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

MSRI Curriculum

A Comprehensive Education in Risk

The Lacy School of Business believes in the benefits of experiential learning, building a student’s professional network, and facilitating an active community in which students and faculty can learn from one another. These principals apply throughout the Master of Science in Risk and Insurance program.

The MSRI curriculum includes foundational risk and insurance courses in the areas of property and casualty as well as employee benefits, plus a series of MBA courses. Students in our program not only gain knowledge in risk and insurance, they acquire competencies in accounting, finance, and leadership, preparing them for all types of management positions.

In addition to online courses, the program includes two required in-residence experiences—one at Butler and one in Bermuda—that occur at the beginning and end of the program.

Butler In-Residence

As a student in the Butler MSRI program, you’re joining a dedicated, encouraging community that embodies in The Butler Way—working hard, helping others, and seeking improvement every day. And there’s no better way to get a feel for the The Butler Way than to visit our campus. A new MSRI cohort will start the program on the beautiful Butler campus. During the multi-day experience, students will see our state-of-the-art facilities, participate in sessions led by nationally recognized faculty, and network with top executives from Indianapolis insurance firms. The Butler In-Residence will provide you with a network of new peers and business contacts to further your professional development and open up potential avenues for future career advancement.

Bermuda In-Residence

Bermuda is referred to as the “world’s risk capital,” and the Lacy School of Business is fortunate to have deep connections with Bermudian-based firms and leaders through our Student-Run Captive Insurance Company. As a student in the Butler MSRI program, you, too will have an opportunity to experience Bermuda firsthand at the end of the program. Through a multi-day Capstone Experience, you and the rest of your cohort will have the opportunity to apply what you learned by solving a real-life business problem for a Bermudian firm. This experience allows you to demonstrate mastery of your Butler MSRI education and network with some of the best insurance leaders in the world.

Core Courses (24 hours)

MRI510 Leadership
This course is intended to expose you to several key concepts in the domain of leadership, to open up the process of thinking of yourself as a leader, to help you analyze organizations and the “leadership gaps” that hinder organizational effectiveness, and to create an environment that encourages you to develop your own “theory” of leadership. The class will require you to be both introspective and participative.   

MRI520 Managerial Accounting
This course teaches the application of managerial accounting concepts, techniques, and issues, emphasizing uses of internal accounting information for decisions making, planning or budgeting, and evaluation control. Topics include alternative cost measurement, accumulation, allocation methods, and analysis techniques (job, process, just-in-time, standard, activity based costing, cost behavior, cost, volume profit analysis, contribution approach) that are relevant to various managerial decisions (production, pricing, etc.) and related issues (behavioral implications).  

MRI530 Financial Management
An analysis of the theory and practice of financial management, this course expands on the topics covered in the finance primer. In general, the course focuses on how firms properly acquire and invest funds in a corporate setting. Specific topics include capital budgeting, capital structure, dividend policy, derivatives, mergers and acquisitions, and bankruptcy.

MRI540 Fundamentals of Risk and Insurance
Thorough review of principles and theories around technology-supported evaluation of risk, analysis of various risk management products, and current market developments regarding products available for emerging risks. Managerial analysis of risk management processes and decision-making specific to organizational alignment of the risk management function within broader management of company operations.

MRI542 Risk Control
Discussions regarding various managerial approaches to loss control and risk mitigation for property/casualty and life/health exposures, particularly in environments of limited information. A managerial approach to determining corporate governance, employee health and safety, wellness programs, traditional property and casualty, and loss control engineering (property) will also be reviewed with specific attention to their impact on the overall performance of the firm.

MRI544 Big Data and Analytics
Evaluation of current developments, technology, and analysis of how company leaders look at and utilize information available to evaluate risk, facilitate underwriting of particular risks by product line, claims analysis and actuarial support, and overall company financial results and profitability (corporate and insurance company). A key feature of the analysis will be geared to consider how the resulting information will impact managerial decision making.

MRI546 Alternative Risk Financing
Review of current methods to finance risk for both insurance companies and corporations. Since this topic may be foreign to many executives, students will master strategies for how to influence top decision makers that need to know about topics like financial tools, traditional risk transfer, and creative alternatives in the marketplace. There will be applied evaluation of insurance transfer, retention, and non-insurance transfer agreements in order to reinforce mastery of the topics.

MRI545 Capstone with the Butler Captive Insurance Company
Designed to serve as a capstone experience, this course presents students with a client-based challenge that allows students to integrate and apply the knowledge and skills from this Master of Science curriculum to deliver a well thought out and documented solution to a specific business problem. This course will require a trip to Bermuda to participate in an experiential project where students work on a client firm’s business problem. In the short term, this business with be the Butler student-run captive. Students in this class will help provide structure and guidance to undergraduates who are running the day-to-day operations of the Captive but don’t have time to think about its long-term, strategic direction.

Elective Courses (6 hours)

Each MSRI elective is 3-credit hours. Electives will include topics such as International Risk Management, Business Valuation, Employee Benefits, Derivatives, Insurance Company Operations, Insurance Law and Contract Analysis, Health Care Economics and Regulation, and Enterprise Risk Management.

Program Prerequisites

For some students, the Butler MSRI program includes a prerequisite term of up to four non-credit, online courses. Some of the prerequisites may be waived based on an individual’s undergraduate transcript and/or professional designations. If an automatic waiver is not granted, the student will be required to show competency by passing an exam on the topic area. Students can start their prerequisites once they have submitted their enrollment deposit for the program.

The prerequisites for the program include:

  • Finance*
  • Accounting*
  • Statistics
  • Risk and Insurance**

*Successful completion of CPCU540 Finance and Acocunting for Insurance Professionals offered through The Institutes will satisfy these prerequisite courses. 

**Successful completion of CPCU 500 Foundations of Risk Managment and Insurance offered through The Institutes satisfies this prerequisite course.  The following designations can also be used for this course waiver: 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).

Fall 2020/Spring 2021 Program Costs

The following tuition and fee charges are in effect for the 2020–2021 academic year and are subject to change annually.

The MSRI prerequisites vary in cost depending on which option is selected for completion. Pricing information for CPCU500 and CPCU540 can be found at; CPCU500 and CPCU540 each have separate course material and exam costs. If the Butler online, self-guided primer is selected, the cost is $350 each.

The MSRI program requires 30 total credit hours; tuition for the MSRI program is $950 per credit hour for a total of $28,500. The MSRI program has a $1,660 total program fee, which is billed at $415 over four semesters. In addition, students will be responsible for some expenses related to the two in-residence experiences at the start and end of the program—this includes, but is not limited to, transportation to/from Indianapolis and St. David's Island in Bermuda. 

Butler offers payment plans and loan options to its graduate students. Visit the Financial Aid website for more information. For information about a monthly payment plan, you can also contact the Office of Student Accounts.