Health Insurance Certification Programs and Training Information

Working in the health insurance field involves calculating risk, evaluating data and analyzing claims. The most common degree for those interested in pursuing careers in this field is one in risk management and insurance. This degree is available at the bachelor's, master's and doctoral levels.

Bachelor's Degree in Risk Management and Insurance

Bachelor's degree programs in risk management and insurance train students to calculate costs and benefits of given situations. They also focus on the fundamentals of insurance law, health insurance, life insurance and commercial insurance. Students often analyze national and global trends and emerging issues in the insurance community. Applicants to risk management and insurance bachelor's degree programs are required to possess high school diplomas and display computer proficiency; previous coursework in business considered helpful.

Program Coursework

Bachelor's degree programs in risk management and insurance cover types of insurance, practical theories and financial principles through courses such as:

  • Health insurance
  • Life insurance
  • Property risk management
  • Financial analysis
  • Applied statistics
  • Principles of accounting
  • Principles of economic theory

Employment Outlook and Salary Information

A common career field for graduates of bachelor's degree programs in risk management and insurance is actuarial science. Actuaries held nearly 20,000 jobs in 2008, according to the U.S. Bureau of Labor Statistics. Between 2008 and 2018, employment opportunities are expected to grow 21%, with modest growth in the insurance industry and significant growth in consulting and financial services. The median annual salary for actuaries was $84,150 in May 2008 (www.bls.gov).

Certification and Continuing Education

Actuaries are required to earn certification through either the Casualty Actuarial Society (CAS) or through the Society of Actuaries (SOA). While the CAS offers certification exams in areas such as medical malpractice and personal injury liability, the SOA offers certification in health benefits systems, life insurance and retirement systems. Certification requires passing a long series of examinations, but individuals do not needing to commit to the SOA or CAS until completing the first four exams. Most certification candidates begin working upon graduating and gain practical experience while pursuing certification.

Master's Degree in Risk Management and Insurance

A master's degree in risk management and insurance is a professional degree that may be offered as a Master of Business Administration degree with a focus on insurance or as a master's in management with a risk management concentration. These programs are intended for students interested in management and leadership roles in the insurance industry. Many programs offering significant networking opportunities to help students advance their careers. Students are trained to manage risk and understand the financial aspects of insurance.

Educational Prerequisites

Applicants to master's degree programs in risk management and insurance are required to possess a bachelor's degree. Many programs also require professional work experience, which may include internship experiences. Submission of Graduate Record Examination (GRE) or Graduate Management Admissions Test (GMAT) scores may be required.

Program Coursework

Courses in insurance and risk management at the master's degree level cover various types of insurance. The curriculum may also include an internship experience, in order to provide students with practical business experience. Classes commonly address:

  • Fundamentals of risk management and insurance
  • Corporate risk management
  • Commercial insurance
  • Legal and ethical issues in the insurance industry
  • Insurance contract analysis
  • Insurance industry internship

Popular Career Options

Graduates of risk management and insurance master's degree programsare prepared for insurance industry careers. They may also manage insurance departments for corporations or government agencies, in roles such as:

  • Insurance salesperson
  • Risk management consultant
  • Employee benefits manager
  • Actuary

Ph.D. in Risk Management and Insurance

A Ph.D. in Risk Management and Insurance, sometimes known as a Ph.D. in Actuarial Science, prepares students for teaching, research and consulting. Students with a bachelor's or master's degree in the field primarily focus on researching and writing a dissertation. Those with less prior training in risk management and insurance, and those with limited professional experience in the insurance industry, may take extensive classes to gain comprehensive understanding of the field. In many programs, students gain education experience through student teaching.

Educational Prerequisites

Applicants to risk management and insurance Ph.D. programs must generally have significant experience in the insurance field through work experience, prior degrees or a combination of both. A minimum of a bachelor's degree is required. Most programs also require the submission of GMAT scores.

Program Coursework

Though coursework may be limited for students with prior degrees in the field, Ph.D. programs in risk management and insurance require the study of multiple subject areas. These include insurance, business, economics and statistics, through courses such as:

  • Advanced risk management
  • Economic theory
  • Econometrics
  • Statistical methods
  • Probability theory
  • Financial theory
  • Risk financing
  • Macroeconomic theory

Popular Career Options

Graduates of Ph.D. programs in risk management and insurance most commonly pursue careers in education, research and consulting. Career options include:

  • Postsecondary professor of risk management and insurance
  • Risk analysis manager
  • Insurance consultant
  • Actuary

Health Insurance Specialist

Technical and community colleges offer certificates and associate's degrees for the health insurance specialist. Certification is available through AAPC, American Academy of Procedural Coders, and AHIMA, American Health Information Management Association.

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