Ph.D. in Business Administration with a major in Risk Management and Insurance

Placements

East Carolina University; University of Akron; University of Connecticut; Illinois State University; Troy University

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Awards

Courtney Bass, 2013-14 Spencer Educational Foundation Pre-Dissertation Award
Jill Bisco, Best Student Paper Award, Southern Risk and Insurance Association Annual Meeting
Dana Telljohann, 2022 Spencer Scholarship award recipient

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Defended Dissertations

• "Value and Strategy: An Analysis of the Surplus Line Insurance Market" by Courtney Bass Baggett; Dr. Cassandra Cole, major professor
• “The Role of Asymmetric Information in the U.S. Health Insurance Market,” by E. Tice Sirmans; Dr. Patricia Born, major professor

The RMI doctoral program emphasizes current research topics in Risk Management, Insurance Operations and Performance, Insurance Regulation, and Risk Theory. In addition, students are taught a variety of theoretical and empirical research methods and tools using statistics, econometrics, and mathematical economics.

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Prerequisites

All Risk Management and Insurance Doctoral students must have completed undergraduate level courses in Calculus I, Calculus II, and Linear Algebra.

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Major Requirements

All RMI doctoral students must complete courses in three areas: Tools for Analytical Research (TAR), Primary RMI and Support.

I. Tools for Analytical Research (TAR) Area

Students must take the following three courses:

• ECO 5403 Static Optimization
• ECO 5416 Econometrics I
• ECO 5423 Econometric Theory

Students must also take three additional quantitative courses in Statistics, or Economics numbered 5000 and above with the approval of the doctoral program adviser. Examples include:

• ECO 5424 Econometrics/Panel Data
• ECO 5427 Limited Dependent Variables
• STA 5440 Probability Theory
• STA 5206 Analysis of Variance
• STA 5207 Applied Regression Methods

RMI doctoral students are expected to have or acquire computer literacy through coursework or self-study

II. Primary RMI Coursework

The primary area courses and seminars provide opportunities for in-depth study. RMI doctoral students must take the following doctoral seminars and courses:

• RMI 6195 Seminar in Life and Health Insurance
• RMI 6296 Seminar in Property and Liability Insurance
• RMI 6395 Seminar in the Theory of Risk and Insurance

Students must take an additional three RMI elective courses approved by the doctoral adviser. Examples include RMI 5136 (Employee Benefit Plans), RMI 5345 (Risk Management in the Business Enterprise).

Students will take at least two additional doctoral-level economics courses that are not included in the Tools and Research area above. The two economics courses will be chosen in consultation with the program director. RMI doctoral students also are expected to have or acquire computer literacy through course work or self-study.

In addition to these courses, first-year and second-year students will participate in a professional development series that will be an additional registered course in each semester of the first two years of the program. The development series is designed to introduce doctoral students to the roles and responsibilities of faculty, including research ethics, communication with faculty at other universities, the research review process, balancing research, teaching and service, among other topics.

In addition to the regularly scheduled seminars, the RMI faculty and doctoral students meet periodically to share the results of recent research conducted by FSU faculty and doctoral students and by invited scholars from other universities. RMI doctoral students are required to attend these RMI brown bag seminars and invited lectures.

III. Support Area Coursework

RMI doctoral students typically choose a support area in Finance. The courses for this support area include:

• FIN 6804 Foundations of Financial Theory
• FIN 6809 Markets and Institutions
• FIN 6842 Empirical Methods
• FIN 6527 Seminar: Corporate Finance/Investments

Normally, three or four courses are required in the support area. In addition, at least two of the courses required in the support area cannot be used to satisfy other requirements. The support area is chosen in consultation with the RMI doctoral program adviser.

There is also a required research paper that must be completed by the end of the second year. The paper is directed by the RMI faculty and is designed to prepare the student for the dissertation and subsequent research.

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Sample Course Sequence*

*Actual schedule subject to course offerings and availability.

Admission decisions are made by the college’s Doctoral Admissions Committee and are based on a combination of factors, including prior academic record from accepted universities; GRE or Graduate Management Admission Test (GMAT) scores taken within the past five years; letters of recommendation; experience; record of accomplishments. Admission is competitive and focused on students with grade-point averages of 3.5 or higher and GMAT scores of at least 600 or GRE scores of at least 155 on each section of the revised GRE.

