Why study Insurance and Risk Management?

The insurance industry is a cornerstone of global commerce, offering a stable yet dynamic environment ripe with diverse career opportunities. From traditional underwriting and risk assessment to the cutting-edge of InsurTech and data analytics, the sector is constantly evolving, presenting exciting challenges and significant growth potential. The nature of the industry – and the risks its involves – means that there is something for everyone. Whether you want to travel the world, focus in a particular sector such as the global maritime industry, or keep your options open while you decide your path, insurance offers a wide range of possibilities. 

Regardless of your chosen path, the insurance industry offers dynamic and impactful careers with competitive salaries and a favourable work/life balance, especially compared to other high-earning roles in financial services such as investment banking. Equally important, studying insurance at a Chartered Insurance Institute (CII) accredited university in the UK will enable you to quickly gain exemptions from professional subjects that you would otherwise be expected to complete once you join a firm 

These professional exams are inherently challenging, and completing them alongside a full-time job – even with study leave – can be demanding. Students who obtain exemptions before beginning their job search will have a more competitive profile when applying for roles in the industry. 

The number of exemptions, and the flexibility with which they can be achieved, varies among institutions, so we recommend that you do your research. Look for courses that can offer the maximum level of CII accreditation available through university providers. 

Who should study an Insurance and Risk Management course?

Given the diversity in opportunities within the industry, it is important to recognise that a strong background in quantitative subjects is not necessarily important.  

However, whether you are fresh out of university, considering a career change, or already have some industry experience and are looking for a course that will help boost your career and complete some of the professional exams, there is an insurance course to suit you.  

To give you an idea of what to expect, we next outline below the general structure of postgraduate degrees in this field. 

Courses are designed to equip individuals for successful careers in this vital industry by providing a robust foundation in the theoretical underpinnings of modern insurance and risk management, combined with practical, strategic insights. Often taught by a blend of leading academics and industry professionals, the best courses emphasise real-world application.  

Typically, programmes begin by establishing core foundational knowledge. They then build on this by exploring how these concepts are applied within insurance company business models and decision-making processes.  

Look at the additional opportunities a course may offer. For example, the MSc Insurance and Risk Management at Bayes Business School includes visits to key industry sites like Lloyds of London and the use of a proprietary insurance company simulator which allows students to manage their own insurance company as a board of directors. Students also have the flexibility to customise their learning through a general research project and a selection of elective modules. 

Questions to ask when considering courses

• Who is teaching you? For example, at Bayes Business School you will be taught and supported in your studies by academics and other senior subject-matter experts with both commercial and research experience in the industry.
• How up to date is the course with industry trends? Courses linked to exemptions from professional bodies such as the CII must remain aligned with the latest professional standards and curricula. However, it is worth considering how effectively and innovatively they reflect broader industry developments.
• What links does the course have with the industry? Understand whether you will be exposed to people working in the industry through teaching, guest lectures, or other activities such as clubs and societies. This will help you build a professional network and better understand the range of opportunities available.
• What does the careers support look like? This can vary among institutions, so make sure you know what this looks like and whether it matches your expectations and needs. Some questions you might consider, include: ‘Is careers support/professional development timetabled as part of the course?’, ‘Is the support tailored to the course and industries I am applying to?’, ‘Do I receive support before I join the course and after I complete it?’, ‘What experience do the people delivering it have?’.
• What is the reputation of the course? This can be harder to assess, but you can check if the university is accredited, offers professional exemptions, ranks well in research (e.g. UNL Global Actuarial Rankings, REF 2021, FT Rankings), and is recognised by global professional bodies. Also, look at whether graduates secure top jobs and if the programme is connected to the industry. For example, Bayes is the only UK programme recognised as a Global Centre of Insurance Excellence by the International Insurance Society, showing its strong industry ties.
• Is there a global alumni community? Does the academic institution run a structured alumni outreach and engagement programme? Strong alumni relationships help build relationships with the new crop of talent coming through the course and create opportunities to support and celebrate the development of the programme within a global community. One of the best aspects of the insurance industry is that it is truly global, and your MSc choice should reflect that.
• What financial support is available? A master’s degree can be transformative for both your career and your life, but it is also a significant financial investment. It is important to plan how you will finance your studies. Investigate possibilities such as course scholarships, alumni discounts and other external funding opportunities for postgraduate study.
• Is there anything else that differentiates a course? For example, at Bayes we pride ourselves on the flexibility of our courses. Our term-three electives can be combined with research routes, including co-supervised projects with our industry partners. This allows students to tailor their studies to align to their future career interests.