Carl H. Lindner College of BusinessCarl H. Lindner College of BusinessUniversity of Cincinnati

Carl H. Lindner College of Business

IRM Required and Elective Courses

For a complete list of IRM Major or Minor requirements and electives, see the following links:

Major                 Minor

 

For pre-requisites, see One Stop (https://onestop.uc.edu/classes.html).

Requiremented Courses:

IRM 3090:            Principles of Risk and Insurance              

This course examines the structure of the insurance industry, examining the strategic, regulatory, and risk management issues associated with the different types of products and institutions in this industry.  The course starts by identifying a variety of different pure risks and providing a fundamental analysis of insurance markets and risk sharing. Given these fundamentals, the course conducts a detailed examination of the various operational functions in insurance companies (including underwriting and pricing) and the various insurance products available (including property, liability, life, and health insurance).  The course also examines the financial structure of insurance companies and examines the management of assets and liabilities.  The course provides important context and background material for the more detailed and operational analysis of various products and functions covered in subsequent courses (IRM 4010, Life and Health Insurance; IRM 4020, Property and Liability Insurance; and IRM 4043, Modeling, Pricing, and Managing Risk).              

 

IRM 4110/IRM 6010*:            Life and Health Insurance

This course provides a detailed survey of the legal, financial, pricing, underwriting, and strategic issues involved in the variety of different life and health insurance products available in the marketplace.  The course examines the variety of different products offered, highlighting how the differences affect their pricing and the service they provide.  Much of the course concerns determining which contracts or products are best suited to solve a variety of problems faced by individuals and businesses. The course will also examine the issues raised by major regulatory reforms. Describes the types of goals various types of customers of such products can have.  The learning objectives of the course are to have students be able to: (1) describe what the differences between the various products imply with respect to performance on the variety of customer goals, (2) evaluate whether the specific terms of one contract or product dominates another, (3) identify the major sources and implications of regulation, with a historical perspective, (4) describe how the regulatory environment affects the efficacy of various product features in terms of performance for the customer and in terms of profitability to the insurance provider, and (5) compare the efficacy of life insurance products to alternative products offered by other financial services organizations (e.g., mutual funds, banks, etc.).  

*Course is cross-listed as 6010 for graduate level enrollment. Students may not enroll in both IRM 4110 and IRM 6010.

 

IRM 4120/IRM 6020**:            Property and Liability Insurance                      

This course provides a detailed survey of the legal, financial, pricing, underwriting, and strategic issues involved in the variety of different property and liability insurance products available in the marketplace.  The course will be divided into two parts.  The first part covers the material with respect to property insurance and risk, while the second part covers the material with respect to liability insurance and risk.  Describes the variety of property and liability insurance products that are available.  The learning objectives for this course include having students be able to: (1) describe the types of goals various types of customers of such products can have, (2) describe what the differences between the various products imply with respect to performance on the variety of customer goals, (3) evaluate whether the specific terms of one contract or product dominates another, (4) describe the process by which such products are distributed, and (5) identify the major sources and implications of regulation, with a historical perspective.  

**Course is cross-listed as 6020 for graduate level enrollment. Students may not enroll in both IRM 4120 and IRM 6020.

 

IRM 4030:            Modeling, Pricing, and Managing Risk

This course examines the set of analytical techniques used to assess the probability and realized loss associated with insurable events. These techniques allow insurance companies and firms to appropriately quantify expected loss in order to price insurance coverage.  The course also examines the financial and operational risks faced by insurance companies and presents the techniques used to manage these risks.  Although the course considers the risk management issues of a variety of financial services firms, including depository institutions, the course focuses mainly on the risk inherent in the operations of insurance companies.  The course considers a variety of sources of risk, including interest rate risk, market risk, liquidity risk, and counter-party risk, and considers a variety of techniques used to manage these risks, including diversification across product lines, re-insurance, and securitization.  The course also examines the use of products designed to isolate various types of risk, including credit derivatives and swaps. With this course, students should be able to (1) quantify the probability of an insurable event, the cost given that event, and expected value of an insurance contract written on that event, conditional on available information, (2) determine the financial value of insurance contracts, (3) identify and quantify the financial and operational risks facing financial services firms in general and insurance companies in particular, (4) determine and apply the appropriate set of financial and operational risk management strategies and techniques in order to maximize the value of the insurance company or financial services firm, and (5) identify and quantify the trade-offs between various risk management approaches and techniques. 

