An online Risk Management MBA is a two-year program that prepares you to handle such complex issues as employee rights and benefits, insurance for health casualties, liabilities companies face and labor laws. You will learn about preventing unnecessary risk for companies, an essential need for private and governmental organizations. Estimation in property, environmental issues and insurance underwriting processes can all cost companies money and time. An online Risk Management MBA will give you the tools and knowledge to deal with these issues in a timely, cost-effective manner.
What Does an MBA in Risk Management Cover?
An online Risk Management MBA can be a great asset for professionals and recent graduates looking to advance into management positions in administration and operations. Because calculating risk has become a central aspect of controlling profit margins, enrolling in an online Risk Management program can help you maintain a competitive edge in the market. You will learn how to analyze, evaluate and prevent unnecessary risks for a company. Most programs require you to take courses in labor law, security management theory, industrial safety, auditing, workers compensation, environmental regulation, new compliance legislation, emergency risk management and prevention planning. When you complete your online Risk Management MBA degree, you should be well equipped to analyze legal regulations and how they affect corporate liabilities. Furthermore, you should be able to prevent environmental hazards and make sure your employer complies with current legislation. Because of the increasingly global scope of many companies, you will also become better equipped to maintain industrial safety standards internationally and domestically. If you are interesting in pursuing an online Risk Management MBA, it is a good idea to see what types of risk issues your current employer (or potential employer) deals with on a regular basis. You may be able to find a program that specializes in a certain type of risk management.
Getting Into a Risk Management MBA Program
Applicants must have an undergraduate bachelor’s degree with a grade point average of 3.0 or higher. Some schools have lower GPA requirements and may allow GMAT or GRE scores to supplement. The bachelor’s degree can have been earned in any field, but all applicants need to be proficient in algebra-level mathematics. Those who didn’t major in business or a related field will need to complete an algebra class before applying to a Risk Management MBA program. Some schools, such as the University of Pennsylvania, stipulate that applicants submit their GMAT scores with their applications, though there is no minimum requirement. Certain schools also request essays and letters of recommendation.
Why Should I Get an AACSB Accredited Risk Management MBA?
It is important to make sure your degree program is up to date with market standards and expectations. The Association to Advance Collegiate Schools of Business provides accreditation to those that maintain rigorous standards and curricula in business and accounting. For an online Risk Management program to receive accreditation, the school must demonstrate that it has adequate faculty and resources to provide students with the knowledge they need. To maintain accredited status, schools must go through a routine check every five years. The AACSB assigns a mentor and evaluation committee to each program. The committee is required to evaluate market demands, current technologies and faculty backgrounds while considering a program’s accreditation eligibility. The committee is composed of peer schools/programs and businesses that evaluate the program’s standards. These standards are also internationally recognized. A school can receive institutional credit in addition to specialization credit. Thus, if you are looking for a specific topic or subject you want your online Risk Management MBA to cover, you can look for this accreditation online. To find out more information, visit the AACSB website.
What Jobs Can an Online MBA in Risk Management Get Me?
- Insurance Underwriter: These professionals decide who qualifies for insurance policies and set premiums. Underwriters also analyze certain people to determine whether they are too risky to be insured, as companies will be less likely to cover those with a dangerous lifestyle than those without. Most of the research is done by interviews, online searches and complex mathematical formulas.
- Claims Investigator: Investigators work with insurance companies to determine whether a policyholder’s claim for compensation adheres to the coverage. Investigators will review cases to see whether the amount claimed seems reasonable given the situation. Some investigators may consult experts to determine whether a claim is fraudulent. Once the claim has been thoroughly examined, an investigator will either approve payment or deny it.
- Financial Manager: These managers monitor financial reports and investments. There are managers who handle cash, ones who deal with credit and others who focus on risk. Cash managers oversee all cash flow within a business and determine what to do with the surplus. Credit managers take on the responsibility of ensuring that all debt is repaid or collected. Risk managers work to keep financial losses to a minimum.
Top Earning Industries for Jobs
- Commercial Insurance: $43,852-$60,565
- Insurance Carrier: $37,536-$58,749
- Commercial Insurance: $44,561-$69,555
- Workers Compensation Information: $40,511-$61,562
- Information Technology Services: $76,000-$142,000
- Manufacturing and Distribution: $58,958-$105,142
How Do I Find Online Risk Management MBA Programs?
The best online Risk Management MBA programs should be comparable to traditional ones. You may want to look at the rankings provided by:
Some employers may not see rankings as the most important criteria for evaluating MBA programs. Instead they may be looking for specific courses and training for managing risk in a particular capacity.