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.
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%
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:
Skills for Insurance Majors
The following list of skills has been highlighted as some of the most essential for careers related to insurance:
Abilities for Insurance Majors
As an insurance major, you will find yourself needing the following abilities:
What Can You Do With an Insurance Major?
Below is a list of occupations associated with insurance:
|Job Title||Job Growth Rate||Median Salary|
|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.
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.
|Level of Education||Percentage of Workers|
|Less Than a High School Diploma||0%|
|High School Diploma or Equivalent||10.7%|
|Some College Courses||7.9%|
|Associate's Degree or Equivalent||8.5%|
|First Professional Degree||0.1%|
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!
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