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DEPARTMENT OF RISK MANAGEMENT AND INSURANCE |
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Department
Vision |
To be the
world’s leader in risk management scholarship and education. Through the collaboration of
experts in multiple disciplines, we will be recognized internationally as
leaders in ·
the development of integrated applications of economics,
law, mathematics, and probability theory to the quantitative and qualitative
measurement of risks; ·
the selection and design of individual, organizational,
and societal strategies for the efficient management of risk; and ·
the dissemination of this knowledge. |
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Department
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To
enhance social well being by developing knowledge and providing education in
risk and its management. |
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Support
of University |
See
Department 2003 Self-study (http://www.rmi.gsu.edu/news/RMISelfStudy_2003_rev1.pdf) |
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Department
Degree Programs |
Risk Management and Insurance, BBA Personal Financial Planning, MS Risk Management and Insurance, MS Masters
of Business Administration |
Assessment Plan for BBA in Actuarial
Science
September 2004
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Program
Objectives |
Expected
Outcomes |
Assessment
Methods |
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To
provide a program that is considered by our stakeholders as making a valuable
contribution to Actuarial college education. |
Employers
find the program relevant to their needs. |
Industry Panel Graduating Student
Survey Alumni Survey |
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Our
graduates will be knowledgeable with respect to the Actuarial Models,
including the essential tools for the practice of actuarial science. |
BBA-AS graduates
will demonstrate the technical mastery of life contingencies and risk
theory. Under the 2005 actuarial exam
structure, the graduate will demonstrate a mastery of actuarial modeling
techniques |
Scores on the
appropriate professional actuarial examinations covering life contingencies
and risk theory. (Course M: Models for
Quantifying Risk, and Course C: Construction and Evaluation of Risk Models
under the 2005 professional exam syllabus.) Graduating Student
Survey Alumni Survey |
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Our
graduates will be able to apply analytical and technical skills in
structuring solutions to real-world problems. |
BBA-AS
graduates will be able to structure and solve actuarial and related business
problems with sound analytical techniques. |
Industry Panel Capstone Course (BusA 4980) Graduating Student
Survey Alumni Survey |
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Our
graduates will be knowledgeable with respect to actuarial science theory and
its applications as represented in actuarial journals. |
BBA-AS
graduates will be able to comprehend the theoretical and technical material
in appropriate actuarial journals. |
Life Contingencies Courses
(AS 4340 and 4350) Graduating Student
Survey Alumni Survey |
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Our
graduates will progress through the professional examinations of the Society
of Actuaries and/or the Casualty Actuarial Society. |
Within three
months after graduation, BBA-AS graduates will have been successful on a
least two professional examinations. |
Pass lists distributed
semi-annually by the Society of Actuaries and the Casualty Actuarial Society. |
Notes
re: The Assessment Methods
Capstone Course and Life Contingencies Course
Evaluation
of student performance in the Capstone Course and on the graduating student
competency exam administered in the course, as well of student performance on
assignments and exams in the Life Contingencies Course will be completed each
September for the prior academic year.
Industry Panel
The
industry panel will include representation of the four major areas of actuarial
practice: life & health insurance, employee benefit consulting,
property/casualty insurance, and finance & risk management. Accordingly, the panel will include a minimum
of four members. An Industry Panel will
be recruited, representing the four major areas of actuarial practice. The Panel will meet once every two years. Starting in the spring of 2005 and at
two-year intervals thereafter the Panel’s agenda will include a formal
assessment of the contributions of the Actuarial Science Program to actuarial
education, including suggestions for improvement and areas of possible future
development.
Scores on the Appropriate Professional
Actuarial Examinations
Official
lists of candidates passing professional exams will be scanned for names of GSU
students. These lists are published in
January and July. The 2005 lists will be
used to develop a base-line ratio of passing candidates to related course
enrollment. Future ratios will be
monitored to evaluate student performance.
Graduating Student/Alumni Survey
On
an annual basis, a written questionnaire survey will be administered to
graduating students and alumni. The
questions will survey student and alumni attitudes toward the content of the
program, as well as their assessments of the program’s strengths and
weaknesses, and suggestions for change.
Continuous Improvement:
The data from the above assessment
tools will be reviewed at least annually by the AS faculty, the AS Program
Director, and the RMI Department chairperson to 1) verify consistency with
program objectives, 2) identify program strengths and weaknesses, and 3)
propose necessary modifications to program, courses, and/or assessment methods.
