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

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
• A minimum of one (1) letter of recommendation from your current supervisor is required, however at least two (2) recommendations are preferred
• Florida Residency Declaration if applicable
• Nonrefundable application fee of $30.00 (see University Application or go to fees.fsu.edu )

The following items should be sent to the Graduate Admissions Office, 222 S. Copeland St./314 Westcott Building, Florida State University, Tallahassee, FL 32306-1410 or to graduateadmissions@fsu.edu:

• One (1) official transcript from all colleges and universities attended (FSU transcripts are not necessary for FSU alumni, students). International applicants are required to submit an official NACES course-by-course transcript evaluation.
• Official test scores, if applicable:
  • GMAT or GRE scores are optional and should be submitted if they will enhance the application. Any submitted test scores become part of the application. 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 gradschool.fsu.edu/admissions/international-admissions  for information concerning financial responsibilities, degree equivalency, etc. International applicants are responsible for submitting the below documents in addition to the checklist items in the previous section.

English Language Proficiency Exam
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 an English Language Proficiency exam and submit official test results in order to be admitted to Florida State University. The College of Business accepts all of the following examinations taken within the past two (2) years:

• Test of English as a Foreign Language (TOEFL): a minimum score of 600 on the paper-based test and 100 on the internet-based test (FSU institution code 5219)
• International English Language Testing System (Academic IELTS): minimum score of 7
• Pearson Test of English (PTE): minimum score of 66
• Duolingo: minimum score of 120
•  Cambridge C1 Advanced Level: minimum score of 180
• Michigan Language Assessment: minimum score of 55

Transcript Evaluation Requirement
The Office of Graduate Admissions requires all international students to submit an official course-by-course evaluation of all academic records from non-U.S. institutions prior to application review. This verifies degree equivalency and serves in place of additional official or unofficial transcripts. This evaluation must be done by a member of the National Association of Credential Evaluation Services (NACES): www.naces.org. FSU offers a partnership with The Evaluation Company (formerly SpanTran), our preferred credential evaluation service, which allows a streamlined process at a discounted rate. More information about this process is available after you submit the first part of your graduate application.

ESTIMATED PROGRAM COSTS FOR THE 2024-2025 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.

Funding Resources

There are a variety of funding options, including student loans and scholarships available through the College of Business, the RMI program, and outside resources. All newly admitted students are considered for available scholarships. A select number of current and prospective students are also selected each year to receive the Dr. William T. Hold Scholarship. You may view a full list of College of Business scholarship opportunities at business.fsu.edu/students/scholarships/graduate. 

Please note that students must be enrolled in at least six (6) credit hours in order to be eligible for federal loans through FAFSA. Please visit Florida State's financial aid website for more information. Student Business Services also offers payment plans. You may learn more information here. 

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 are automatically considered once they are accepted into the Master of Science in Risk Management and Insurance Program and indicate their intent to enroll.

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.

First Summer

RMI 5007 Insurance Fundamentals
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 5745 Healthcare Financing
An introduction to public and private health insurance and benefits plans. Students will learn about private insurance plans and federal and state financing programs (e.g., Medicare Medicaid/SCHIP, FEHBP). The course will cover forms of employer-sponsored coverage, including self-funded and fully insured, managed care plans, and understanding the implications of private vs. public forms of insurance coverage. Topics include payer and provider incentives for cost management, access to care, health plan strategies, regulatory and legal considerations pertaining to eligibility and coverage, the use of cost-containment mechanisms, case management, and quality and accountability.

First Spring

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.

Second Summer

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)

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.