The PhD concentration in Risk Management and Insurance (RMI) prepares students for academic careers at research universities. As a department, we encourage students to develop and utilize research methodologies emphasizing finance and economics.  Our research focus has benefited our students in the job market, leading to their research appointments at universities such as California State University, the University of Florida, the University of Wisconsin – La Crosse, National Taiwan University, Fudan University, and the Korean Institute of Finance.

The department has 18 full-time faculty members whose research focuses on a variety of topics within risk management. These include productivity and efficiency of insurance firms, insurance regulation, behavioral insurance, enterprise risk management, catastrophic risk management, longevity risk management and actuarial modeling, among others. Our department is also conducting leading research on systemic risk and the inter-relationships among financial services firms. Faculty research is published in many leading journals such as the Journal of Risk and Insurance, Insurance: Mathematics and Economics, and the North American Actuarial Journal.

For more information please consult the Risk Management and Insurance Department website and program promotional materials.


Students have access to the Wharton Research Database Services database containing extensive economic and financial data.  In addition, the Risk Management and Insurance program maintains extensive databases relating to risk management and insurance research.  Among the available datasets are twenty years of National Association of Insurance Commissioners annual statement data on U.S. life and property-casualty insurance companies, international financial statement data on insurance companies, worldwide data on operational risk events, and data on credit default swap prices of banks and insurance companies.  Funding is available for other databases as needed.

Financial Aid

All students admitted to this program are considered for full financial support for up to five years. Funding typically comes in the form of research or teaching assistantship and includes full tuition and a competitive stipend. The funding is renewable every year, subject to adequate progress and annual evaluations. Fellowship consideration will be given to applications received by December 15th.