The global market is changing faster than ever. For this reason, insurance industries need to keep up. Students with the skills of an MBA program and special interest in insurance have a leg up on other MBA graduates because of their specific specialized insurance skill set. If you’re wondering how an insurance and risk management focus could help you in your MBA program and even what you could use it for, read on.
MBA graduates with a specialty in insurance will be unique in navigating a complicated human resources landscape when it comes to coverage. MBA admissions consultants who work hard to help students get into top business schools are now advising students to specialize within their MBA programs to make them more marketable in the job market but better prepared to tackle changes to the overall business climate.
Maybe you’ve just begun the application process and are still trying to figure out whether your dream school is Stanford, Kellogg, or Wharton. When looking into MBA programs and brushing up that resume, think about ways an insurance specialty could help you make a bigger impact on the industries of your interests. The same way a real estate lender would want to spend time researching competitive rates, low investment loans, or an investor in mutual funds, you’re in the position where you’ll want to learn as much as you can about not only business programs but insurance and other specialty options like finance and ethics.
The insurance specialization option is popular in the U.S. due to the high price of health insurance and how businesses fit into the open marketplace. For this reason, insurance experts are in high demand in the United States. You don’t need to live in the U.S. for an insurance specialty to be important, either. As a business leader with an MBA focused on insurance, you’ll be able to help employees navigate the process of obtaining appropriate life insurance and work out group rates, too.
Graduates from a top MBA program, like Harvard Business School, with a specialty in insurance will also be better positioned to tackle the changing landscape of liability insurances like worker’s compensation and accident, intellectual property, or digital defamation cases. Again, MBA admissions consulting specialists recommend the insurance specialty because of how important it is in protecting businesses. With the global market and the exchange of goods and services digitally, business owners are finding they need different kinds of protection than in the past.
Whether a business is on Main Street and owns a physical property or all their work is done online, every business needs insurance coverage. The great news is that the insurance industry understands this, too, and there are more options than ever before for appropriate coverage. This also means an MBA grad with an insurance focus will never have trouble finding a job, which is good news for you.
With many people moving toward freelance work as consultants, it’s not uncommon for MBA graduates to come out of school with a plan to open their own consulting business. With a specialty in insurance, you could easily take the boards to become a licensed insurance agent and be well on your way to long term success with this additional skill in your pocket. A great way to build y our own insurance plan for increasing your chances of success, the insurance specialty combined with other coursework in your MBA program would mean the ability to move quickly into a lucrative income without further training needed.
At the end of the day, the way we do business is changing quickly. With this will come nearly as many changes in the insurance industry that protects small businesses and corporations. We may need fewer workers’ compensation or liability policies for accidents and falls, and we will soon need more civil litigation like online defamation, intellectual property claims, and more. As employees move to remote and hybrid models, health insurance coverage needs will change, too. The growing freelance trend will continue, leaving United States employees scrambling for coverage. With all these moves, having extra insurance and risk management skills will be invaluable when it comes to career opportunities in the future. Best of luck to you on your graduate school application!