSTS FOR THE 2017-2018 ACADEMIC YEAR

All students pay the same market rate of $600.00 per credit hour regardless of residence.  In addition, students will be responsible for applicable fees per credit hour as listed below:

  • Florida Residents: $600 per credit hour (market rate); $30.18 per credit hour (fee). Total program cost is $630.18 per credit hour for 33 credit hours: $20,795.94.
  • Non-Florida Residents: $600 per credit hour (market rate); $60.24 per credit hour (fee). Total program cost is $660.24 per credit hour for 33 credit hours: $21,787.92.

Note: these costs do not include required books and supplies for courses.  Costs are subject to change.

Financial Assistance
There are some financial aid options, including student loans. Information on scholarships is available through the RMI program. In terms of other financial aid, please note that financial aid is unavailable for the first semester of the program, since the Financial Aid Office requires registration of at least 6 hours to be eligible for financial aid. For more information on financial aid availability for graduate students, please contact the Office of Financial Aid external link icon. Financial Aid application forms, both online and paper-based, are located here:

Office of Financial Aid
 Suite 4400A University Center
 Florida State University
 Tallahassee, Florida 32306-2430
 (850) 644-0539
 Fax (850) 644-6404

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