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Insurance Major

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Insurance

116 Master's Degrees Annually
2 Doctor's Degrees Annually
#230 in Popularity (Master's)
$67,890 Median Salary

Types of Degrees Insurance Majors Are Getting

The following table lists how many insurance graduations there were in 2018-2019 for each degree level.

Education Level Number of Grads
Master’s Degree 116
Graduate Certificate 55
Doctor’s Degree 2

What Insurance Majors Need to Know

In an O*NET survey, insurance majors were asked to rate what knowledge areas, skills, and abilities were important in their occupations. These answers were weighted on a scale of 1 to 5 with 5 being the most important.

Knowledge Areas for Insurance Majors

According to O*NET survey takers, a major in insurance should prepare you for careers in which you will need to be knowledgeable in the following areas:

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  • English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
  • Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
  • Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
  • Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.

Skills for Insurance Majors

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

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  • Speaking - Talking to others to convey information effectively.
  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
  • Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Writing - Communicating effectively in writing as appropriate for the needs of the audience.

Abilities for Insurance Majors

As you progress with your insurance degree, there are several abilities you should pick up that will help you in whatever related career you choose. These abilities include:

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  • Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
  • Written Comprehension - The ability to read and understand information and ideas presented in writing.
  • Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
  • Written Expression - The ability to communicate information and ideas in writing so others will understand.
  • Speech Clarity - The ability to speak clearly so others can understand you.

What Can You Do With a Insurance Major?

People with a insurance degree often go into the following careers:

Job Title Job Growth Rate Median Salary
Business Professors 18.0% $83,960
Insurance Appraisers, Auto Damage 5.1% $62,520
Insurance Sales Agents 9.9% $50,600

Who Is Getting a Master’s Degree in Insurance?

116 Master's Degrees Annually
52% Percent Women
23% Percent Racial-Ethnic Minorities*
According to recent stats this major attracts about equal numbers of men and women. Roughly 52% of the graduates are women, and 48% are men.

Racial-Ethnic Diversity

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

Racial-Ethnic Diversity of Insurance Students with Master's Degrees
Race/Ethnicity Number of Grads
Asian 2
Black or African American 10
Hispanic or Latino 11
White 65
International Students 9
Other Races/Ethnicities 19

Geographic Diversity

Insurance appeals to people across the globe. About 7.8% of those with this major are international students. The most popular countries for students from outside the country are:

  • China
  • Saudi Arabia
  • South Korea
  • Bermuda
  • Cote-D’Ivoire

How Much Do Insurance Majors Make?

Master’s Degree Starting Salary

The U.S. Department of Education found that students who graduated in 2015-2017 with a master’s degree in insurance made a median starting salary of $84,150 per year. During this timeframe, most salaries fell between $80,025 (25th percentile) and $88,275 (75th percentile).

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It’s important to note that just because the people reporting these salaries have a degree in insurance, it does not mean that they are working in a job related to their degree.

Salaries According to BLS

Average salaries range from $67,540 to $76,880 (25th to 75th percentile) for careers related to insurance. This range includes all degree levels, so you may expect those with a more advanced degree to make more while those with less advanced degrees will typically make less.

To put that into context, according to BLS data from the first quarter of 2020, the typical high school graduate makes between $30,000 and $57,900 a year (25th through 75th percentile). The average person with a bachelor’s degree (any field) makes between $45,600 and $99,000. Advanced degree holders make the most with salaries between $55,600 and $125,400.

Median Salary for an Insurance Major  ( 67540 to 76880 )
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Median Salary for a High School Graduate  ( 30000 to 57900 )
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Median Salary for a Bachelor's Degree Holder  ( 45600 to 99000 )
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Median Salary for an Advanced Degree Holder  ( 55600 to 125400 )
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Some degrees associated with insurance may require an advanced degree, while others may not even require a bachelor’s in the field. 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.

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Education Level Percentage of Workers
High School Diploma - or the equivalent (for example, GED) 10.7%
Post-Secondary Certificate - awarded for training completed after high school (for example, in agriculture or natural resources, computer services, personal or culinary services, engineering technologies, healthcare, construction trades, mechanic and repair technologies, or precision production) 6.5%
Some College Courses 7.9%
Associate’s Degree (or other 2-year degree) 8.5%
Bachelor’s Degree 42.2%
Post-Baccalaureate Certificate - awarded for completion of an organized program of study; designed for people who have completed a Baccalaureate degree but do not meet the requirements of academic degrees carrying the title of Master. 2.0%
Master’s Degree 4.7%
Post-Master’s Certificate - awarded for completion of an organized program of study; designed for people who have completed a Master’s degree but do not meet the requirements of academic degrees at the doctoral level. 0.1%
First Professional Degree - awarded for completion of a program that: requires at least 2 years of college work before entrance into the program, includes a total of at least 6 academic years of work to complete, and provides all remaining academic requirements to begin practice in a profession. 0.1%
Doctoral Degree 16.8%

Online Insurance Programs

In 2018-2019, 94 schools offered a insurance program of some type. The following table lists the number of programs by degree level, along with how many schools offered online courses in the field.

Degree Level Colleges Offering Programs Colleges Offering Online Classes
Certificate (Less Than 1 Year) 26 7
Certificate (1-2 years) 11 2
Certificate (2-4 Years) 0 0
Associate’s Degree 16 5
Bachelor’s Degree 5 1
Post-Baccalaureate 26 7
Master’s Degree 9 3
Post-Master’s 0 0
Doctor’s Degree (Research) 1 0
Doctor’s Degree (Professional Practice) 0 0
Doctor’s Degree (Other) 0 0

Is a Degree in Insurance Worth It?

The median salary for a insurance grad is $67,890 per year. This is based on the weighted average of the most common careers associated with the major.

This is 70% more than the average salary for an individual holding a high school degree. This adds up to a gain of about $559,800 after 20 years!

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You may also be interested in one of the following majors related to insurance.

Major Number of Grads
Business Administration & Management 135,757
Accounting 21,904
Management Sciences & Quantitative Methods 14,136
Human Resource Management 10,770
General Business/Commerce 10,236
Finance & Financial Management 6,277
Marketing 3,308
Management Information Systems 3,158
International Business 2,417
Entrepreneurial Studies 1,778
Taxation 1,611
Other Business, Management & Marketing 1,240
Real Estate 1,186
Hospitality Management 1,072
General Sales & Marketing 637
Construction Management 507
Business/Managerial Economics 267
Specialized Sales, Merchandising & Marketing 221
Business/Corporate Communications 80
Telecommunications Management 38
Business Support & Assistant Services 0

References

*The racial-ethnic minorities count is calculated by taking the total number of students and subtracting white students, international students, and students whose race/ethnicity was unknown. This number is then divided by the total number of students at the school to obtain the racial-ethnic minorities percentage.

More about our data sources and methodologies.

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