Spencer Board Member Highlight: Dr. Cassandra Cole
Tell us a little about yourself! What led you to your current position as Department Chair, Dr. William T. Hold Professor in Risk Management & Insurance and Director, MS-RMI Program at Florida State University?
As an undergraduate student majoring in insurance at Howard University, the program was relatively small and I was able to really get to know my professors as well as the staff of the Center for Insurance Education. I strongly believe the ability to discuss my plans for the future with individuals that knew me well helped shaped the trajectory of my career. After two years of encouragement to consider a career in academia, I took the GMAT and applied to a few schools. A few months later, I was starting my graduate work at the University of Georgia. There, I discovered I had a strong passion for both education and research which led me to a position at Florida State University – a Research 1 institution with one of the best RMI programs in the country. A couple of years after becoming a full professor, I was asked to take on my current leadership roles.
Navigating my academic career while also starting a family was challenging. Those that served as deans of the College of Business and department chairs during this time provided valuable guidance as well as personal and career advice throughout this process. Given the supportive environment I experienced during my career, I felt serving as the Depart Chair was an opportunity for me to provide that same support to other faculty, in particular, those at the early stages of their careers. I also greatly enjoy engaging with graduate students as the Director of the MS-RMI Program. Many of these students are working full-time and helping them from the decision-making stage (is graduate school right for me) to graduation is extremely rewarding.
How do you think having diverse and equitable representation within RMI programs helps current and future students? Did this play a part in your decision to enter RMI academia?
Less than two percent of the population have doctorates and even though the number of minorities with these degrees has increased over the years, we currently represent a relatively small percent of academic faculty. Even today, I often find myself the only person of color or woman of color in the room which involves a great deal of emotional labor. From my personal perspective, if I had not been encouraged to explore this career as a college student and young industry professional, I likely would not be in this position today. As such, I feel it is my responsibility as an academic to share with students that I think have the inquisitive nature and passion for learning, including underrepresented students, about a career in higher education. In terms of diversity within RMI programs, I believe faculty that is more representative of the student population can be important. A diverse faculty benefits all students in the form of different perspectives on issues and broader classroom discussions. For minorities and traditionally underrepresented students, seeing faculty that look like them or that have had similar experiences can be encouraging and result in higher levels of engagement and greater performance. This could lead to a more diverse and accepting workforce.
How do you think the risk management and insurance industry has done thus far in promoting diversity, equity, and inclusion? Where/how do you think the industry can improve?
I took part in a panel discussion last year that covered this very topic. There is a wealth of research showing that diverse organizations are more profitable, more innovative, and are better at retaining talent. The industry has made some strides in increasing diversity in hiring minorities into entry level positions. However, as you progress into managerial roles, the percentage of minorities decreases. I think promotion and retention of a diverse workforce is greatly impacted by the level of inclusion and mentoring minorities experience. To improve, the industry should increase support and awareness of careers in risk management and insurance among minority students and provide support and mentorship to those that enter the industry.
What made you interested in serving on Spencer's Board of Directors? How did you get involved with Spencer?
As an undergraduate student at Howard University, I benefited from Spencer programs. I realized that the organization was interested in the long-term success of the students it supported and as a professor, I regularly promoted these programs to FSU students. When offered an opportunity to serve on the board and give back to this organization, I did not hesitate. I appreciate that Spencer is committed to having representation from universities on the board as I believe this gives the academic community the ability to provide insight into how changes to existing programs or the creation of new programs may impact the students it serves.
How do you see Spencer advancing ongoing efforts of diversity, equity, and inclusion in the risk management and insurance industry?
Spencer is working to increase the diversity, equity, and inclusion in the risk management and insurance industry. This is particularly evident with several of its recent initiatives including working with minority industry organizations such as NAAIA and LAAIA to create more opportunities for minority students, facilitating the creation of scholarships to support underrepresented students, and working to engage students from diverse backgrounds. The key will be maintaining and furthering these efforts over time as it will take years to achieve a truly diverse and inclusive workforce. When we no longer recognize ‘firsts’ for minorities and when minorities have not only a place but a voice, we will know that we have made true progress.
Thank you to to Dr. Cole for being an integral part of the Spencer Board of Directors and for participating in this Spencer profile!