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Certificate in Risk and Insurance

School of Risk Management, Insurance and Actuarial Science

Overview

The Certificate in Risk and Insurance is a two semester 24-credit certificate program, based at the Manhattan campus, and admits students in the fall semester.  Students take four courses in each of the fall and spring semesters.  While an undergraduate degree is not a prerequisite for admission, most people who enroll in this certificate program possess a minimum of an Associate degree, significant college level study and/or industry experience. For additional consumer information, the applicant may refer to the website at the School of Risk Management.

* Please note that this is a certificate program.

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Admission

The applicant may contact Katleen Sabella, Program Coordinator, Tobin College of Business, for the Manhattan campus, via phone at 212-277-5110 or e-mail at [email protected] to receive a copy of the program application and discuss the requirements which include a $30 non-refundable application fee, an official high school transcript and any official college transcripts (all transcripts must be officially translated into English), two (2) letters of recommendation, resume and official TOEFL examination score in the case of those for whom English is not their first language.  Applicants are strongly encouraged to apply as early as possible in the admissions cycle.  

The recommended deadline is June 1, though later applications will be considered. 
 

Courses

Fall Semester
RMI 2301 Principles of Risk Management and Insurance
RMI 3333 Commercial Property Risk Management and Insurance
RMI 4364 Reinsurance
RMI 4390 Insurance Industry Operations

Spring Semester
RMI 4334 Commercial Liability Risk Management and Insurance
RMI 3355 Risk Control
RMI 3361 Insurance and Alternative Risk Transfer
RMI 3335 Life-Health, Pension and Social Insurance*

Elective
(may be used instead of any asterisked* course if available)
RMI 3350 Risk Seminar (Global Destination-Must Apply) - Spring only
RMI 3360 Corporate Risk Management - Fall only
RMI 4399 Internship

Course Descriptions

RMI 2301 Principles of Risk Management & Insurance: This course provides students with an overview of risk management and insurance. While the course and program emphasis is on business risk, this course provides an overview of selected personal risk management issues that will be useful to students who do not major in the field. Prerequisites for RMI 2301 include accounting (ACC 1301), law (LAW 1410), and economics (ECO 1301 and 1302). RMI 2301 is prerequisite for all RMI courses. Finance (FIN 3310) serves as a co-requisite for RMI 3360 and as a prerequisite for RMI 3361.

RMI 3360 Corporate Risk Management: This course provides students with an understanding of the decision making process of managing the risks faced by an organization. Using historical cases, students combine skills from management, economics, quantitative analysis, finance, decision science, and psychology to determine and achieve the desired levels of risk and return at the desired times.

RMI 3361 Insurance & Alternative Risk Transfer: This course provides students with the skills to combine insurance and financial strategies into solutions for managing a firm’s exposure to risk in ways that create economic value for the firm’s owner. The course content posits that firm owners value a risk management program because it mitigates the frictional costs created by
cash flow volatility. To deal with the consequences of cash flow volatility a manager may arrange for an infusion of cash or rearrange the firm’s capital structure in a way that cash shortfalls create few or no frictional costs. The course investigates when and how it is appropriate to arrange for infusion of cash or alter the firm’s capital structure.

RMI 4390 Insurance Industry Structure & Organization: This course provides a study of the industrial organization of the evolving Insurance and Financial Services markets. Students are exposed to the structure, conduct, and performance of the US and selected non-US markets with an emphasis on the regulatory environment.

RMI 3334 Property & Liability Insurance: This course provides a survey of the liability and property insurance needs of businesses, how this need is addressed in the typical commercial general liability insurance policy. The course also provides a summary of selected business insurance issues, including workers compensation and transportation coverage.

RMI 3335 Life-Health, Pension & Social Insurance: This course provides surveys of (i) life and health insurance issues, especially those that are of importance to business, (ii) pension and employee benefits provisions and issues, and (iii) the mix of insurance coverage collectively described as social insurance. These issues include social security, workers compensation, terrorism coverage, FEMA, OSHA, and other government programs.

RMI 3350 Risk Seminar: This research oriented course focuses upon selected topics in risk management in which particular emphasis is given to more advanced treatment of issues in risk management and insurance. The course emphasizes research methods used in the discipline.

RMI 4364 Reinsurance: This course provides a survey of reinsurance and the issues of this unique market. The forms and functions of reinsurance are examined, and simple contracts are reviewed. The course also examines current issues, reinsurance account, advanced rating techniques, retention setting, and describes the statistical problems facing reinsurance companies.

Additional Information

The Peter J. Tobin College of Business Dean’s Distinguished Scholars Program

This elite program offers opportunities for high-achieving undergraduate business students to share their academic journey with fellow scholars in the program. It features enriched curricular activities designed to stimulate intellectual, professional, and personal growth by combining opportunities for career development, global study, research projects with faculty, and academic service learning.

Students are selected for the program by Tobin faculty. Business students who graduated in the top 10 percent of their high school class and scored a minimum combined verbal/mathematics SAT score of 1300 will be considered.

The Dean’s Distinguished Scholars Program participation requirements include:

  • Enrollment in Distinguished Scholars-designated courses
  • Participation in a subsidized Scholars Global Destination Course
  • Completion of at least one internship course
  • Participation in two workshop/speaker/career development activities per semester
  • Maintenance of a 3.5 cumulative GPA, both overall and within student’s major

The benefits of the program are many, notably:

  • Participating students receive a $2,000 grant toward the Tobin Global Destination course
  • Participating students have the option to conduct research with a faculty member within the student’s major
  • Participating students may live with other Distinguished Scholars in one of the University’s residence halls