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Insurance Major

1,500 yearly degrees
#194 in popularity
$68,000 median salary

Insurance is a major that typically falls into the Business, Management & Marketing category.

There are 13 programs available throughout the country that offer an associate’s degree in insurance, 54 that offer a bachelor’s degree, and 10 that offer a master’s degree. There are also at least 1 schools in the nation where you can get your doctorate degree in the field.

Who Is Getting an Insurance Degree?

Insurance is one of the least chosen majors in the country, ranked #154 in popularity. About 1,300 students graduated with a bachelor’s degree in the field in 2017. This major tends to be male dominated. About 66.5% of recent graduates are men.

Racial Distribution

At the countrywide level, the racial distribution of insurance majors is as follows:

  • Asian: 4.7%
  • Black or African American: 4.7%
  • Hispanic or Latino: 6.5%
  • White: 75.4%
  • Non-Resident Alien: 4.9%
  • Other Races: 3.7%

Insurance Majors Ethnic Diversity Statistics

Americans aren’t the only ones with an interest in insurance. About 4.9% of those graduating in 2017 were international students. The most popular countries sending insurance majors to the U.S. are China, Saudi Arabia and South Korea.

What Will You Learn as an Insurance Major?

An O*NET survey asked people with careers related to insurance to rate how important certain subject areas were to their job. The following are some of the results of that survey. Importance was rated on a scale of 1 to 5 with 5 being most important.

Knowledge Areas for Insurance Majors

A major in insurance should prepare you for careers in which you will need to be knowledgeable in the following areas:

Important Knowledge Areas for Insurance Majors

Skills for Insurance Majors

The following list of skills has been highlighted as some of the most essential for careers related to insurance:

Important Skills for Insurance Majors

Abilities for Insurance Majors

As an insurance major, you will find yourself needing the following abilities:

Important Abilities for insurance Majors

What Can You Do With an Insurance Major?

Below is a list of occupations associated with insurance:

Careers Related to Insurance
Job Title Job Growth Rate Median Salary
Insurance Underwriters -5.3% $69,380
Business Professors 18% $83,960
Insurance Adjusters, Examiners, and Investigators -1.4% $65,900
Insurance Appraisers, Auto Damage 5.1% $62,520
Claims Examiners, Property and Casualty Insurance -1.4% $65,900
Insurance Sales Agents 9.9% $50,600

Insurance Major Salary

Insurance majors often go into careers where salaries can range from $68,000 to $77,000. This range includes all degree levels, so the salary for a person with just a bachelor’s degree may be a little less and the one for a person with an advanced degree may be a little more.

To put that into context, the typical high school graduate makes between $29,000 and $57,000 a year. The average person with a bachelor’s degree (any field) makes between $44,000 and $99,000. Advanced degree holders make the most with salaries between $55,000 and $120,000.

Average Salary for an Insurance Major  ( 68000 to 77000 )
$0
$200k
Average Salary for High School Graduate  ( 29000 to 57000 )
$0
$200k
Average Salary with Bachelor's Degree  ( 44000 to 99000 )
$0
$200k
Average Salary with Advanced Degree  ( 55000 to 120000 )
$0
$200k

Your salary will be largely dependent on the career path you follow and what area of the country (or world) you work. Getting a graduate degree may open up more options with higher salary potential.

Amount of Education Required for Insurance Major Jobs

Some careers associated with insurance require an advanced degree while some may not even require a bachelor’s. Whatever the case may be, pursuing more education usually means that more career options will be available to you.

Find out what the typical degree level is for insurance careers below.

Education Levels for Careers Associated With Insurance
Level of Education Percentage of Workers
Less Than a High School Diploma 0%
High School Diploma or Equivalent 10.7%
Post-Secondary Certificate 6.5%
Some College Courses 7.9%
Associate's Degree or Equivalent 8.5%
Bachelor's Degree 42.2%
Post-Baccalaureate Certificate 2%
Master's Degree 4.7%
Post-Master's Certificate 0.1%
First Professional Degree 0.1%
Doctoral Degree 16.8%
Post-Doctoral Training 0%

Online Insurance Programs

There are 54 colleges that offer a bachelor’s degree in insurance, with 5 of them offering at least some courses online.

Online learners must listen or watch video lectures, participate in group chats or forums, submit papers and assignments electronically, take tests, and meet deadlines.

Many learners are drawn to online programs due to the ease of use and flexibility. Students should be warned that those who enroll in online programs can take longer to graduate than average and are more likely to drop out.

Is an Insurance Major Worth It?

The median salary for an insurance grad is $68,000 per year. This is based on the weighted average of the most common careers associated with the major.

This is 75% more than the average salary for an individual holding a high school degree. This adds up to a gain of about $579,800 after 20 years!

insurance salary compared to typical high school and college graduates over a 20 year period

References

Bureau of Labor Statistics
National Center for Education Statistics
O*NET Online
Image Credit: Nick Youngson via License

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