Assessment Plan for BBA in Risk
Management and Insurance
September 2004
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Program
Objectives |
Expected
Outcomes |
Assessment
Methods |
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To
provide a program that is considered by our stakeholders as offering a
premier risk management undergraduate education. |
Employers
find the program relevant to their needs. |
Graduating Student
Survey Alumni Survey Employer
Survey |
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Our
graduates will provide leadership as risk managers in business. |
Our
graduates will find careers as: risk analysts; brokers/agents providing
professional risk management/insurance/employee benefits counseling and
market placement services for clients; as consultants and personal financial
planners; in government; and in the underwriting, marketing, claims
adjusting, planning, governmental relations, information systems, and financial
management activities of insurers. |
Graduating Student
Survey Alumni Survey Employer
Survey |
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Our
graduates will be able to apply analytical and technical skills in
structuring solutions to real-world problems. |
Our
graduates will be able to structure and solve risk management and related
business problems with sound analytical techniques. |
Senior RMI Assessments
within Coursework Employer Survey Faculty Survey |
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Our
graduates will be able to communicate effectively, both verbally and in
writing, in a business setting. |
Our
graduates will be able to speak effectively to articulate their ideas
one-on-one and in meetings as well as structure business correspondence that
is both meaningful and technically proficient. |
Senior
Course Presentations Senior
Course Writing Requirements Required
RCB Communications Coursework Employer
Survey Alumni
Survey Faculty
Survey |
Notes
re: The Assessment Methods
Graduating Student/Alumni Survey
On
an annual basis, a written questionnaire survey will be administered to graduating
students and alumni. The questions will
survey student and alumni attitudes toward the content of the program, as well
as their assessments of the program’s strengths and weaknesses, and suggestions
for change.
Employer Surveys
On
an annual basis, a written questionnaire survey will be administered to
employers that regularly hire our continuing students as interns and our
graduates to discern attitudes toward the content of the program, as well as
their assessments of the program’s strengths and weaknesses, and suggestions
for change.
Faculty Surveys and In-Course Assessments
On
an annual basis, a written questionnaire survey will be administered to RMI
faculty members that teach in the BBA-RMI program and analytical assessment
tools will be used in at least two of the senior RMI courses to obtain the
faculty’s perspectives regarding the achievement of the program’s learning
outcomes.
Continuous
Improvement: The data from the above
assessment tools will be reviewed at least annually by the RMI faculty, the
BBA-RMI Program Coordinator, and the RMI Department chairperson to 1) verify
consistency with program objectives, 2) identify program strengths and
weaknesses, and 3) propose necessary modifications to program, courses, and/or
assessment methods.
Assessment Plan for Masters of Actuarial Science
September 2004
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Program
Objectives |
Expected
Outcomes |
Assessment
Methods |
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To
provide a program that is considered by our stakeholders as making a valuable
contribution to Actuarial graduate education. |
Employers
find the program relevant to their needs. |
Industry Panel Graduating Student
Survey Alumni Survey |
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Our
graduates will be knowledgeable with respect to the Actuarial Models,
including the essential tools for the practice of actuarial science. |
The MAS
graduate will demonstrate the technical mastery of life contingencies and
risk theory. Under the 2005 actuarial
exam structure, the graduate will demonstrate a mastery of actuarial modeling
techniques |
Scores on the
appropriate professional actuarial examinations covering life contingencies
and risk theory. (Course M: Models for
Quantifying Risk, and Course C: Construction and Evaluation of Risk Models
under the 2005 professional exam syllabus.) Graduating Student
Survey Alumni Survey |
|
Our
graduates will be able to apply analytical and technical skills in
structuring solutions to real-world problems. |
The MAS
graduate will be able to structure and solve actuarial and related business
problems with sound analytical techniques. |
Industry Panel Capstone Course (AS
8500) Graduating Student
Survey Alumni Survey |
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Our
graduates will be knowledgeable with respect to actuarial science theory and
its applications as represented in actuarial journals. |
The MAS
graduate will be able to comprehend the theoretical and technical material in
appropriate actuarial journals. |
Life Contingencies
Courses (AS8340 & AS8350) Capstone Course (AS 8500) Graduating Student
Survey Alumni Survey |
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Our
graduates will have attained appropriate communication skills. |
The MAS graduate will
be able to explain technical concepts to non-actuarial associates or clients. |
Industry
Panel Capstone
Course (AS 8500) |
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Our
graduates will progress through the professional examinations of the Society
of Actuaries and/or the Casualty Actuarial Society. |
Within
three months after graduation, the MAS graduate will have been successful on
a least two professional examinations. |
Pass lists distributed
semi-annually by the Society of Actuaries and the Casualty Actuarial Society. |
Notes
re: The Assessment Methods
Capstone Course and Life Contingencies Course
Evaluation
of student projects in the Capstone Course and the student performance on
assignments and exams in the Life Contingencies Course will be completed each
September for the prior academic year.
Industry Panel
The
industry panel will include representation of the four major areas of actuarial
practice, life & health insurance, employee benefit consulting,
property/casualty insurance, and finance & risk management. Accordingly, the panel will include a minimum
of four members. An Industry Panel will
be recruited, representing the four major areas of actuarial practice. The Panel will meet once every two
years. Starting in the spring of 2005
and at two-year intervals thereafter the Panel’s agenda will include a formal
assessment of the contributions of the Actuarial Science Program to actuarial
education, including suggestions for improvement and areas of possible future
development.
