5 Reasons Why You Should Become an RMI Major

Three college students gather around a laptop while hydrangeas bloom in the background.

Deciding on a major is a major decision. It not only influences the courses you’ll take in college, but also it puts you on the path to potential careers. And if you’re not in college yet, your dream major may even determine which college you attend. It may seem intimidating for an 18-, a 19- or a 20-year-old student to make such a life-changing decision, but luckily, there are tools and resources to help you learn about some of the wonderful opportunities that college majors have to offer. In fact, this is one right here — about one major that offers endless opportunities.

In high school and at the start of college, most students have little to no life experience with insurance, except possibly car insurance. But the world of insurance reaches far beyond personal insurance, and the risk management and insurance (RMI) major knocks endless career doors wide open in many ways. Here are five reasons why you should consider becoming an RMI major: 

1. Financial Help Is Widely Available

Everyone knows paying for college can be extremely expensive and stressful. Luckily for RMI majors, many great companies and foundations are interested in helping students who are pursuing future careers in insurance. Because the RMI major isn’t yet available at as many schools as, say a liberal arts degree, you’ll be competing with a smaller pool of applicants. On top of that, there are also grants for summer insurance internships to help keep you on your feet while you’re prepping for your future!

2. Work Experiences Are Not Only Available but Applauded

Many RMI programs require students to gain experience in the working world for credit. This not only helps you learn faster, but also many insurance and financial services firms recruit entry-level employees from their intern pools. And while insurance and risk management companies are looking for interns with all majors, those who major in RMI can hit the ground running faster because they’re already familiar with many industry concepts.

3. Course Material Is Broadly Applicable

Although an RMI major is obviously more specialized than a general business major, that works to RMI majors’ advantage. It gives you a way to quickly differentiate yourself from other internship and job applicants yet doesn’t exclude you from job descriptions. RMI majors don’t just learn business basics, they become experts in the world of risk management. And risk management isn’t important only to insurance companies; commonly referred to as enterprise risk management, it’s now a part of every business. The opportunities are growing every day. So if you’re interested in working for any type of insurance company or for the business side of healthcare companies, or in ultimately managing any type of business for that matter, the RMI major can help you get there.

4. RMI Students Know How to Have a Good Time

…through networking, that is. Many RMI programs offer students meet-and-greets, guest speaker sessions, job fairs and mentoring opportunities. And most schools that offer RMI majors also have a fraternity for those majors, called Gamma Iota Sigma, which offers even more networking, learning, job hunting and scholarship opportunities. In addition to being a great way to meet other students studying RMI, these groups and events provide excellent opportunities to speak with insurance professionals about what they like about their careers and offer networking connections.

5. Job Placements and Salaries Are Promising

While the market for college graduates with many majors is unpredictable, RMI majors consistently find jobs after graduation. The job placement rate for RMI program graduates is excellent, with many programs boasting 90 percent placement rates, a nearly unheard-of percentage. And the starting salary for many insurance jobs is higher than that for the average college grad. Compensation in the insurance industry is competitive and consistent and grows quickly for those willing to work hard. Although at 17 or 18, you might not be thinking past college, as you progress through college, career stability will become an important factor in your future decision making.