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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

People with careers related to insurance were asked what knowledge areas, skills, and abilities were important for their jobs. They weighted these areas on a scale of 1 to 5 with 5 being the highest.

Knowledge Areas for Insurance Majors

Insurance majors often go into careers in which the following knowledge areas are important:

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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

insurance majors are found most commonly in careers in which the following skills are important:

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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

Insurance majors often go into careers where the following abilities are vital:

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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
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

Americans aren’t the only ones with an interest in Insurance. 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

Data from the U.S. Department of Education shows that insurance students who graduated in 2015-2017 with a master’s degree 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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One thing to note here is that not all of these people may be working in careers related to insurance.

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 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, 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 careers associated with insurance require an advanced degree while some may not even require a bachelor’s. In general, the more advanced your degree the more career options will open up to you. However, there is significant time and money that needs to be invested into your education so weigh the pros and cons.

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 the 2018-2019 academic year, 94 schools offered some type of insurance program. 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 410,147
Accounting 105,123
General Business/Commerce 58,451
Finance & Financial Management 56,186
Marketing 51,241
Human Resource Management 26,823
Management Sciences & Quantitative Methods 23,738
Business Support & Assistant Services 19,483
Hospitality Management 19,042
Management Information Systems 14,747
Entrepreneurial Studies 10,427
International Business 10,181
Business/Managerial Economics 6,345
Specialized Sales, Merchandising & Marketing 5,873
Other Business, Management & Marketing 5,834
General Sales & Marketing 5,734
Real Estate 5,700
Construction Management 3,664
Taxation 1,783
Business/Corporate Communications 968
Telecommunications Management 71

References

More about our data sources and methodologies.

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