2022-2023

Risk Management and Insurance, Undergraduate Certificate

Department of Economics, Finance, and Accounting

The W. A. Franke College of Business

Risk and insurance touches every aspect of daily life and business. When we drive our cars, we accept risk of damage to our automobile and potential injury to ourselves and others. When we operate our business, we encounter risks to our business property, reputation, and livelihood. Risk management and insurance allows our lives and the economy to operate smoothly in the reality that “bad things” will occasionally happen. Risk management and insurance is what allows individuals and businesses to rebuild when things go wrong in both our personal and business lives.

As a risk management and insurance professional, you will be responsible for putting lives back together. Insurance agents, risk managers, underwriters, claims, marketing, IT, human resources, and customer service representatives all work together to make the world a better place. Insurance is a global business – presenting the opportunity to work almost anywhere in the world.

  • To receive an undergraduate certificate (at least 15 units) at Northern Arizona University, you must complete a planned group of courses from one or more subject matter areas with a cumulative grade point average of at least 2.0.

    Please be aware that federal financial aid is not available for some certificates, if the certificate is pursued and completed as a stand-alone certificate (i.e., not completed concurrently with a degree program). See the "Details" tab for additional information.

In addition to University Requirements:

  • Complete individual plan requirements.

Students may be able to use some courses to meet more than one requirement. Contact your advisor for details.

Minimum Units for Completion 18
Major GPA 2.0
Highest Mathematics Required MAT 114
Additional Admission Requirements Recommended
Some online/blended coursework Required

Purpose Statement

The Risk Management and Insurance certificate is designed to give students an understanding of the concepts of risk and its treatment by insurance. This certificate will answer questions such as why an individual or corporation purchases insurance, what constitutes an intelligent insurance plan and what products are available in the insurance marketplace. A review of the sources of risk and potential risk minimization strategies including a brief review of types of financial risk, insurance and alternative risk management strategies will be included with a primary focus on the management of risk to create and sustain economic value. By completing the RMI certificate, students will also enhance their qualitative and communication skills preparing them for success within the insurance industry.

Student Learning Outcomes

  • Course Student Learning Outcomes: Plan/Program Student Learning Outcomes. 
  • Execute the steps of the personal financial planning process.
  • Formulate strategies and methods to maximize firm value. 
  • Utilize techniques required for an insurance needs analysis. 
  • Integrate risk management and insurance approaches for operational effectiveness.
  • Apply procedures for strategic and policy analyses. 

Additional Admission Requirements

  • The W.A. Franke College of Business (FCB) offers more than a dozen undergraduate certificates, some of which are open to all Northern Arizona University students.

    For a list of certificates open to non-business majors, contact the Office of Academic Services in the FCB. 

    The FCB does not accept upper-division transfer credits from programs not accredited by the AACSB (such as the University of Phoenix or the Bachelor of Business Administration program at NAU).

    You must complete 9 units of certificate coursework that are not used in your major, minor, or other certificates, and you must complete at least 60% of certificate coursework at Northern Arizona University.

Certificate Requirements

  • This certificate may be pursued and completed concurrently with a degree program or as a stand-alone certificate. Federal financial aid cannot be used if the certificate is completed as a stand-alone certificate.

  • Be aware that some courses may have prerequisites that you must also successfully complete. For prerequisite information, click on the course or see your advisor.