Continuing Education ... Masters Degree in Insurance?

[BrianBaughman]

Does anyone know how much a Masters Degree in Insurance will assist in career advancement? All situations are going to be different, but maybe someone can offer firsthand experience? I haven't heard of a lot of people that have them, but I'm on the agency side. Maybe there are more on the company side?

Boston University offers a program online, which ties in nicely with a completed CPCU. Their program costs 25k, so I wondered if the payoff would be there. If anyone has other programs to recommend please do so.

Thanks in advance,

[AgencyEquity]

A CIC and/or a number of other similar designations may look as good as a Masters (since these are well recognized in our industry) and save some serious dollars.

[gregcw]

I agree with AgencyEquity in that the CIC, CRM, AAIS and CPCU designations, to name a few, will carry as much weight and possibly a bit more than a Masters degree. The reason for my feeling is that all of these designations require updates on current coverage and industry changes to keep the designations, which serve to keep you current in insurance while the Masters, although more extensive, is a get it once and you have it for life.

[alx730]

I agree as well. In far less time, you can learn almost as much as there is to know about a subject by completing the right designations. An MBA in Insurance would surely repeat the same subject matter. I would recommend getting the designations and then following an MBA in a discipline such as finance. That's what I'm doing and it fits very well with Risk Management.

[farhan]

MBA in Insurance, this is something very good and quality degree as you will not find alot of insurance MBA's because most of the people like to take finance or marketing as their majors, and MBA in insurance will surely get good designation in good companies.

[Arjun]

An add-on question to what Farhan has just mentioned -
I am an Engineer in IT with an MBA in Finance (Not Insurance).... For the past 4-5 years I am in an IT firm that does consulting for Insurance companies - Systems, processes, implementations, etc... As a career advancing approach, I am interested in doing a formal course in Insurance such as Masters offered by some US universities. These are residential courses in Insurance and Risk Management for a year in duration. Is this advisable after the MBA and 4-5 years work ex. Also how is the job market in US once the course is complete.

[mccluney]

A CPCU desigination is best. However, I would request an informational interview with a couple of Fortune 500 company's risk managers and solicit opinions. You really need to be focused on what aspect of the insurance industry you would be happy to work in. Too much education may be counter productive to your future aspirations.

[chizcurlz]

Insurance Continuing Education is for the renewal of your license. This is usually taken by Insurance professionals every two years or biannual depending on the state you want to work in. For Masters Degree in Insurance, this program prepares individuals to manage risk in organizational settings and provide insurance and risk-aversion services to businesses, individuals, and other organizations. This includes instruction in casualty insurance and general liability, property insurance, employee benefits, social and health insurance, loss adjustment, underwriting, risk theory, and pension planning. This is also a great step to enhance your skills, knowledge and be updated with currents trends and developments in Insurance industry. This will also help Insurance professionals to get an opportunity of being hired by reputable Insurance Agencies and companies.