Graduate Department of Risk Management/Insurance, Real Estate and Legal Studies

College of Business

Website: https://business.fsu.edu/departments/rmi

Chair: Charles Nyce; Professors: Cole, McCullough, Patricia Schriefer, Sirmans; Associate Professors: Broxterman, Eastman, Karl, Letdin, Marzen, Nyce, Orozco, Zhou; Assistant Professors: Kim, Wang; Teaching Faculty III in Legal Studies and Real Estate: Bailey, Woodyard; Teaching Faculty I: Jones, Paul Schriefer; J. Harold and Barbara M. Chastain Eminent Scholar in Real Estate: G.S Sirmans; Payne H. and Charlotte Hodges Midyette Eminent Scholar in Risk Management and Insurance: Patricia Schriefer; Francis J. Nardozza Scholar in Real Estate: Sirmans; State Farm Professor of Risk Management and Insurance: McCullough; Dr. William T. Hold/The National Alliance Associate Professor in Risk Management and Insurance: Nyce; Robert L. Atkins Professor of Risk Management & Insurance: Cole; American General Insurance Associate Professor of Insurance: Eastman; Bank of America Professor of Business Administration: Orozco

The Department of Risk Management/Insurance, Real Estate and Legal Studies is comprised of three distinct curricular areas: (1) risk management/insurance, (2) real estate, and (3) business law.

The risk management/insurance program offers a doctoral degree (PhD) with a concentration in risk management/insurance, a master's degree in risk management-insurance (MS-RMI), a specialization in risk management/insurance in the Master of Business Administration (MBA) program, a bachelor's degree with a major in risk management/insurance, and combined BS/MS-RMI and BS/MBA pathway programs.

The real estate program offers a specialization in real estate finance and analysis in the MBA program, a specialization in real estate finance and investment in the Master of Science in Finance (MSF), a doctoral program support area, and a bachelor's degree with a major in real estate, and combined BS/MSF and BS/MBA pathway programs.

The business law curriculum is a non-degree service program providing core courses for all majors in the college, as well as courses tailored for specific majors at the graduate and undergraduate level.

The department's programs and faculty are consistently recognized as among the nation's best. The department is committed to having preeminent programs in risk management/insurance, real estate, and business law, as well as nationally prominent faculty in each of its three curricular areas.

Requirements

The Master of Science program in risk management/insurance requires completion of thirty-three semester hours of graduate level coursework.

The doctoral program primary area consists of coursework in risk management/insurance, as well as support area work and the analytical and research tools courses. Typical support areas for risk management/insurance majors include finance and real estate, but there is flexibility to match the interests of the student.

For additional information related to graduate Risk Management/Insurance, Real Estate and Legal Studies programs, contact the Graduate Office, College of Business, P.O. Box 3061110, Florida State University, Tallahassee, FL, 32306-1110, or via e-mail at gradprograms@business.fsu.edu or visit https://business.fsu.edu/graduate.

Doctoral Program

The College of Business offers a doctoral program in business administration. The doctoral concentration in the Department of Risk Management/Insurance is designed to give students broad preparation in the theory and practice of modern risk management and employee benefits administration, based on foundation knowledge of the insurance contract and institution. The faculty is committed to working closely with a few students and seeing those students to a timely completion of their programs. The areas of expertise represented by the faculty allow students to pursue various research and teaching interests as they prepare for careers in academic institutions. For current information, please visit https://business.fsu.edu/phd.

Master's Programs

The Master of Science program in risk management/insurance is designed for risk management and insurance professionals. The convergence in the financial services marketplace requires insurance, brokerage, and banking managers to have a much broader base of knowledge in order to effectively compete. The insurance major in the master's program addresses this need. It is offered on a distance-learning basis to allow the working professional to obtain a degree. The College of Business also offers a MBA program in which students may choose to specialize in risk management/insurance.

The MSF program offers a specialization in real estate finance and investment in which students focus on real estate finance courses instead of risk management and investment or international banking courses. The College of Business also offers a MBA program in which students may choose to specialize in real estate finance and analysis. Demand for graduate education in real estate has increased dramatically over the last decade due to advancements in the real estate finance and investment markets. This includes increased involvement of institutions in commercial real estate investment and lending activities, growth in the securitization of real estate equity and debt assets on Wall Street (e.g., REITs, MBSs, and CMBSs), and consolidation of regional real estate service firms into larger national and international entities. Substantial opportunities exist in the real estate market for graduates trained in commercial real estate finance and investment.

For additional information related to the online MS RMI program, contact the Graduate Office, College of Business, P.O. Box 3061110, Florida State University, Tallahassee, FL, 32306-1110, or via e-mail at gradprograms@business.fsu.edu.

