Masters in Risk Management

A degree in risk management helps students in acquiring finance and business skills. The programs focuses on providing students with the knowledge about managing and reducing product liability and measuring economic risk to improve the financial health of a business.

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Master in Risk Management

The master’s degree in risk management requires 1-2 years for completion, depending on the route that students take. This advanced degree is suitable for those who already hold an undergraduate degree in this area of study and want to build upon their knowledge to advance in their careers. Students in this program get a chance to acquire advanced knowledge in marketing, finance, and management, risk financing, insurance and employee retention.

You may also find Risk Management being offered as a minor or a concentration subject in a Master of Management or Master of Business Administration.  

Courses

The courses offered in a master of risk management may vary from one university to another. However examples of some courses that you may find include the following:

• Financial Concepts
• Quantitative and Qualitative Decision Making
• Enterprise Risk Management
• Project Risk and Cost Management
• Enterprise Risk Planning and Compliance
• Business Ethics
• Investment and Financial Analysis
• Fraud Management
• Risk Management and Insurance
• Applied Statistics Method
• Corporate Finance

You’ll typically be required to opt for a specific number of compulsory and elective modules. This’ll not only help in fulfilling the credit hour requirement but will also provide you with an opportunity to tailor the program according to your academic and professional requirements.

Candidates may also have to complete a practicum as a part of some programs. This is intended to provide you with a combination of theoretical as well as practical knowledge.

Admissions Requirements

To pursue a master’s degree in risk management, students should hold a bachelor’s degree. Candidates may also need to have prior courses in economics and communication. In addition, they may be required to submit the Graduate Management Admission Test or Graduate Record Examination scores among other prerequisites. Other requirements for admissions may vary by school or program. As part of the application process, you may need to submit official transcripts, letters of recommendations, a personal statement, and a non-refundable application fee.

Program Duration

Masters in Risk management can usually be completed in 1 to 2 years. However the exact duration will depend on the university that you enroll in as well as the route you decide to take up. Whereas some students complete the program full time, others opt for a part time program. They may enroll in a self paced program and take longer to complete the degree. Alternatively they make take shorter by taking up an accelerated coursework degree.

Online Master’s Degrees in Risk Management

Some distance learning schools also offer master’s programs in risk management, allowing students to study remotely. Unlike traditional degree programs, the online degrees have flexible learning schedules. Students may study during the day, night or anytime that may suit them. The online master’s degrees in risk management are self-paced so students do not have to worry about completing a degree within a certain timeframe. The flexibility of such a program makes it a useful option for those engaged in part-time or full-time jobs.

Employment Opportunities

With a master’s degree in risk management, candidates may find work in several settings such as management, scientific, and technical consulting services or brokerages, and other insurance-related activities. Income is subject to area of specialty, location and experience.

According to O*NET Online in 2013 risk management specialists made a median annual wage of $62,510. Their job growth rate over the coming years is expected to remain positive (from 3% to 7%). The top industries that employed risk management professional were Finance and Insurance and Government.

As far as the job responsibilities of risk management professionals are concerned, they perform the following functions:

• Develop and maintain risk management systems
• Ensure that the key risks are well understood
• Devise risk mitigation methods
• Identify potential investment opportunities keeping in view the risks  and returns involved
• Prepare reports that explain findings, potential risks, and proposed solutions

The responsibilities may vary depending on the position in the hierarchy as well as the organization that you work for.