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MBA Risk Management

What is Risk Management?
Risk management refers to the assessment of an organization’s products and professional and environmental liabilities. Due to the widespread knowledge and the increased enforcement of business regulations, labor laws and consumer rights, more and more businesses are looking for experts having preventive skills. As an expert in the field of risk management you will be responsible for implementing, analyzing and improving policies on issues such as insurance cover, health care, occupational safety, liability, insurance underwriting, pension planning and business law. You will also be responsible for strategic planning and work with company directors to ensure that your company complies with all relevant regulations to avoid paying hefty fines

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About the degree
While a bachelor’s degree in risk management was considered sufficient at one time, the increasing complexity of business and social issues surrounding business has led to most companies preferring MBA’s in Risk Management for various administrative positions. An MBA in Risk Management includes courses in the areas of finance, resource management, insurance and insurance law, actuarial science, investment management, environmental management, strategic planning and crisis management. Students also take courses in economic theory, accounting, computer science and public policy formation, and learn how to extend and apply general business principles in a variety of situations.

Career Prospects
According to O*Net, a master's degree, such as an MBA in risk management, is possessed by around 43% of all professionals. In addition to fortune 500 companies, various government agencies and private consultancy firms also hire MBA’s with a specialization in risk management. The O*Net further reveals that as of 2012, the median annual income risk management professional is $61,160 and the expected growth in this area is up to 9% from 2010 to 2020.

How Long Does It Take to Complete an MBA in Risk Management?

A number of schools, such as the University of Pennsylvania and the St. John’s University, are offering an MBA in Risk Management, which can be completed within 1.5 to 2 years. Students are exposed to the economic, financial, actuarial and legal principles underlying public and corporate sector risk management, with applications to social, business and individual problems. After graduating, students can work in insurance companies, consulting firms, investment banks and insurance brokerage firms.

What Are the Requirements to Complete an MBA in Risk Management?

In order to be eligible to enroll in an MBA in Risk Management, students must have completed an undergraduate degree and must have demonstrated competency in basic computer use and pre-calculus mathematics. In order to obtain an MBA in Risk Management, students are expected to complete approximately 36 credits. They have to study modules like Global Financial & Managerial Reporting, Business Analytics, Financial Management, Risk Management, Industrial Economics, and Managing for Global Success.

How Much Can I Make after Completing an MBA in Risk Management?

After completing an MBA in Risk Management, students can find employment as Risk Managers or Risk Management Specialists. According to O*Net, Risk Management Specialists earned an annual median wage of $70,280 and an hourly median wage of $33.79 in 2018. In 2016, the number of jobs available in the field was 136,000. It is predicted that the employment in this field is expected to increase by 10% to 14% between 2016 and 2026.

Frequently Asked Question(s)

Q:How long is the MBA Risk Management program for?

A:In traditional schooling, the MBA Risk Management program is for 2 years. However, the duration can vary with online, E-MBA or part time MBA in Risk Management options.

Q:Which courses are taught in Risk Management MBA programs?

A:MBA of risk management is focused on a particular area such as finance, law or healthcare. The courses offered in MBA of risk management program are highly dependent on the area of specialization. The core courses offered in most MBA business risk management programs are market mechanisms and efficiency, risk management of firms. Medical risk management programs include courses in patient care. These courses can be taken online or through campus based programs.

Q:Whenever I read about the MBA and Risk Management degree program, I find the Financial Decision Making. Why is it so important?

A:MBA and Risk Management is a combination that all relates to making the right decisions. The Financial Decision Making course provides you all of the info you require in this regards. It includes performing the survey as well as analysis of the issues that the financial manager faces regarding making the decisions. Some of the common topics in this course are basic risk concepts and return strategies, capital budgeting, security pricing and analysis, the financing decisions of corporations and cost of capital.

Q:Could you please provide me with a list of top Risk Management MBA schools?

A:Prospective students searching for top risk management MBA schools can visit Ohio State University of Texas, University of Wisconsin, and University of Pennsylvania. These are some of the institutions with an excellent risk management program. Students are also advised to search our website for a more detailed list and information on these schools.

Q:Where can I expect to find myself employed with a 2 years MBA in Risk Management?

A:If you have a 2 years MBA in Risk Management, you can find yourself working in the financial sector. The main purpose of this degree is to identify potential risks in investments and acquisitions. Insurance companies, investment firms, commodity brokers, and government institutions are some of the places you might be employed with this qualification.

Q:Can you please tell me what is taught in the Essentials of Sociology course of the MBA Risk Management campus programs?

A:Scores of MBA Risk Management campus programs in the United states have a robust course on the Essentials of Sociology, worth 4 credits. This course focuses on making the students understand the terminologies, questions, theories as well as issues that have been studied by numerous sociologists over the decades and centuries to study individuals, groups, institutions, cultures as well as norms.

Q:What should I expect to study for an MBA in insurance and risk management?

A:MBA in insurance and risk management is concerned with advanced study in safe management of business processes and operations. Companies need proper management of financial assets to grow, and also need to watch out for risks, liabilities, taxation, insurance and other factors that can make a considerable impact on the company's finances. Having a professional degree in this area one learns to minimize the risks and control them in an efficient manner.

Q: Can you give me some information about MBA masters programs risk management?

A:MBA programs with specialization in risk management is a two year graduate program offered by numerous business schools. This area has gained a lot of importance in recent years, due to the increasing trend of business activities. The program covers a wide range of topics such as risk analysis sand environmental management, crisis management, treatment and risk aversions, markets for pure risk, and financial strategies.

Q:What will I learn in a MBA in risk management and insurance degree?

A:An MBA in risk management and insurance is designed to provide students with in-depth knowledge of the financing aspect of modern day business organizations. Students learn how to analyze, assess, and manage various business risks. Over the years, risk management has grown to become a crucial part in most organizations. This has increased the demand for qualified individuals in this field.

Q:Are risk management mba programs worthwhile?

A:Yes, risk management MBA programs are quite useful in today's age, especially for individuals who wish to apply for various high level administrative positions. According to O Net Online, the median annual income of risk management professionals in May 2012 was $61,160. Many organizations prefer individuals who have graduated in a risk management MBA program to work for them.

Q:How can I save education costs by pursuing a risk management MBA online?

A:If you go for a risk management MBA online, you can save a lot of costs that are normally incurred by students who acquire campus based education. Students do not need to pay for travelling or fuel. Besides, they save on textbooks and hostel accommodation. Online tuition fees are also relatively less, due to the cost-efficient setup of online programs.

Q:How is the method of instruction different in an online MBA risk management?

A:An online MBA in risk management makes use of various latest learning resources that make the program flexible and cost effective for students. Students can benefit from a variety of resources that are available to them 24/7 such as video lectures, online practice exercises and notes, slides, discussion threads, and e-textbooks.

Q:Should I earn a risk Management Degree online?

A:Risk management degrees are now being offered online by many schools. Pursuing this degree online or at a campus based institute should depend upon your personal preferences and budgetary constraints. This mode of education has proved to be beneficial in many ways. You can study from any location without having to compromise your job or other commitments.

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