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Master of Science in Risk and Insurance
Master of Science in Risk and Insurance

MSRI Admission

MSRI admission

Admission Requirements

All applicants to the Master of Risk and Insurance program must possess a baccalaureate degree from an accredited institution or the international equivalent prior to enrollment at the graduate level.

To apply, candidates should submit the following:

  • Butler Application
  • Personal Statement
  • Two Letters of Recommendation
  • Official Transcripts
  • Current Résumé
  • GMAT/GRE Scores (applicants may request a GMAT/GRE waiver)

International applicants must additionally submit the following:

  • TOEFL scores or equivalent proof of English proficiency
  • A clear copy of your passport
  • Evidence of financial support

Important Dates

2020–2021 Academic Year
  • July 1, 2020: Application for 2021 cohort opens

  • August 1, 2020: First application deadline

  • September 1, 2020: Second application deadline

  • October 1, 2020: Third application deadline

  • November 1, 2020: Fourth application deadline

  • January 15, 2021: Final application deadline

  • January-April 2021: Prerequisite coursework, if applicable

  • May 2021: Core program start; summer in-residence experience

Decisions will start being released two weeks after each application deadline.

GMAT/GRE Waiver Request Requirements

GMAT/GRE waivers are considered on a case-by-case basis and are not guaranteed. Applicants that wish to apply for a GMAT/GRE waiver must meet at least one of the waiver categories below. Applicants can request the waiver by completing the GMAT/GRE Waiver Request Form.

  1. Candidates with a conferred terminal degree (PhD, JD, MD, PharmD, etc.) are not required to take the GMAT, but must still complete the GMAT/GRE Waiver Request form.
  2. For all other applicants, you can submit a GMAT/GRE waiver if you meet the following criteria:
    • Graduate of Butler University’s Lacy School of Business with a 3.0 or higher GPA within the last five years.


    • Graduate of Butler University’s Actuarial Science Program with a 3.0 or higher GPA within the last five years.


    • Possess proof of Professional Risk Management, Insurance or Financial Services Designations that includes: Chartered Property and Casualty Underwriter (CPCU); Certified Insurance Counselors (CIC); Certified Financial Planner Certificate (CFP®); Fellow, Life Management Institute (FLMI); Chartered Life Underwriter (CLU); Chartered Financial Consultant (ChFC); Associate of the Society of Actuaries (ASA); Associate in Captive Insurance (ACI); Fellow of the Society of Actuaries (FSA); Associateship in the Casualty Actuarial Society (ACAS); Fellowship in the Casualty Actuarial Society (FCAS); Certified Employee Benefit Specialist (CEBS); Certified Employee Benefit Specialist Fellow (CEBS Fellow); Commercial Lines Coverage Specialist (CLCS); and Associate in Risk Management (ARM), and two or more associate designations from The Institutes. Other certifications may qualify upon further review. Please contact the MSRI program office at for further information.

  3. Have all of the following:
    • Cumulative GPA of 3.2 or higher
    • Seven or more years of professional experience with increasing levels of responsibility
    • Grade of "B-" or better in undergraduate or graduate level quantitative courses, which may include economics, accounting, finance, calculus, statistics, and/or physics.

Waiver decisions will be communicated to the applicant within 10–14 business days via email.