Scores on the Appropriate Professional
Actuarial Examinations
Official
lists of candidates passing professional exams will be scanned for names of GSU
students. These lists are published in
January and July. The 2005 lists will be
used to develop a base-line ratio of passing candidates to related course
enrollment. Future ratios will be
monitored to evaluate student performance.
Graduating Student/Alumni Survey
On
an annual basis, a written questionnaire survey will be administered to
graduating students and alumni. The
questions will survey student and alumni attitudes toward the content of the
program, as well as their assessments of the program’s strengths and
weaknesses, and suggestions for change.
Continuous
Improvement: The data from the above
assessment tools will be reviewed at least annually by the AS faculty, the AS
Program Director, and the RMI Department chairperson to 1) verify consistency
with program objectives, 2) identify program strengths and weaknesses, and 3)
propose necessary modifications to program, courses, and/or assessment methods.
Assessment Plan for Masters of
Science in Personal Financial Planning
September 2004
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Program
Objectives |
Expected
Outcomes |
Assessment
Methods |
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To
provide a program that is considered by our stakeholders as making a valuable
contribution to graduate education in personal financial planning. |
Faculty
find the program academically sound in theory,
pedagogy and rigor. |
Review Panel |
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Employers find the program
relevant to their needs. |
Review Panel |
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MS-PFP graduates value the
program. |
Graduating Student
Survey Alumni Survey |
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Our graduates will have the
knowledge, skills, and desire to help clients meet their financial
objectives. |
MS-PFP graduates
will be able to demonstrate the analytical, technical, communication, and
research skills required to perform as a financial planning professional. |
CFP® Exam Capstone Course (PFP 8520) |
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MS-PFP graduates
will demonstrate the ability to compile and summarize financial data, to
formulate quantifiable objectives from information given by a client, and to
communicate financial advice effectively. |
Capstone Course (PFP 8520) Review Panel |
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MS-PFP graduates
will be able to demonstrate the ability to recommend appropriate courses of
action to implement a financial plan to achieve client objectives. |
Capstone Course (PFP 8520) Review Panel |
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MS-PFP graduates
will be able to demonstrate the ability to produce high-quality comprehensive
financial plans. |
Capstone Course (PFP 8520) Review Panel |
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Our
graduates will pursue continued learning and professional development during
and after completion of the program. |
MS-PFP
graduates will be aware of relevant professional designations and be
encouraged to obtain them and to participate in professional societies. |
Graduating Student
Survey Alumni Survey |
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MS-PFP
graduates will be aware of and use professional periodicals and other sources
of personal financial planning information and literature. |
Capstone Course (PFP
8520) Graduating Student
Survey Alumni Survey |
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Our
graduates will understand and appreciate the importance of the qualities of
professionalism and integrity. |
Each MS-PFP
student will demonstrate knowledge of the standards of practice and ethical
rules and considerations involved in the practice of financial planning. |
Introductory Course
(PFP 8400) Capstone Course (PFP
8520) |
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Our
graduates will have attained appropriate communication skills. |
MS-PFP graduates will
be able to explain technical concepts to financial planning associates and
clients. |
Review
Panel Capstone
Course (PFP 8520) |
Notes
re: The Assessment Methods
Capstone Course
A
capstone course will be required of all graduate PFP students. To pass the course, a student must
demonstrate the ability to integrate the skills and knowledge offered in the
program by producing and effectively communicating a comprehensive,
professional quality financial plan. The
course will include instruction in and hands-on practice with client-planner
oral and written communication. Students
will be required to take a comprehensive “mock” examination similar to the actual
Certified Financial Planner Examination
(“CFP® Exam.”) In addition,
students will be exposed to current standards of practice and ethical
considerations as promulgated by appropriate industry and governmental
organizations. Students with engage in
discussions and exercises to enhance knowledge in one or more areas of
financial planning practice, including such topics as regulation, establishing
a practice, becoming an investment advisor, among others.
CFP® Exam
The
CFP® Exam is administered three times each year. Many of the program’s graduates take this
examination and the CFP Board of Standards reports the results to the Program
Director. This examination tests competence to become a CFP certificant. The percentage of our graduates passing the
examination will be compared to the national average to assess mastery of the
technical and analytical skills necessary to practice as a financial
planner. The long-range passing
percentage for program graduates will be kept and compared with the most recent
performance of the graduates and the national performance averages. Each year, the Program Director will analyze
the data received from the CFP Board.
The
Program Director also will use his or her best efforts to monitor the
frequency, bases and nature of any disciplinary action taken by the CFP Board
against any graduate of the program. The
results of this monitoring effort will be shared with the Review Panel prior to
any assessment meeting by the panel.
