Risk Management & Insurance

Risk Management & Insurance

Bachelor of Science
  • 120 Credits
  • School of Business
  • Bronx
  • Manhattan
  • Online
  • Westchester
  1. Academics
  2. Programs & Degrees
  3. Risk Management & Insurance
Earn your B.S. in General Accounting at Mercy College.

Risk Management and Insurance B.S. Overview

The Risk Management and Insurance program is designed to make Mercy graduates more competitive in the marketplace by equipping them with comprehensive analytical skills and tangible certifications that are applicable to various business industries given the agnostic nature of Risk Management.

Risk Management & Insurance

Career Opportunities

Respondents to the Labor Market Study ranked all insurance positions as at least "moderately difficult" to fill. That is troubling for insurers because many employees are aging out of the workforce in the coming years. These companies are looking to bring Gen Z and millennials into the industry. According to The Pew Research Center, only 4% of millennials (born between 1981 and 1996) are interested in insurance careers. Yet, millennials are estimated to make up 75% of the workforce by 2025.

While the market for college graduates with many majors is unpredictable, RMI majors consistently find jobs after graduation. The job placement rate for RMI program graduates is excellent, with many programs boasting 90 percent placement rates, a nearly unheard-of percentage. https://www.insuremypath.org/careers

Payscale.com places the average base salary for recent graduates at $66,000. Ziprecruiter.com identifies the midcareer salary between $75,746 and $83,084

Glassdoor.com provides the following salaries:

  • Risk Manager, $107,560
  • Senior Risk Manager, $126,667
  • Lead Risk Manager, $123,746

Want More Info?

We'd like to hear from you! Get more information.

Students at commencement

Positive Career Outlook for New Graduates

The career prospect in RMI for new graduates is positive: of 277,763 total job postings in the New-York area from January 2020 to September 2020, 35,874 were unique to Risk Management, a Posting Intensity of 8-to-1 (for every 8 postings there is 1 unique job posting related to Risk Management). This was higher than the Posting Intensity for all other occupations and companies in the region (5-to-1), indicating that the industry may be trying harder to fill positions.

While the market for college graduates with many majors is unpredictable, RMI majors consistently find jobs after graduation. The job placement rate for RMI program graduates is excellent, with many programs boasting 90 percent placement rates, a nearly unheard-of percentage.

Support From the Industry

Spencer logo

Spencer

The Spencer Educational Foundation (Spencer) has so far provided a grant of $40,000 to develop the program at Mercy, purposefully anchoring the launch of the program at an institution that predominantly serves the targeted talent pool. Helping Mercy students hone their skill sets in Risk Management will expand the career prospects of our students, locally, regionally, and internationally. Spencer is doubling down on its commitment to support the development of the program at Mercy by funding the visit of a Risk Management expert across Mercy campuses to discuss the industry and career prospects with Mercy students. Mercy received new funding in the amount of $3,500 in January 2022 to finance the Mercy visits.

AON logo

AON

In addition to Spencer, the School is discussing a partnership agreement with AON which could lead to AON becoming a corporate sponsor of the program or at a minimum a prime destination for Mercy students and graduates in Risk Management and Insurance. During the Fall 2021 term AON purposefully engaged with the Mercy community for the reasons mentioned earlier. The greater NY area COO at AON who is an alumnus of the Mercy University MBA program has been personally engaged with the School to ultimately establish a formal partnership between the two organizations and ensure a successful launch of the Risk Management and Insurance program at Mercy.

Segal logo

Segal

The new chief information officer (CIO) of the company is also a member of the School of Business advisory board. She has committed to position the Risk Management and Insurance program at Mercy as an important initiative that the company should support. The CIO is also a member of the RMIN team that is responsible for developing course content. She also advises the team on outreach strategies for the business community.

Business student

Changing Workforce Demographics

The aging employee demographic in the Risk Management & Insurance (RMI) industry creates a robust supply/demand opportunity. The industry is seeking fresh talents with the requisite training. Additionally, there is strong momentum for attracting traditionally underrepresented demographic groups. 

Furthermore, the New York regional market is a major hub for the Risk Management and Insurance industry. The region has a high concentration of financial services and insurance firms, and other related support services. The international insurance industry is for instance well represented in the region with firms such as AXA, Allianz, AIG, Sumitomo, or Zurich having major operations in the tri-state area. 

Frequently Asked Questions

Full-time students can complete the 120-credit degree program in four years.

Undergrad Risk Management and Insurance programs are offered in the day and evening (and some classes on weekends) at the Dobbs Ferry, Bronx and Manhattan campuses, as well as online.

Yes, faculty are always ready to help students with questions about what courses to take, the sequencing of courses, and career opportunities, including internships and cooperative education.

Program Details & Curriculum

The nine new courses in FIRM will be open to any School of Business students so long as the students meet the pre-requisite requirement for the courses. These courses are highly complementary with other programs within the School of Business. 

For example, a BS in Risk Management & Insurance with a minor in Data Analytics would be highly valuable given the rapid digitalization of business processes and practices. Combining the new BS in RMI program with any other Program (Marketing, Finance and Accounting, etc.) would also be viable for students to standout in the competitive job market.

 

Download a copy of the sequence map for:

Full-Time Faculty

Part-Time Faculty