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Selected Elective Courses:

IRM 4041: Enterprise Risk Management (3 credit hours)

Organizations today face a wider array of risks than ever before, and investors, regulators and other parties demand that management understand and manage these risks in the most effective and efficient manner possible. This is the goal of Enterprise Risk Management.                                                 

This course examines how the economic, regulatory, technological, and organizational environment in which a business operates determines that enterprise’s risk. Emphasis is placed on the techniques and challenges associated with (1) identifying and qualitatively and quantitatively characterizing an enterprise’s various sources of risk, (2) understanding how these sources interact to form the overall risk profile of the enterprise, and (3) developing and implementing a plan to manage enterprise risk across the enterprises various units.

The course consists of two main sections. The first section focuses on the fundamentals of risk, risk management, and ERM, including an extensive analysis of why corporations bother to manage risk at all. This section also examines the ERM implementation process, explores some applications of ERM, and considers the future outlook for ERM.  The second section consists of application in a live case, where student teams work with actual business enterprises to develop aspects of an implementable ERM program.

IRM 4155/6055: Retirement Planning and Employee Benefits (3 credit hours)

This course provides a detailed survey of the strategic, legal, financial, and regulatory issues involved in the provision of employee benefits and retirement planning.

The course examines the variety of different products available, highlighting the differences across products and how these differences affect the efficacy of each product given the specific goals and circumstances of the client and/or employee.

The material is presented from the perspective of a professional financial advisor consulting with a firm on the types of employee and retirement benefits to provide (with a consideration of the costs and benefits to the employer that results) and from the perspective of individuals making selections among the various retirement and benefit plans available in the marketplace.  

This course covers the following topics on the Principle Topics List of the Certified Financial Planner (CFP) Board of Standards: 44-52.

With this course, students are able to:
1.       Describe the types of goals various types of clients and/or employees can have with respect to retirement products and employee benefits.

2.       Identify and describe each step in the employee benefit planning process.

3.       Identify and describe each of the potential types of employee benefits typically provided (e.g., health insurance, disability insurance, fringe benefits, etc…).

4.       Describe the variety of retirement vehicles that are available, being able to advise a potential client or employee on the pros and cons of each in specific circumstances; be able to evaluate whether specific features dominate other features.

5.       Describe the regulatory environment and the set of rules concerning qualifications, implementation, taxes, and distribution that apply to the variety of employee benefits and retirement plans.

6.       Optimally design an employee benefit and retirement plan to achieve the goals of the employer given differences in the costs to the employer and the benefits to employees of various plan features.  

 

ACCT 3072: Introduction to Tax (3 credit hours)

This course is designed to provide comprehensive coverage of individual federal income tax issues. The student will understand filing requirements, income inclusion, expense deduction and other special issues related to individual income tax returns. In addition to wage and business income, the course covers income from the sale of property. In addition to business deductions, the course covers the personal expenses and losses that are deductible by individuals. Throughout the course, there is a focus on tax planning in order to minimize the negative impact of the federal income tax.

 

ACCT 5146/6046: Estate and Gift Taxation Planning (2 credit hours)

This course provides a detailed survey of taxation and estate planning (including the probate process, trusts, life insurance, deductions and tax credits, depreciation, asset categorization and business assets, investments) from the perspective of a professional financial advisor providing tax and estate planning strategies for a client (including an individual or business entity).

The course examines the topics above, providing the student with an in-depth understanding of the various elements of personal income taxation and how estate and tax planning can effectively limit tax exposures given the specific goals and circumstances of the client.

This course covers the following topics on the Principle Topics List of the Certified Financial Planner (CFP) Board of Standards: 32-43 and 53-73.

With this course, students are able to:
1.       Identify and implement the appropriate estate planning process, with an understanding of how the implementation impacts estate and gift taxes.

2.       Identify and describe the various components of individual taxation.

3.       Identify and describe the Estate Planning process, from planning to implementation.

4.       Describe and implement the various Estate Planning tools and documents and explain their appropriate application.   

