Learn to assess risk and maximize reward.
Today's insurance professionals face difficult financial, ethical, legal and global concerns. The Master of Science in Risk Management and Insurance (MS-RMI) at Florida State University’s 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. Housed in the Dr. William T. Hold/The National Alliance Program in Risk Management and Insurance, this fully online degree program equips professionals to shape an industry that evolves with the world around it.
Reasons to Choose FSU
- Recognized as one of the nation’s oldest and largest insurance programs
- Ranked in Top 10 public programs 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
- 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
- Obtain course waivers or credit for multiple insurance designations
Highly qualified FSU undergraduates majoring in RMI can get a jumpstart on graduate coursework by applying for ourCombined Bachelor of Science in Risk Management/Insurance/Master of Science in Risk Management and Insurance (BS/MS-RMI) Pathway before registering for senior coursework. Interested students should meet with an advisor in the Undergraduate Programs Office. Combined pathway students do not have to start their master’s degree immediately after completing their undergraduate work. Learn more at business.fsu.edu/combined-pathways.
Admission to the MS-RMI 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 example, those who have already earned graduate degrees, have substantial management experience and/or graduated with high GPAs from business schools accredited by AACSB International may be eligible. 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, gmat.com.
The following items should be submitted through the Florida State Graduate Application portal, available exclusively online at admissions.fsu.edu/gradapp:
- Applicant Statement/Essay Question Responses
- 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
- Florida Residency Declaration
- Nonrefundable application fee of $30.00 (see University Application or go to fees.fsu.edu )
The following items should be sent to the Admissions Office, PO Box 3062400, 282 Champions Way, Florida State University, Tallahassee, FL 32306-2400, or firstname.lastname@example.org:
- One (1) official transcript from all colleges and universities attended (FSU transcripts are not necessary for FSU alumni, students)
Official GMAT/GRE score(s) and, if applicable, TOEFL/IELTS score(s) (The TOEFL/IELTS score is a University requirement for international applicants whose native language is not English and who have not completed an undergraduate or graduate degree from a U.S. institution or other institution where English is the required language of instruction; therefore, it cannot be waived). The code to send GMAT scores to Florida State is PN8K567, and the code to send GRE or TOEFL scores is 5219.
International applicants should visit gradschool.fsu.edu/admissions/international-admissions 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,) the International English Language Testing System (IELTS,) or the Pearson Test of English (PTE,) and submit official test results in order to be admitted to Florida State University. The College of Business requires a minimum TOEFL score of 100 on the internet-based test, a minimum of 7.0 on the IELTS exam, or a minimum of 66 on the PTE taken within the past two (2) years.
ESTIMATED PROGRAM COSTS FOR THE 2020-2021 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.
Scholarships are available through the College of Business, the RMI program, and outside resources. Read more about the college’s financial assistance options for graduate students.
There are some financial aid options, including student loans. Please note that financial aid is unavailable for the first semester of the program, since the Office of Financial AId requires registration of at least 6 credit hours to be eligible for consideration. Visit Florida State's financial aid website for more information 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.
Learn more about why our graduate programs are considered A Smart Choice in Value.
The Dr. William T. Hold Scholarship Program is open to current and prospective students. Prospective students can apply once they are accepted into the Master of Science in Risk Management and Insurance Program and indicate their intent to enroll. Applications are due April 1.
The Dr. William T. Hold Scholarship Program was created in 2012 following a generous donation from Dr. William T. Hold and The National Alliance for Insurance Education and Research. 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. Read more at business.fsu.edu/holdscholars.
For additional information on this and other scholarship opportunities for graduate students, visit business.fsu.edu/students/scholarships/graduate.
Courses and Schedule
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.
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.
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.
RMI 5257 Data Analytics in Risk Management and Insurance
This course focuses on the use of data and analytical tools in the insurance industry. A set of tools is developed for analyzing the types of data used by insurers across various functions including loss estimation, loss reserving, underwriting, and claims. Topics will include exploring traditional and new sources of data, legal and ethical considerations, and challenges associated with forecasting and making inferences in the context of risk and uncertainty.
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 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)
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.
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.
For more information, download our MS-RMI brochure.