Types of Degrees Insurance Majors Are Getting
The following table lists how many insurance graduations there were in 2018-2019 for each degree level.
|Education Level||Number of Grads|
What Insurance Majors Need to Know
People with careers related to insurance were asked what knowledge areas, skills, and abilities were important for their jobs. They weighted these areas on a scale of 1 to 5 with 5 being the highest.
Knowledge Areas for Insurance Majors
Insurance majors often go into careers in which the following knowledge areas are important:
- English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
- Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
- Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
- Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Skills for Insurance Majors
When studying insurance, you’ll learn many skills that will help you be successful in a wide range of jobs - even those that do not require a degree in the field. The following is a list of some of the most common skills needed for careers associated with this major:
- Speaking - Talking to others to convey information effectively.
- Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
- Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
- Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
- Writing - Communicating effectively in writing as appropriate for the needs of the audience.
Abilities for Insurance Majors
Some of the most crucial abilities to master while a insurance student include the following:
- Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
- Written Comprehension - The ability to read and understand information and ideas presented in writing.
- Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
- Written Expression - The ability to communicate information and ideas in writing so others will understand.
- Speech Clarity - The ability to speak clearly so others can understand you.
What Can You Do With a Insurance Major?
Below is a list of occupations associated with insurance:
|Job Title||Job Growth Rate||Median Salary|
|Insurance Appraisers, Auto Damage||5.1%||$62,520|
|Insurance Sales Agents||9.9%||$50,600|
Who Is Getting a Bachelor’s Degree in Insurance?
At the countrywide level, the racial-ethnic distribution of insurance majors is as follows:
|Race/Ethnicity||Number of Grads|
|Black or African American||58|
|Hispanic or Latino||76|
Students from other countries are interested in Insurance, too. About 5.2% of those with this major are international students. The most popular countries for students from outside the country are:
- Saudi Arabia
- South Korea
How Much Do Insurance Majors Make?
Bachelor’s Degree Starting Salary
The median early-career salary of insurance students with a bachelor’s degree is $53,000 a year according to 2017-2018 data from the U.S. Department of Education. During this timeframe, most salaries fell between $52,500 (25th percentile) and $56,800 (75th percentile).
It’s important to note that just because the people reporting these salaries have a degree in insurance, it does not mean that they are working in a job related to their degree.
Salaries According to BLS
Average salaries range from $67,540 to $76,880 (25th to 75th percentile) for careers related to insurance. This range includes all degree levels, so you may expect those with a more advanced degree to make more while those with less advanced degrees will typically make less.
To put that into context, according to BLS data from the first quarter of 2020, the typical high school graduate makes between $30,000 and $57,900 a year (25th through 75th percentile). The average person with a bachelor’s degree (any field) makes between $45,600 and $99,000. Advanced degree holders make the most with salaries between $55,600 and $125,400.
Amount of Education Required for Careers Related to Insurance
Some careers associated with insurance require an advanced degree while some may not even require a bachelor’s. Whatever the case may be, pursuing more education usually means that more career options will be available to you.
Find out what the typical degree level is for insurance careers below.
|Education Level||Percentage of Workers|
|High School Diploma - or the equivalent (for example, GED)||10.7%|
|Post-Secondary Certificate - awarded for training completed after high school (for example, in agriculture or natural resources, computer services, personal or culinary services, engineering technologies, healthcare, construction trades, mechanic and repair technologies, or precision production)||6.5%|
|Some College Courses||7.9%|
|Associate’s Degree (or other 2-year degree)||8.5%|
|Post-Baccalaureate Certificate - awarded for completion of an organized program of study; designed for people who have completed a Baccalaureate degree but do not meet the requirements of academic degrees carrying the title of Master.||2.0%|
|Post-Master’s Certificate - awarded for completion of an organized program of study; designed for people who have completed a Master’s degree but do not meet the requirements of academic degrees at the doctoral level.||0.1%|
|First Professional Degree - awarded for completion of a program that: requires at least 2 years of college work before entrance into the program, includes a total of at least 6 academic years of work to complete, and provides all remaining academic requirements to begin practice in a profession.||0.1%|
Online Insurance Programs
In 2018-2019, 94 schools offered a insurance program of some type. The following table lists the number of programs by degree level, along with how many schools offered online courses in the field.
|Degree Level||Colleges Offering Programs||Colleges Offering Online Classes|
|Certificate (Less Than 1 Year)||26||7|
|Certificate (1-2 years)||11||2|
|Certificate (2-4 Years)||0||0|
|Doctor’s Degree (Research)||1||0|
|Doctor’s Degree (Professional Practice)||0||0|
|Doctor’s Degree (Other)||0||0|
Is a Degree in Insurance Worth It?
The median salary for a insurance grad is $67,890 per year. This is based on the weighted average of the most common careers associated with the major.
This is 70% more than the average salary for an individual holding a high school degree. This adds up to a gain of about $559,800 after 20 years!
Explore Major by State
Majors Related to Insurance
You may also be interested in one of the following majors related to insurance.
|Major||Number of Grads|
|Business Administration & Management||410,147|
|Finance & Financial Management||56,186|
|Human Resource Management||26,823|
|Management Sciences & Quantitative Methods||23,738|
|Business Support & Assistant Services||19,483|
|Management Information Systems||14,747|
|Specialized Sales, Merchandising & Marketing||5,873|
|Other Business, Management & Marketing||5,834|
|General Sales & Marketing||5,734|
- College Factual
- College Scorecard
- National Center for Education Statistics
- O*NET Online
- U.S. Bureau of Labor Statistics
- Usual Weekly Earnings of Wage and Salary Workers First Quarter 2020
- Image Credit: By Nick Youngson under License
More about our data sources and methodologies.
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