Combined Bachelor's in Real Estate/Master of Science in Finance Pathway (BS-RE/MSF)

There is a growing demand for students with advanced training and graduate preparation in the area of real estate finance and investment. Outstanding opportunities in real estate investment, lending, asset management, valuation, brokerage, and other service areas are expanding within institutional investors, investment banks, private equity firms, portfolio lenders, pension funds, and other service providers. Students with a strong combination of advanced analytical skills in finance and real estate are ideally suited to compete for positions emerging within leading companies.

Students will need to apply for admission to the combined BS-RE/MSF pathway in their junior year to take courses in their senior year. Admission requires an overall GPA of 3.4 or higher, an upper-division GPA of 3.2 or higher, and an upper-division GPA of 3.2 or higher in their upper division finance and real estate courses. Admitted students are then able to register during their senior year for up to nine semester hours of graduate courses that count towards both the BS-RE and MSF degrees. Students admitted to the combined BS-RE/MSF pathway will still be required to apply for the MSF program, which begins in the second six-weeks of the summer semester and is completed the following spring semester, through the regular process in their senior year.

Combined pathway students must maintain an average of 3.00 GPA or higher in graduate coursework.

For additional information related to the BS-RE/MSF program, contact the Graduate Office, College of Business, P.O. Box 3061110, Florida State University, Tallahassee, FL, 32306-1110, or via e-mail at gradprograms@business.fsu.edu or visit https://business.fsu.edu/combined-pathways.

Combined Bachelor's in Real Estate/Master of Business Administration Pathway (BS-RE/MBA)

There is a growing demand for students with advanced training and graduate preparation in the area of real estate finance and investment. There are outstanding opportunities in real estate investment, lending, asset management, valuation, brokerage and other service areas are expanding within institutional investors, investment banks, private equity firms, portfolio lenders, pension funds, and other service providers (e.g., MetLife, JLL, Eastdil Secured, Voya, Prudential Real Estate Investment, Starwood Capital, Bank of America, Wells Fargo, CBRE, and Cushman & Wakefield). Students with a strong combination of advanced analytical skills in real estate and strong advanced business management skills are ideally suited to compete for positions emerging within leading companies.

Students will need to apply for admission to the combined BS-RMI/MBA pathway in the fall or spring of their junior year for the following fall. Admission will require an overall GPA of at least 3.4, an upper-division GPA of at least 3.2 and an upper-division real estate GPA of at least 3.2 based on at least two upper-division real estate courses at the time of application. Admitted students are then able to register during their senior year for up to nine semester hours of graduate courses that count towards both the BS-RE and MBA degrees. Students admitted to the combined BS-RE/MBA pathway will still be required to apply for the MBA program through the regular process in their senior year.

Combined pathway students must maintain an average of 3.00 GPA or higher in graduate coursework.

This program also creates a unique opportunity for students wishing to go directly to work and then enter our part-time or online MBA program. Students entering this program within four years of undergraduate graduation will still be able to use these credits as long as they are able to graduate within seven years of the first graduate course. For more information, please visit https://business.fsu.edu/combined-pathways.

Combined Bachelor's in Risk Management and Insurance/Master of Business Administration Pathway (BS-RMI/MBA)

There is considerable and growing demand for students with advanced training and graduate preparation in the area of Risk Management and Insurance. There are outstanding career opportunities in sales/brokerage, underwriting, claims, loss control, data analytics and other areas at agencies/brokerages, insurance companies, reinsurers, consulting firms, regulatory agencies, third-party administrators and other service providers (e.g., All Risks, Munich Re, Chubb, CNA, Senior Life, and The Hartford). Students with a strong combination of advanced analytical skills in Risk Management and Insurance and strong advanced business management skills are ideally suited to compete for positions emerging within leading companies.

Students will need to apply for admission to the combined BS-RMI/MBA pathway in the fall or spring of their junior year for the following fall. Admission will require an overall GPA of at least 3.4, an upper-division GPA of at least 3.2 and an upper-division risk management and insurance GPA of at least 3.2 based on at least two upper-division risk management and insurance courses at the time of application. Admitted students are then able to register during their senior year for up to nine semester hours of graduate courses that count towards both the BS-RMI and MBA degrees. Students admitted to the combined BS-RMI/MBA pathway will still be required to apply for the MBA program through the regular process in their senior year.

Combined pathway students must maintain an average of 3.00 GPA or higher in graduate coursework.

This program also creates a unique opportunity for students wishing to go directly to work and then enter our part-time or full-time MBA program. Students entering this program within four years of undergraduate graduation will still be able to use these credits as long as they are able to graduate within seven years of the first graduate course. For more information, please visit https://business.fsu.edu/combined-pathways.