Alumni Survey
A written survey
will be sent to each graduate, approximately three years after graduation. At least once per year, the surveys will be
tabulated and reviewed by the Program Director.
Copies of the tabulations and respondent comments will be provided to
the Review Panel before its meeting date.
Graduating Student Survey
A
written survey will be administered to all students in the Capstone
Course. At least once per year, the
surveys will be tabulated and reviewed by the Program Director. Copies of the tabulations and respondent
comments will be provided to the Review Panel before its meeting date.
Review Panel
A
panel of not fewer than three financial planning professionals and three
faculty, preferably faculty teaching in the program, will evaluate the graduate
PFP programs program at least once every five years. The Program Director, with the advice and
approval of the Department Chairperson, will select the panel. The panel will be asked to determine the
appropriateness of the program in meeting the needs of students, employers,
clients, and the general public. The
panel also will assess the pedagogy and the academic rigor of the program.
The
Program Director will provide each panel member with the analyses of all
surveys, CFP examination results, and such other information as would be of
assistance to the panel in its efforts.
The Program Director will provide an agenda and will chair the meetings
of the panel or designate a substitute chair.
The role of the panel will be advisory only, but a report of all
meetings of the panel and any recommendations by the panel will be provided to
the Department Chairperson for discussion and review with the Program Director.
Continuous
Improvement: The data from the above
assessment tools will be reviewed at least annually by the PFP faculty, the PFP
Program Director, and the RMI Department chairperson to 1) verify consistency
with program objectives, 2) identify program strengths and weaknesses, and 3)
propose necessary modifications to program, courses, and/or assessment methods.
Assessment Plan for Masters of
Science in Risk Management and Insurance
September 2004
RISK AND INSURANCE SPECIALIZATION
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Program
Objectives |
Expected
Outcomes |
Assessment
Methods |
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To
provide a program that is considered by our stakeholders as making a valuable
contribution to Risk Management graduate education. |
Our
stakeholders find the MS-RMI (R & I) program to
be current and relevant in its content and delivery |
RMI Business Advisory Committee |
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Our graduates
will be knowledgeable with respect to the sources of risk
for individuals, business organizations, and societies. |
The
MS-RMI (R & I) graduate will be able to identify
sources of risk for individuals, business organizations, and societies and be
able to articulate their implications for decision making. |
Exercises and examinations in RMI
8000 |
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Our
graduates will be able to identify how to most
efficiently manage individual, business, and societal risk exposures. |
The
MS-RMI (R & I) graduate will be able to recommend,
from a variety of contractual, governmental, or market-based approaches, how
to most efficiently manage individual, business, and societal risk exposures. |
Case study exercises in RMI 8000 |
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Our
graduates will be knowledgeable with respect to mathematical
and statistical theory associated with risk and its management. |
The
MS-RMI (R & I) graduate will be able to quantify
and analyze financial and operational stochastic risk exposures with
statistical and probability distribution theory and be able to recognize the
strengths and limitations of a modeling exercise and recommend future
enhancements. |
Exercises and examinations in RMI
8050 |
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Our
graduates will have attained appropriate communication skills. |
The
MS-RMI (R & I) graduate will be able to prepare
concise, focused, logical, and well-written documents that effectively
communicate the author’s message to both technical and non-technical
audiences. |
Written assignments in RMI 8000
and RMI 8050 |
Notes
re: The Assessment Methods
RMI 8000 and RMI 8050
Evaluation
of student performance on exercises, case studies, written assignments and
examinations in the RMI 8000 and on exercises, written assignments and
examinations in the RMI 8050 will be completed each September for the prior
academic year.
RMI Business Advisory Committee
By
the end of 2004, an RMI Business Advisory Committee will be established. It will be comprised of the RMI Program
Director, at least one other RMI professor, and successful professionals from
the RMI industry and will meet at least once per year. A report of the
advisory group will be forwarded to the departmental executive committee and
would become part of the program director's annual faculty evaluation.
Continuous
Improvement: The data from the above
assessment tools will be reviewed at least annually by the RMI faculty, the RMI
Program Director/Coordinators, and the RMI Department chairperson to 1) verify
consistency with program objectives, 2) identify program strengths and
weaknesses, and 3) propose necessary modifications to program, courses, and/or
assessment methods.
MATHEMATICAL
RISK MANAGEMENT SPECIALIZATION
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Program
Objectives |
Expected
Outcomes |
Assessment
Methods |
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To
provide a program that is considered by our stakeholders as making a valuable
contribution to Risk Management graduate education. |
Faculty find the MS-RMI (MRM) program to be a rigorous and current
in its treatment of financial risk management concepts. |
MRM Faculty |
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Employers find the MS-RMI (MRM) graduates to be highly s |