Welcome from the Chair

A characteristic of the Department of Finance, Insurance and Law curriculum in finance and in insurance is that undergraduates receive the hands-on attention often reserved for M.B.A. students at other institutions. While the attention helps make our graduates exceedingly well-educated, the challenging job market is at its worst since WWII. Employment prospects in 2011 are markedly different from the prospects three years ago and will be slow to turn around. This leads me to offer several reminders on being resourceful and resilient after leaving Illinois State.

A strong network of professional colleagues informed about your job search (including prior faculty members) is important. Estimates are that 70 percent of corporate hiring is done by company referrals. Network development should start early with an internship experience, if possible. An internship helps a graduate know what kind of job to look for, as well as interacting with the right kind of contacts. A network of those only a few years ahead in their careers may be more effective than a network of mature executives. Finally, job-hopping does not strengthen the contacts that help ensure the next job seeks you out and not vice versa.

According to a nationwide survey of graduating seniors (National Association of Colleges and Employers) in 2010, more than 90 percent report having an account at a social networking website, such as Facebook or LinkedIn. Online technologies are fine job search tools but talking to people on the phone or face-to-face reveals the whole, professional package—communication skills and technical skills. Online technologies allow you to prospect for jobs even when no known openings are posted. By being focused on a specific industry, the opportunity to join professional associations with online systems for job searching could also be useful.

At graduation the last two years with a finance and/or insurance major, nearly 50 percent of ISU seniors had accepted a full-time job, adjusted for those not seeking employment, according to internal College of Business surveys. The rate is almost twice the national average (NACE) but well below our 78 percent in 2007. Starting salaries of $48,400 on average in 2011 for Finance and Insurance majors are slightly above 2007 levels. Our graduates expect hard work, display no sense of privilege, hold knowledge in esteem, and believe integrity is not a risk, which are all solid Midwest values. Redbirds are determined to succeed as professionals even in today’s marketplace.

Related to Redbird student success, Risk Management Magazine, published by the Risk and Insurance Management Society (RIMS), has recognized Illinois State University as a top school in the nation for the number of graduates in insurance and risk management programs. With over 100 insurance students receiving degrees in the 2010-2011 academic year, Risk Management Magazine shows Illinois State in the top three nationally, along with the University of Georgia and Temple University. The number of students selecting an Insurance major has grown significantly in the last two years. The reasons for the growth are the financial stability of the insurance industry as an employer, faculty members interested in effective, relevant instruction, and the department emphasis on double majors in Insurance and Finance. A double major is a powerful blend of technical and institutional knowledge that makes a graduate an early contributor to financial services firms.

Dr. Gary Koppenhaver, Chair