Many students who want to work in the insurance industry wonder if a degree is needed to become an insurance analyst. You may not need a degree to work as a sales agent or in other roles with insurance companies, but there are some positions where you must complete a formal education program so that you can get technical training. As an analyst in the insurance industry, you will use data to determine how much risk is present and how much you will need to collect to make up for the risk. You may also analyze claims to spot fraud. To analyze the data and review specific risks, you will need to be skilled in math, business, and business administration. Read on, and learn more about the steps that you will need to take to become an analyst.
What is the Best Degree to Pursue in the Field?
You can find entry-level analyst position by holding a bachelor’s degree in business administration or a related field, according to Wise Geek. This type of program will focus on business, but you can also select concentration courses in insurance that will help you tailor the degree to suit your needs. You will complete many courses on economics, financial accounting, statistics, and then field-related courses pertaining to personal and commercial lines insurance and risk assessment. It is very important to review the course offerings of a school to be sure that insurance courses are available at the school that you are interested in studying at.
How an Advanced Degree Can Help You In the Field
If you would like to hold more responsibility once you enter the field, earning an MBA or a Master’s degree can be beneficial. An MBA is focused on real-world topics in business that can help you be a better leader and hold mid to upper-level positions. A Master’s may help you build more technical skill but does not focus entirely on leadership and business.
How to Gain Experience to Enter the Field
It can be very beneficial to have professional experience in insurance when you are applying for an analyst position. It can help to take part-time work in an insurance office before you graduate to get experience and earn an income. It can also help if you find a company with internships in analytics.
You will need to decide for yourself if you want to apply for a highly competitive internship, or if working with an agent or at an insurance company at a different level can help you on your resume to spark interest. While the experience is not a must, it is definitely something that can of value when you are competing against others who have been working in insurance for years.
Related Resource: Internal Auditor
Choosing a degree where you can earn a return on your investment into your education is crucial. If you earn a degree to become an analyst, you will be happy to hear that the average salary for analysts in the field all throughout the nation is about $63,000 per year. according to the Bureau of Labor Statistics. This does not include the sizable benefits package that you will receive. Now is the time to start comparing business and finance programs. Once you find an accredited program, you can then choose the degree needed to become an insurance analyst and earn it.
