The global pandemic has changed how we do business. More people than ever apply to business schools to earn graduate degrees in business, and MBA admissions are up. Many MBA programs add new specialties like finance, digital commerce, risk management, and insurance to give graduates an edge in a fast-moving market. If you’re considering beginning the application process for an MBA program, here are some reasons why you might want to specialize in insurance at a top business school.
With the global market changing faster than ever before and uncertain times afoot, an insurance focus in any MBA program will give students an edge not offered in traditional MBA courses of study. A typical MBA program will prepare students to become entrepreneurs and business leaders. The insurance focus will mean even more skills upon graduation, like using a property report, becoming a licensed insurance broker, and navigating insurances in other ways other businesses.
From understanding risk and liability transactions to be better prepared to protect their own companies and others, MBA students with the insurance focus will be able to jump into the job market with a select combination of skill sets that others lack. This will lead to more job opportunities and options for how, when, and where students will work—including how much time they spend on the job. It will also make a difference when it comes to income and again gives graduates an edge.
MBA admissions consultants are encouraging specialties for MBA candidates in MBA consulting sessions all over the U.S. due to the changing market and current events. The global pandemic has made it clear how vital asset protection is, pushing the idea behind putting MBA educations to a different use.
Think about it. Maybe you know a small business owner who had to close their restaurant because of local social distancing and restriction laws. This would not stop that same business owner from being liable for the building the restaurant was housed in. Their abandoned lot would be more likely to risk an accident, vandalism, and damage when empty. Before last year, the same business owner might never have predicted they’d have to close their doors. Even if only temporary or until the property sale, they would need different coverage than they would with the doors open. In short, things can change quickly, and the pandemic has highlighted the need for people in the consulting industry to be ready with new insurance options rapidly. The specialized education that comes with an insurance focus in any MBA program, whether at Stanford, Wharton, Kellogg, MIT, or anywhere else, can prepare students to think fast in a crisis—making them even more valuable. These students could handle employee health and personal insurance needs, too.
Students focusing on insurance can work as consultants, open their own insurance brokerages, or work in businesses full time as leaders in quality assurance, risk assessment, and various other areas. These students will be equipped with the knowledge of property damage and workers’ compensation law. They would make great additions to any human resources department, state or government comptroller job, or senior executive decision-making team. From the ability to serve as valuable members of non-profit boards to in-house insurance experts, this group of specialized professionals will have an advantage when finding their next job. The great news is that many online MBA programs offer an insurance specialty so that students who work full time now can still enroll and work part-time at their advanced degrees.
At the end of the day, the insurance industry is booming. Having qualified professionals who know how to juggle the ins and outs of changing markets will be a great addition to the business world and the individuals who take advantage of the chance to gain these skills.