Combined Bachelor's in Risk Management and Insurance/Master of Science in Risk Management and Insurance Pathway (BS-RMI/MS-RMI)

At Florida State University there is a unique opportunity to leverage our nationally ranked undergraduate program in Risk Management and Insurance and our strong Master of Science in Risk Management and Insurance {MS-RMI) program to provide students with the academic and professional preparation to take advantage of available opportunities. Further, through a variety of professional development programs offered by the Risk Management and Insurance Program, undergraduate Risk Management and Insurance students have strong networking and professional development skills that allow them to create promising career paths. By allowing the top undergraduate Risk Management and Insurance students to take these Risk Management and Insurance courses in the MS-RMI program their senior year, we are creating several key advantages for the students. By taking the graduate courses in their undergraduate program, it will allow the students to gain advanced, discipline-specific skills that will hopefully lead to stronger internships between the completion of their undergraduate degrees (typically in spring) and the start of their MS-RMI program. This should lead to stronger placements overall.

Students will need to apply for admission to the combined BS-RMI/MS-RMI pathway in the fall or spring of their junior year for the following fall. Admission will require an overall GPA of at least 3.4, an upper-division GPA of at least 3.2 and an upper-division risk management and insurance GPA of at least 3.2 based on at least two upper-division risk management and insurance courses at the time of application. Admitted students are then able to register during their senior year for up to nine semester hours of graduate courses that count towards both the BS-RMI and MS-RMI degrees. Students admitted to the combined BS-RMI/MS-RMI pathway will still be required to apply for the MS-RMI program through the regular process in their senior year.

Combined pathway students must maintain an average of 3.00 GPA or higher in graduate coursework.

This program also creates a unique opportunity for students wishing to go directly to work and then enter our online MS-RMI program. Students entering this program within four years of undergraduate graduation will still be able to use these credits as long as they are able to graduate within seven years of the first graduate course. For more information, please visit https://business.fsu.edu/combined-pathways.

Definition of Prefixes

BUL—Business Law

REE—Real Estate

RMI—Risk Management and Insurance

Graduate Courses

Master's

Note: The 5000-level courses are reserved exclusively for graduate students. Courses which may be repeated for credit are designated by “r” immediately following the course number.

BUL 5605. Health Care Law and Ethics (3). This course exposes students to the basic concepts of law as applied to health care. The focus is on the application and analysis of legal and ethical principles.

BUL 5810. The Legal and Ethical Environment of Business (3). This course creates an awareness of the laws and of the legal, political, and social institutions impacting business activity. The course emphasizes public law and governmental regulation, ethics and corporate governance, as well as landmark legislation and judicial decisions.

BUL 5907r. Directed Individual Study (1–3). Prerequisite: Consent of Associate Dean for Academic Programs. May be repeated to a maximum of nine semester hours.

REE 5105. Real Estate Valuation (3). This course provides an advanced treatment of real estate valuation analysis. This includes a description of valuation procedures, identification of highest and best use, application of real property valuation methods, and emerging topics of special interest.

REE 5205. Topics in Real Estate Finance (3). This course provides an advanced treatment of topics fundamental to real estate finance. The course topics are presented in units that range from pricing mortgages to the lending process to the secondary mortgage. Topics include a discussion of primary and secondary mortgage markets, mortgage market operations, mortgage instruments and mortgage-related securities. Emerging topics of special interest are also discussed.

REE 5209. Advanced Real Estate Finance and Investment (3). Prerequisite: REE 4204, REE 5205, or instructor permission. This course addresses advanced topics in real estate finance and investment. Attention is given to the role of institutional investors, advisors, and real estate investment trusts (REITs). The course provides an in-depth treatment of financing income-producing properties, including coverage of the commercial mortgage underwriting process. Students are introduced to real estate investment analysis at the property portfolio level. The topics covered are of importance to real estate analysts, lenders, asset managers, appraisers, and brokers involved with income-producing real estate.

REE 5305. Real Estate Investment (3). This course introduces students to the procedures and analytical methods used to evaluate real estate markets and project-specific investments. The course focuses on the topic of real estate investment analysis primarily from the private (equity) investor's perspective.

REE 5907r. Directed Individual Study (1–3). May be repeated to a maximum of nine (9) semester hours.

RMI 5007. Insurance Fundamentals (3). The course covers the fundamental concepts of using insurance to manage risks, understand exposures, and to understand insurance contracts.

RMI 5017. Fundamentals of Risk and Insurance (3). This course develops concepts such as time value of money, statistical analysis, information technology, and management of risk exposure. Topics include risk fundamentals, risk management, insurer operations, and insurance regulation.