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Application Checklist

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

• Non-refundable $30 application fee.
• Statement of Purpose (2-3 pages).
• Submit a current resume or C.V.
• Three (3) required references included in your application portal. This will generate an automated email sent to your references by our system to request that they submit a recommendation for you and answer a series of standardized questions.

II. 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. Unofficial transcripts for U.S. institutions may be uploaded to your application for initial review. International transcripts must be an official NACES course-by-course transcript evaluation. Official test score. Please see the below section for International Applicants for more information.
• Request official GMAT or GRE scores. The code to send GMAT scores to Florida State is PN8K567, and the code to send GRE scores is 5219.
• English Language Proficiency scores are an FSU requirement for international applicants whose native language is not English or 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 TOEFL scores to Florida State is 5219.

Test scores will only be considered official if sent directly from the testing service. The code for ETS to send (GRE and TOEFL) scores to FSU is 5219. The code to send GMAT scores to FSU is PN8K567. 

Transcripts and test scores should be sent to graduateadmissions@fsu.edu or: 
Graduate Admissions Office
222 S. Copeland St.
314 Westcott Building
Florida State University
Tallahassee, FL 32306-1410
USA

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International Applicants

International applicants should visit gradschool.fsu.edu/admissions/international-admissions for information concerning financial responsibilities, degree equivalency, etc.

English Language Proficiency ExamInternational applicants whose native language is not English or 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 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
• 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 (Summer 2022 through Summer 2025)
• Cambridge C1 Advanced Level: minimum score of 180 (Fall 2022 and forward)
• Michigan Language Assessment: minimum score of 55 (Fall 2022 and forward)

In addition, international graduate applicants seeking teaching assistantships are required to pass a test of spoken English.

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.

Ph.D. students typically take 27-33 credit hours each year. Here are the estimated program costs for the 2025-2026 academic year:

• Florida residents: $479.32 (tuition plus fees) per credit hour. Total estimated program cost is $12,941.64 - $15,817.56 per year.
• Non-Florida residents: $1,173.86 (tuition plus fees) per credit hour. Total estimated program cost is $31,694.22 - $38,737.38 per year.

Note: These costs do not include required books, supplies for courses, or required health insurance. Costs are subject to change. Fees above do not include some per-term flat fees for FSUCard and facilities use. For a breakdown of on-campus student fees and their explanations, visit the university’s Tuition Rates page.

The doctoral program is a full-time program that lasts four to five years. Students should plan to live in the Tallahassee area year-round, including summers. Our program is not set up for individuals who wish to take courses part time or online.

The College of Business awards financial assistance to applicants based on academic criteria and performance. The goal of the college is to provide assistantships and/or fellowships to all of our admitted doctoral students, subject to overall enrollment and fiscal limitations. Most doctoral students who request funding, who maintain a satisfactory level of academic and work performance, and who are in residence receive financial assistance from the college. Annual stipends and supplementary assistance such as travel expenses for conference attendance will vary among cohorts and programs. Students who are not Florida residents (including international students) should note that tuition waivers associated with assistantships cover the out-of-state portion of their tuition for the duration of the program. U.S. residents have the option of changing residency, if so desired. Please note that waivers do not cover all fees.
 
Doctoral students on assistantship are supported for four full academic years, contingent upon satisfactory performance in the program. Eligibility for fifth-year support is considered for a student having made substantial progress toward placement at a research-oriented university. For a full list of Florida State University funding and awards, visit gradschool.fsu.edu. Applicants are strongly encouraged to submit all completed application materials before January 15 to be eligible for additional funding opportunities at the university level.

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Awards/Scholarships

The College of Business awards financial assistance to applicants based on academic criteria and performance. There are various scholarships available for graduate students. Visit our graduate scholarships page to learn more.

(Applicants are strongly encouraged to submit all completed application materials before January 15 to be eligible for additional funding opportunities at the university level.)

• For a full list of Florida State University funding and awards, visit gradschool.fsu.edu
• For more information on Florida State University's research and research funding, visit research.fsu.edu
• For more information on Florida State University's graduate fellowships and awards, visit ogfa.fsu.edu