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Concentration Areas

Risk Management and Insurance (RMIN)

Students pursuing a concentration in Risk Management and Insurance acquire a broad background in the area, and the necessary skills for entry level positions in the field. A survey of the entire discipline is presented in the introductory RMIN course (RMIN 317). Advanced courses provide specialized training in Risk Management, Property and Liability Insurance, Life and Health Insurance, and Employee Benefits. With this combination of courses students develop the necessary skills to begin a rewarding career.

 

Those students completing this degree earn two credits towards their CIP (Chartered Insurance Professional) designation and are offered the opportunity to challenge exams to receive at least three others. In addition, BComm graduates receive up to six credits toward their FCIP (Fellow Chartered Insurance Professional) designation.

 

For more information on the Risk Management & Insurance concentration and related courses visit the RMIN website or talk to one of the RMIN faculty members

 

 

Risk Management, Insurance & Finance (RMIF)

A double concentration that combines elements of Risk Management and Insurance with Finance was introduced in 1999-2000. Students pursuing this concentration will be well prepared for the convergence which is currently occurring in the Financial Services Industry. Students can customize their RMIN/FNCE program from a list of courses which allow students to seek a specialty in Corporate Risk Management, Personal Financial Planning , or Financial Institutions.

 

Following is a description of specialties available to students pursuing a joint concentration in RMIN/FNCE (for more information on the courses required to complete these specialties visit the RMIN Homepage or talk to one the RMIN faculty).

 

 

Corporate Risk Management

Professionals manage the risk of corporations using increasingly sophisticated tools. Tools like catastrophe modelling are used to understand the risks faced by organizations. And tools from the derivatives markets (including futures, options, and swaps) are used to hedge risks for organizations. This complements the traditional insurance used by companies to manage firm-specific risks. An integrated or holistic risk management program can employ all these techniques simultaneously with an Enterprise Risk Management Program.

 

 

Personal Financial Planning

Canadians face tremendous financial challenges in coming 20 years. Experts predict the greatest wealth transfer in history to occur as those possessing the wealth of the post-war economic boom leave that wealth to children and grandchildren. The baby-boom generation needs professional assistance in managing the newly acquired wealth transfer and in planning their retirements.

 

Efforts are underway to make students in this program eligible to challenge the examination to qualify as a Certified Financial Planner (CFP). Check with RMIN faculty for an update.

 

 

Financial Institutions

Lines between traditional financial institutions are becoming blurred. Banks own insurance companies and insurance companies sell investment products. To be a member of the management team as this convergence continues will require knowledge about a range of financial services, including the multiple products, marketing channels, and regulatory environments that exists today.

 

 

CONCENTRATION AWARDS

Students in Risk Management and Insurance or the joint Risk Management and Insurance/Finance program have access to over two dozen scholarships and awards specifically for these concentrations. Some awards are based on academic merit, others on financial need. Because awards requirements vary, the best source for current scholarship and award information is to visit the RMIN awards page or talk to the area chair, Norma Nielson.

 

Students concentrating in RMIN or FNRM can apply for awards valued at up to $5,000.00 US! There are even student opportunities to receive awards to attend international Risk Management conferences. Check out the awards section of the RMIN homepage and apply soon! Some awards have deadlines early in the year so if you are interested get in contact with Dr. Nielson soon to get your applications ready.