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Risk Management and Insurance

Director

  • Larry Hershberger

Associate director

  • Viana Rockel

Affiliated faculty

  • Philip D. Brooks (Finance), Scott R. Fisher (Finance), J. Tyler Leverty (TRISTAR Risk Management Fellow, Finance), Donna L. Pearcy (Finance)
Undergraduate certificate: risk management and insurance
Web site: http://tippie.uiowa.edu/vaughan/

The Department of Finance and the Emmett J. Vaughan Institute of Risk Management and Insurance offer the Certificate in Risk Management and Insurance.

Undergraduate Program of Study

  • Certificate in Risk Management and Insurance

Certificate

The Certificate in Risk Management and Insurance requires 18 s.h. for B.B.A. students majoring in business analytics and information systems and 24 s.h. for all other students. The program is designed to provide an understanding of the many aspects of risk management and insurance (RMI). It concentrates on value creation and asset protection, including pure insurance and risk management, as well as on corporate and financial risk management. It also addresses the financial and economic characteristics of potential exposures to loss that business organizations and individuals face, and the techniques available for hedging the risks and minimizing the costs associated with these exposures.

The certificate provides students in non-business majors (e.g., actuarial science, mathematics, or statistics) with a foundation for careers in financial and credit analysis, corporate risk management, risk management consulting, employee benefits management and insurance consulting, insurance brokerage, and underwriting. It also may be of value to students seeking professional designations, such as Chartered Life Underwriter (CLU) and Chartered Property and Casualty Underwriter (CPCU). Students typically find employment as financial analysts, bank compliance officers, stock exchange traders, capital and asset managers, insurance and accounting auditors, and personal bankers as well as underwriters, claims adjusters, and insurance producers.

The certificate program is open to students earning an undergraduate degree at The University of Iowa who have reached third-year standing (completion of 60 s.h.) and have a cumulative and University of Iowa g.p.a. of at least 2.75. To be admitted to the certificate program, students must:

complete 06F:100 (FIN:3000) Introductory Financial Management and 06F:102 (FIN:3400) Principles of Risk Management and Insurance with a g.p.a. of at least 2.75 and no grade lower than B-minus; students majoring in actuarial science are exempt from the requirement to complete 06F:100 (FIN:3000)

complete 06F:110 (FIN:3100) Financial Information Technology or 06K:127 (MSCI:3025) Decision Support Systems; and

have a grade of C or higher in all RMI courses they have taken.

Completion of the certificate is noted on the student's transcript. A certificate is mailed to students who complete the program. Students should apply to receive the certificate when they submit their Application for Degree.  

The Certificate in Risk Management requires the following courses. Most of these courses have prerequisites or other registration requirements; students must complete prerequisites and meet registration requirements before they may register for a course. Some courses are offered only in fall or spring semesters; students should plan their course schedules carefully.

CORE COURSES AND COREQUISITES

Courses 06F:100 (FIN:3000) and 06F:102 (FIN:3400) are required for admission to the certificate program and are prerequisites for all other RMI courses. Students may take both courses during the same semester.

All certificate students must complete these (9 s.h.):

06F:100 (FIN:3000) Introductory Financial Management3 s.h.
06F:102 (FIN:3400) Principles of Risk Management and Insurance (RMI core)3 s.h.
06F:104 (FIN:4410) Corporate and Financial Risk Management (RMI core)3 s.h.

Certificate students earning a B.B.A. with a major in business analytics and information systems also must complete these (additional 6 s.h.):

06F:107 (FIN:4450) Risk Modeling3 s.h.
06K:178 (MSCI:3800) Optimization and Simulation Modeling3 s.h.
ELECTIVES: Students in Business Analytics and Information Systems

B.B.A. students majoring in business analytics and information systems complete one of these (3 s.h.):

06F:103 (FIN:4420) Property and Liability Insurance3 s.h.
06F:105 (FIN:4430) Life and Health Insurance3 s.h.
06F:106 (FIN:4440) Employee Benefit Plans3 s.h.
Electives: Students in Finance and Other Majors

Students majoring in finance and those earning other majors choose two of these (6 s.h.): 

06F:103 (FIN:4420) Property and Liability Insurance (offered spring)3 s.h.
06F:105 (FIN:4430) Life and Health Insurance (offered fall)3 s.h.
06F:106 (FIN:4440) Employee Benefit Plans (offered fall)3 s.h.
06F:107 (FIN:4450) Risk Modeling (offered spring)3 s.h.

Finance majors also choose three of these noninsurance electives (9 s.h.): 

06F:112 (FIN:4250) Applied Equity Valuation3 s.h.
06F:113 (FIN:4220) Fixed Income Securities3 s.h.
06F:114 (FIN:4320) Commercial Banking3 s.h.
06F:116 (FIN:4210) Futures and Options3 s.h.
06F:119 (FIN:4340) Wealth Management3 s.h.
06F:126 (FIN:4230) Real Estate Process3 s.h.
06J:156 (MGMT:4100) Dynamics of Negotiations (available after early registration)3 s.h.
06M:139 (MKTG:4200) Sales Management3 s.h.
22S:030 (STAT:2010) Statistical Methods and Computing3 s.h.

Non-finance majors also choose three of these (9 s.h.): 

06A:120 (ACCT:3020) Financial Accounting and Reporting3 s.h.
06A:131 (ACCT:3200) Income Measurement and Asset Valuation (accounting majors take this instead of 06A:120)3 s.h.
06F:111 (FIN:3200) Investment Management3 s.h.
06F:113 (FIN:4220) Fixed Income Securities3 s.h.
06F:114 (FIN:4320) Commercial Banking3 s.h.
06F:116 (FIN:4210) Futures and Options3 s.h.
06F:117 (FIN:3300) Corporate Finance3 s.h.
06F:126 (FIN:4230) Real Estate Process3 s.h.
22S:030 (STAT:2010) Statistical Methods and Computing3 s.h.

Courses for Noncertificate Students

B.B.A. students majoring in finance may concentrate in risk management and insurance (RMI), or they may supplement their corporate finance and investment courses with one or more RMI courses. Students enrolled in other Tippie College of Business majors and College of Liberal Arts and Sciences students earning majors in statistics, actuarial science, or mathematics program C may take one or more of the RMI courses to enhance their understanding of financial services and learn about employment opportunities in the industry.

Other University of Iowa students may enroll in RMI courses after early registration if space is available and if they have completed 06A:002 (ACCT:2200) Managerial Accounting06E:001 (ECON:1100) Principles of Microeconomics, 06E:002 (ECON:1200) Principles of Macroeconomics, 06F:100 (FIN:3000) Introductory Financial Management, and 06F:102 (FIN:3400) Principles of Risk Management and Insurance.

Students not admitted to the Tippie College of Business should meet with the associate director of the Emmett J. Vaughan Institute of Risk Management and Insurance for advising before they enroll in RMI courses.

Affiliated Courses

The Department of Finance offers six courses affiliated with the Emmett J. Vaughan Institute of Risk Management and Insurance that are included in the Certificate in Risk Management and Insurance curriculum. See Finance in the Catalog for course descriptions and prerequisites. 

06F:102 (FIN:3400) Principles of Risk Management and Insurance3 s.h.
06F:103 (FIN:4420) Property and Liability Insurance3 s.h.
06F:104 (FIN:4410) Corporate and Financial Risk Management3 s.h.
06F:105 (FIN:4430) Life and Health Insurance3 s.h.
06F:106 (FIN:4440) Employee Benefit Plans3 s.h.
06F:107 (FIN:4450) Risk Modeling3 s.h.