5.       Describe the regulatory environment and the rules concerning qualifications, implementation, taxes, and distribution that apply to the variety of taxation and estate planning issues.

 

BANA 4090: Forecasting and Risk Analysis (3 credit hours)

A survey of analytical techniques used to assist in managing under uncertainty. Topics include time series and other forecasting techniques, as well as Monte Carlo simulation to assess the risk associated with managerial decisions.

 

BANA 4080: Data Mining and Analysis (3 credit hours)

The study of data mining and analysis techniques as applied to problems in business and industry. Topics may include, but are not limited to, data visualization, advanced regression techniques, neural networks, cluster analysis, classification, discriminant analysis, and predictive modeling.

 

BANA 5020: Optimization Analytics (3 credit hours)

An introduction to modeling, solving with state-of-the-art software, and interpreting the results for real-world linear, integer, and nonlinear optimization applications.

 

BANA 5034: Simulation Modeling (3 credit hours)

Building and using simulation models of complex static and dynamic, stochastic systems using both spreadsheets and high-level simulation software. Topics include modeling systems, simulating static models in spreadsheets, modeling complex dynamic stochastic systems with high-level commercial simulation software, basic input modeling and statistical analysis of terminating simulation output, and managing simulation projects. Applications in complex queueing and inventory models representing real systems such as manufacturing, supply chains, healthcare, and service operations.

 

ECON 4090: Health Economics (3 credit hours)

The course applies economic theory to analyze the health care sector in the United States. It also evaluates the government's role in health care and compares health care systems in various countries.

 

FIN 4011: Investments (3 credit hours)

Students should expect to learn the fundamental principles of investment management. The goal is to equip students with the tools necessary to make good investment decisions. The course is organized into three segments. The first segment introduces the background knowledge, including asset classes, security markets, and investment companies. The second segment covers the classic portfolio theory, including risk and return, asset allocation, and efficient diversification. The third segment covers modern asset pricing theory, including the Capital Asset Pricing Model, the Efficient Market Hypothesis, and behavioral finance. Investment decisions are based on rigorous analysis of financial market data and economic news. The Bloomberg terminal is one of the most widely used computer software systems that financial professionals use to access data and news. Students will learn how to use the basic functions of Bloomberg terminal by completing an 8-hour online course of Bloomberg Market Concepts (BMC). During the course, current market events and industry applications will be discussed. The course focuses mostly on equity, leaving advanced materials on fixed income securities to FIN4014 (Fixed Income) and derivatives to FIN4021 (Derivatives).

 

FIN 4014: Fixed Income (3 credit hours)

This course examines fixed-income markets, with an emphasis on the pricing and risk of fixed income securities, derivatives, and portfolios. Bond immunization and trading strategies will be discussed with an in-depth coverage of both Treasury and Corporate Debt Securities. We will explain how Federal Reserve uses monetary policy to influence the term structure of interest rates. This course helps students to establish a solid foundation in understanding fixed-income securities and furthermore to apply such knowledge to real-world investment decisions in bond markets.

 

 

MKTG 3000: Professional Selling (3 credit hours)

The course is designed to enable the student to increase his/her understanding and competence in professional selling, to understand the role of professional selling within the context of the marketing and promotional mix of the firm, to present principles of professional selling, and to enhance career-critical analytical, interpersonal and communication skills, prompting students to become more effective communicators.

 

MKTG 4024: Services Marketing (3 credit hours)

Services play an important role in our global economy, particularly in developed countries. The marketing of intangible services presents unique challenges as compared to the marketing of tangible products. Services Marketing is an upper-level marketing course that seeks to prepare students to address those challenges by covering the principles and theories of services marketing. This course requires preparation through reading, attention to lecture material, involvement in class discussion, participation in class exercises, and application of analytical thinking to real-world situations. The principles and theories learned in this course can ultimately be applied to a multitude of industries and settings and will provide you with the knowledge and skills necessary for the development of a career in services marketing. The ultimate goal of this course is to help students learn the skills necessary to apply service marketing principles to the conception, distribution, promotion, and pricing of service products in an internationally competitive marketing environment.

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