RMI 5018. Alternative Risk Financing (3). This course evaluates how corporations and insurance companies finance risk. The course covers the basic financial tools that are used in risk financing, the traditional and alternative risk financing techniques corporations use, and the unique risk financing techniques used by insurance companies.

RMI 5087. International Risk Management (3). The course provides an overview of risk management in a global economy. Students discuss the complexities and opportunities of risk in a global environment. The course builds on prior knowledge of risk assessment, control and financing tools, and applies them to multinational and international settings, as well as exploring trends and issues in global risk management.

RMI 5136. Employee Benefit Plans (3). Managerial approach to employee benefit plans such as group insurance and pensions with in-depth consideration given to funding instruments and variety among plans.

RMI 5225. Property/Liability Insurance Contract Analysis (3). This course analyzes basic commercial property and liability insurance contracts, including commercial property, commercial general liability, crime, inland marine, boiler and machinery, commercial auto and farm policies.

RMI 5257. Data Analytics in Risk Management and Insurance (3). This course focuses on the use of data and analytical tools in the insurance industry. Students develop tools for analyzing the types of data used by insurers across various functions including loss estimation, loss reserving, underwriting, and claims.

RMI 5345. Risk Management in the Business Enterprise (3). Application of the risk management process, including risk control and risk financing techniques, to business risk management problems.

RMI 5710. Insurance Company Operations (3). This course covers the fundamentals of risk, the management of pure risk, insurance mechanisms, insurer operations and the evolution of risk management.

RMI 5720. Insurance Accounting and Finance (3). Prerequisite: RMI 5017. This course is a survey of accounting and finance, financial statement analysis, and statutory requirements for insurance companies.

RMI 5745. Healthcare Financing (3). This course introduces the financing of health insurance and benefits plans. The course will cover forms of employer-sponsored coverage, including self-funded and fully-insured managed-care plans, and understanding the implications of private versus public forms of insurance coverage.

RMI 5810. Personal Financial Planning (3). This course analyzes loss exposures facing individuals and families, basic personal-lines property-liability insurance (auto and homeowners), individual life, health and disability insurance, and individual/family financial planning.

RMI 5906r. Directed Individual Study (1–3). (S/U grade only). May be repeated to a maximum of three credit hours; may be repeated within the same term.

RMI 5907r. Special Studies in Management (1–3). This course provides students with an understanding of the real estate development process. Through interactive class sessions with established professionals in the real estate, development and planning industries, students better understand both investor and planner perspectives in the development of real property, and how the two disciplines work together to ensure development outcomes that are profitable, sustainable, and beneficial to the community. May be repeated to a maximum of three credit hours; may be repeated within the same term.

RMI 5917r. Supervised Research (1–3). (S/U grade only). For Master's candidates only. A maximum of three hours may apply toward the master's degree. May be repeated to a maximum of five semester hours.

RMI 5935r. Special Topics in Risk Management and Insurance (1–3). This course evaluates how corporations and insurance companies finance risk. May be repeated to a maximum of nine (9) credit hours; repeatable within the same term.

Doctoral

Note: The doctoral curriculum includes courses selected from the following in addition to those offered at the 5000 level. In exceptional cases master's candidates may elect 6000 level courses with permission of the instructor and the associate dean for academic programs.

RMI 6195. Doctoral Seminar in Insurance: Life/Health Insurance Topics (3). Review of current literature and theory in life/health insurance, including product development, management and regulation of life insurance companies, and the place of life insurance companies in the capital markets.

RMI 6296. Doctoral Seminar in Insurance: Property/Liability Insurance Topics (3). Review of current literature and theory in property/liability insurance, including product development, management and regulation of property/liability insurance companies, and the place of property/liability insurance companies in the capital markets.

RMI 6395. Doctoral Seminar in Risk and Insurance Theory (3). Review of literature in the theoretical foundations of risk and insurance, including the concept of risk, contributions from other disciplines, determinants of insurance consumption and risk management decisions, and industry dynamics.

RMI 6917r. Supervised Research (1–3). (S/U grade only). May be repeated to a maximum of five credit hours; may be repeated within the same term.

RMI 6946r. Supervised Teaching (1–3). (S/U grade only). May be repeated to a maximum of five credit hours; may be repeated within the same term.

RMI 6980r. Dissertation (1–12). (S/U grade only). Prerequisite: Admission to doctoral candidacy. A minimum of twenty-four semester hours is required.

RMI 8964r. Doctoral Preliminary Examination (0). (P/F grade only.)

RMI 8985r. Dissertation Defense Examination (0). (P/F grade only.)