If you are interested in a career in insurance, you may be wondering whether you should pursue a degree in insurance.
Choosing your degree is important, and no doubt you want to choose a degree that will give you the best start when you graduate. However, you do not always have a to do a sector specific degree.
So, if you want a career in insurance, is a degree in insurance worth it?
In this article, we look at what degrees are useful for a career in insurance, the different insurance-related degrees as well as alternative routes into the profession.
What degrees are useful when working in insurance?
It depends what area of insurance you want to go into. For example, if you want to work in claims or underwriting, then there is no specific degree that is required. However, if you would like to become an actuary, then a degree with a large mathematical element is a prerequisite.
Therefore, before you decide which degree to choose, you need to have a clear idea of what area of insurance you want to go into.
Are some degrees better than others to work in insurance?
If you do not want to become an actuary, and instead want to work in a different area of insurance, then there is no specific degree required.
You will find that many firms will accept students with a range of degrees, from economics to languages. However, you may find that the skills gained undertaking a business or finance-related degree may be more useful when pursuing a career in insurance. Therefore, undertaking a degree such as business management or finance may be an advantage when applying for graduate insurance jobs.
However, as mentioned before, there are a range of people from all different backgrounds working in insurance. If you are pursuing a degree that is unrelated to the world of business and finance, this does not mean that you cannot pursue a career in insurance.
Would a degree in insurance help me get a job?
Doing a degree specifically related to insurance will equip you with the skills you need to pursue a career in insurance. It may be an advantage at the application stage, and you may find that some of the modules and exams taken exempt you from some exams later on in your career.
However, that is not to say that you must do a degree in insurance. Degrees in insurance are hard to come by, and there are very few in the UK as it stands. If you cannot secure a place on an insurance-related course, then this will not hinder your chances at getting a place on a graduate scheme at the end of your university degree.
Would a postgraduate degree in insurance help me get a job?
There are a few post-graduate courses that are insurance and risk management related. This may be of interest to those that do not have a business or finance related undergraduate degree.
A postgraduate degree will give you a greater understanding of the insurance industry, as well as equip you with the skills you would need to pursue a career in this area. A postgraduate degree may also work in your favour when it comes to applying for insurance graduate schemes.
However, it is important to note again that this is not a prerequisite for applying to insurance graduate schemes. There are many insurance employers that will hire graduates from all backgrounds.
Do I need a degree to work in insurance?
You may be wondering whether you even need a degree to work in insurance.
The short answer is no, you don’t. You do not need a degree to work in the insurance profession.
There are many other ways in which you can enter the insurance profession, a graduate scheme is not your only option.
If you are still at school, you may want to consider a school leaver scheme or apprenticeship. These are structured in a similar way to a graduate scheme, and are a good way to ‘earn while you learn’. These schemes can be anything from two to five years, and you are often at degree level by the time you finish.
Alternatively, if a school leaver scheme is not for you, you can enter the insurance profession at an entry-level, either in an assistant or an administrator role. You will often be given the opportunity to progress further in these roles, and you may have the opportunity to undertake professional CII qualifications.
Ultimately, whether you decide to undertake a degree in insurance is up to you. If you want to pursue a career in the profession, then it is going to be worth it. However, a degree in insurance is not a prerequisite to entering the profession. The great thing about the insurance profession is that it welcomes people from all backgrounds. Therefore, do not be disheartened if you do not have an insurance specific degree. While other degrees such as business or finance may be an advantage, it is not essential. If university isn’t for you, then again this will not stop you from pursuing a career in insurance. Before you make any decisions, it is important that you do your research and decide which is best for you personally.