Best Online Master’s in Insurance

Take your insurance career to the next level by earning one of the best online master’s degrees in insurance or insurance management. 

Best Online Master's in Insurance

If you’re already enjoying a rewarding career in the insurance or risk management industry but want to explore challenges and opportunities that can maximize your earning potential, you may want to consider adding a master’s degree to your resume. 

The universities listed below can help you integrate e-commerce, technology, and business continuity to expand your career in today’s ever-changing insurance arena. Keep reading to see if an online master’s degree in insurance could be the strategic next step for you.

What Is an Online Master’s Degree in Insurance?

An online master’s program in insurance may also be organized to include business management, insurance management, and risk management course work or focuses. Individuals with these master’s degrees can work for insurance companies as consultants or become business actuaries. Some professionals work in risk management and assessment for local, state, or the federal government. 

Online master’s programs in insurance promote and develop existing expertise and analyze the finance costs of risks and uncertainty. A career in insurance with a master’s degree could include working as a forensic accountant or auditor, underwriter, statistician, economic policymaker, or mathematician. 

How Much Can You Earn With an Online Master’s Degree in Insurance?

A master’s degree in insurance or insurance management can apply to numerous occupations, so earnings vary. That said, pursuing a job as an economist, actuary, mathematician, or statistician can provide the most benefit with this extended degree. 

According to the U.S. Bureau of Labor Statistics, economists made a median salary of $105,020 in 2019 while mathematicians and statisticians earned a median salary of $92,030 annually. It was also reported that with the extended degree, actuaries with professional designations can earn a median wage that is around $110,000 annually. Actuaries typically analyze the financial costs of risk and uncertainty. 

What Is Required For an Online Master’s Degree in Insurance?

Obtaining an online master’s degree in insurance or insurance management typically requires a four-year bachelor’s degree in a related mathematical field first. Individuals also holding a Chartered Property Casualty Underwriters (CPCU®) credential can decrease the course hours required for most insurance master’s programs. 

Upon completion of a bachelor’s program, you will need to earn around 35 credits in an accredited master’s program to earn your degree. Two and a half years is the standard timeframe to get a master’s in insurance management, but online programs offer more flexibility, so you can extend or shorten that time to meet your needs.

What Are the Best Online Master’s Degrees in Insurance?

OSR uses six data points: three school-wide and three program-specific. For school-wide, OSR uses Student Satisfaction, Admission Rates, and the number of programs the school offers online. For program-specific, OSR checks the Median Debt of graduates from that program, how many degrees are offered within that program’s umbrella department, and what percentage of students at that school graduated from that department.

The six statistics are displayed by each school. The sliding bar under each statistic represents how that school compares to other US institutions. “Not reported” means a school did not release that information to the US Department of Education. A more detailed description of the OSR process can be found on the methodology page.

  1. New England College of Business and Finance

    Quick Facts

    • Tuition: $18,210(in state) / $18,210(out of state)
    • Total of 30 credit hours 
    • GMAT or GRE not required 
    • Capstone course required

    School Wide

    Student Satisfaction82.80%
    Admission RateNot Reported
    Programs offered online3

    Program Level

    Median DebtNot Reported
    Programs in Department4
    Popularity at School100%
    100%
    OSR Score

    New England College of Business and Finance offers a Master of Science degree in Risk Management and Insurance. Throughout this program, students will be required to complete ten courses, two foundational courses, seven core courses, and the MSRMI capstone course to graduate. 

  2. Boston University

    Quick Facts

    • Tuition: $50,980(in state) / $50,980(out of state)
    • Total of 32 credit hours 
    • 16 months to complete 
    • Specialization courses required

    School Wide

    Student Satisfaction74.60%
    Admission Rate25%
    Programs offered online2

    Program Level

    Median Debt$25,000
    Programs in Department8
    Popularity at School23%
    88%
    OSR Score

    The master’s degree in insurance management at Boston University is designed for professionals who have earned the Chartered Property Casualty Underwriter (CPCU) certification. This online program requires eight courses in addition to the CPCU credential. 

  3. Florida State University

    Quick Facts

    • Tuition: $9,684(in state) / $24,116(out of state)
    • Total of 33 credit hours 
    • One letter of recommendation required 
    • GMAT or GRE scores required 

    School Wide

    Student Satisfaction76.00%
    Admission Rate49%
    Programs offered onlineNot Reported

    Program Level

    Median DebtNot Reported
    Programs in Department3
    Popularity at School19%
    67%
    OSR Score

    You can earn an excellent online Master of Science in Risk Management and Insurance through Florida State University in less than two years due to its flexible scheduling. The MS-RMI curriculum consists of 33 credit hours, with course work including fundamentals of risk and insurance, employee benefit plans, and business conditions analysis. 

  4. Columbia University in the City of New York

    Quick Facts

    • Tuition: $44,864(in state) / $44,864(out of state)
    • 30 points towards degree completion 
    • 16-month completion time 
    • Two in-person residencies required

    School Wide

    Student SatisfactionNot Reported
    Admission Rate7%
    Programs offered onlineNot Reported

    Program Level

    Median DebtNot Reported
    Programs in Department1
    Popularity at SchoolNot Reported
    60%
    OSR Score

    Starting in the fall semester, you can earn your master’s degree in insurance management part-time, online, and within four consecutive semesters through Columbia University. Here, students are required to complete two in-person residencies at the beginning and end of the program in order to graduate. 

  5. Butler University

    Quick Facts

    • Tuition: $11,880(in state) / $11,880(out of state)
    • Tuition Update: MSRI program is $950 per credit hour, totalling in $28,500
    • Total of 30 credit hours 
    • Two in-person residencies required 
    • Capstone course required

    School Wide

    Student Satisfaction74.60%
    Admission Rate65%
    Programs offered onlineNot Reported

    Program Level

    Median DebtNot Reported
    Programs in DepartmentNot Reported
    Popularity at School29%
    59%
    OSR Score

    Butler University features a Master of Science in Risk and Insurance that requires 24 core courses, six elective courses, and two in-person residencies. The in-person residencies take place at the beginning and end of the program—one at Butler and one at Bermuda.