The major in risk management and insurance prepares students to identify, analyze, and manage risks that are inherent in the operation of profit and not-for-profit institutions. Besides professional careers in risk management, the major cultivates skills required for challenging opportunities in organizations that accept these risks—private and governmental insurers, as well as brokerage/agency and consulting organizations.

The program of study may be structured to aid students seeking professional designations of Chartered Property and Casualty Underwriter (CPCU) and Associate in Risk Management (ARM).


Our risk management and insurance program is ranked 4th in the U.S. by U.S. News & World Report 2016.

Related Organizations

Risk Management and Insurance Society
Co-Curricular Learning Board

Students wishing to pursue this major must be admitted to the School of Business. Once admitted, students are able to pursue any business major they choose. To find out more about the school's admissions process for undergraduate students, please see Entering the School.

University General Education Requirements

All undergraduate students at the University of Wisconsin–Madison are required to fulfill a minimum set of common university general education requirements to ensure that every graduate acquires the essential core of an undergraduate education. This core establishes a foundation for living a productive life, being a citizen of the world, appreciating aesthetic values, and engaging in lifelong learning in a continually changing world. Various schools and colleges will have requirements in addition to the requirements listed below. Consult your advisor for assistance, as needed. For additional information, see the university Undergraduate General Education Requirements section of the Guide.

General Education
  • Breadth—Humanities/Literature/Arts: 6 credits
  • Breadth—Natural Science: 4 to 6 credits, consisting of one 4- or 5-credit course with a laboratory component; or two courses providing a total of 6 credits
  • Breadth—Social Studies: 3 credits
  • Communication Part A & Part B *
  • Ethnic Studies *
  • Quantitative Reasoning Part A & Part B *

* The mortarboard symbol appears before the title of any course that fulfills one of the Communication Part A or Part B, Ethnic Studies, or Quantitative Reasoning Part A or Part B requirements.

School of Business Requirements

The Wisconsin Bachelor of Business Administration (BBA) degree program is based on a broad educational foundation combined with courses in business and economics. This curriculum is designed for those students who wish to prepare for careers in business. Students completing any School of Business major are required to satisfy a common set of Pre-Business Requirements, Liberal Studies Requirements, Business Preparatory Requirement, Business Core Requirement, Business Breadth Requirement, and Credits for BBA Degree.

School of Business BBA Requirements
Complete requirements:
Liberal Studies
Business Prep
Business Core
Business Breadth

 Risk Management & Insurance (RMI) Major Requirements

The risk management and insurance major consists of 12 required credits. R M I 300 should be completed prior to any other RMI coursework, as it is a prerequisite for all other courses.

R M I 300 Principles of Risk Management3
Complete 3 of the following courses OR 2 from below and 1 from electives9
Management of Insurance Enterprise
Commercial Insurance
Risk Financing Techniques
Risk Analytics and Behavioral Science
Electives 1
Employee Benefits Management
Sustainability, Environmental and Social Risk Management
Corporation Finance
Derivative Securities
Actuarial Mathematics I
Loss Models I
Regression and Time Series for Actuaries
Health Analytics
Total Credits12

None of the elective courses listed may be used to satisfy the business breadth requirement.

University Degree Requirements

Total Degree To receive a bachelor's degree from UW–Madison, students must earn a minimum of 120 degree credits. The requirements for some programs may exceed 120 degree credits. Students should consult with their college or department advisor for information on specific credit requirements.
Residency Degree candidates are required to earn a minimum of 30 credits in residence at UW–Madison. "In residence" means on the UW–Madison campus with an undergraduate degree classification. “In residence” credit also includes UW–Madison courses offered in distance or online formats and credits earned in UW–Madison Study Abroad/Study Away programs.
Quality of Work Undergraduate students must maintain the minimum grade point average specified by the school, college, or academic program to remain in good academic standing. Students whose academic performance drops below these minimum thresholds will be placed on academic probation.
  1. Graduates integrate a holistic risk management process (framework) across all dimensions of an organization, implementing risk management decisions that add value.
  2. Graduates use appropriate statistical techniques and data analysis to support risk management decisions.
  3. Graduates apply fundamental insurance principles that support economic development through insurance markets.
  4. Graduates identify decision-making challenges, and implement strategies to address those challenges, in environments involving risk and uncertainty.
  5. Graduates demonstrate strong critical thinking skills as observed through their ability to debate various positions, ask skeptical questions, and probe underlying assumptions.
  6. Graduates demonstrate leadership qualities in moving the profession forward.


Meet the academic and career advisors for RMI.

Tara Milliken
Career Advisor
Maggie Nowicki
Academic Advisor

Please visit the advising page for information on advising and appointments. Contact for questions regarding academic advising.


Risk professionals identify, develop, and analyze solutions to manage risk (financial, credit, operational, etc.) at both the organizational and consumer level. Effective risk management encompasses all divisions of an organization, allowing the organization to grow safely and to be more resilient. Insurance is a key solution for managing risk and is deployed by risk professionals working as brokers, underwriters, claims adjusters, product developers, and a host of other potential insurance careers.

To learn more about careers in risk management and insurance, please visit the BBA RMI website.

Faculty AND Staff in Risk and Insurance

Dan Anderson, BA, MBA, Ph.D.
Emeritus - Non-teaching

Carl Barlett

Richard Crabb, BA, MS, FCAS

Gordon Enderle, BS, FSA

Edward Frees, BS, MS, Ph.D., FSA

Paul Johnson, BS, MS, Ph.D.

Dan Kaiser, BBA, MS, JD

Tyler Leverty, BA, Ph.D.
Associate Professor

Kay Millonzi, BBA, MS, JD

Anita Mukherjee, BS, BA, MS, Ph.D.
Assistant Professor

Brian Mullen, BBA, ASA, FCAS

Kirk Peter, BS, FSA
Faculty Associate

Margie Rosenberg, BS, MS, Ph.D., FSA

Joan Schmit, BBA, MBA, Ph.D.
Department Chair of Risk and Insurance

Peng Shi, BS, MS, Ph.D., ASA
Assistant Professor

Jim Swanke, BBA, MBA

Justin Sydnor, BA, Ph.D.
Associate Professor

Yang Wang, Ph.D.
Assistant Professor