 From 1988 to 2002, he was the managing director of the Reliance Insurance Trust Corporation (Ritcorp).Koroma earned a bachelor's degree from Fourah Bay College in 1976; and is an insurance agent by profession.Koroma was elected as leader of the All People's Congress (APC), Sierra Leone's main opposition party, on 24 March 2002, after defeating then incumbent APC leader Edward Turay.