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What is an MBA in Risk Management?

Earning an MBA online can open the door to a variety of positions, or help you take the next step in your career. Risk management is the process of assessing and forecasting financial risk and determining how to minimize its impact. A risk management MBA online prepares students for many careers, including positions in financial management. The career has a projected job growth rate of 7% through 2024, and there are many other ways to apply an online MBA in risk management.

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The career has a projected job growth rate of 7% through 2024, and there are many other ways to apply an online MBA in risk management.

An online MBA in risk management program can improve your earning power. The table below illustrates the difference in earning potential between someone with a bachelor’s degree and an MBA in risk management.

Comparison of Healthcare Master’s Degrees

There are a variety of different concentrations within risk management, as well as related programs. Two such programs are outlined below and presented in comparison to the benefits of earning an online MBA in risk management.

Degree Description Average Salary (1-4 years experience) Length
Master of Science, Risk Management & Insurance Degree Analyze a variety of problems from different perspectives, especially as they pertain to insurance claims. Develop critical thinking skills and discipline to help solve a variety of ethical, legal, and global challenges that insurers and the insured face. Programs cover the processes and methods of insurance companies and the laws related to them. $77,500 2 Years
Master of Finance (MFin) Develop the skills to work in and guide segments of the global economy. Learn the standards of financial knowledge and methodologies. Students also learn how to identify, evaluate, and implement budgeting processes to maximize shareholder value. $63,979 2 Years
Master’s of Business Administration (MBA) in Risk Management Graduates can predict potential risks and guide management through the consequences of bad investments. The program focuses on evaluating numerous factors in order to come to a conclusion based on existing evidence and potential outcomes. Many graduates pursue careers related to the insurance industry. $57,500 2 Years

You’ll take a variety of courses while earning your risk management MBA online, and each program will offer slightly different classes, but there are some commonalities between them. A list of courses you can expect to take are listed below.

Course Competencies Developed Occupational Skill Level
Financial Analysis Evaluate existing finances when there are cost and other budget concerns. Students will be able to provide helpful suggestions for overcoming financial problems. TITLE: Hospital Administrator

SALARY: growth of 8%

Security Risk Management Develop and monitor systems to preserve private financial data and access from competitors and thieves. TITLE: Director of Risk Management & Control

SALARY: growth of 11%

Financial Modeling Develop and apply models to determine the potential risks or benefits of certain financial decisions and other actions. TITLE: Senior Credit Analyst

SALARY: growth of 28%

Completing an online MBA in risk management can lead to different career paths in a wide variety of industries. We have summarized three such careers in the table below.

Bank Examiner Median Salary: $78,002
  • Federal agencies
  • Investment firms
Bank examiners audit banks to ensure that they are operating ethically and legally. They apply federal and private standards to banks to determine if they are worth investing in or need to be investigated.
Senior Credit Examiner Median Salary: $65,016
  • Banks
  • Investment firms
Credit examiners evaluate individuals and companies applying for loans or other services where credit is a determining factor. They use financial data to determine how safe it is to grant such a loan.
Risk Manager Median Salary: $85,309
  • Private companies
  • Nonprofit organizations
Risk managers evaluate financial, safety, and other risks faced by companies, governments, and organizations. They provide information on how to mitigate those risks, and they may help guide the organization through that process.
School Location Cost Toggle Logo Tuition % Receiving Financial Aid Student Population School Type Description

Brenau University

Location Gainesville, GA Tuition Tuition $29,340 % Receiving Financial Aid 47% Student Population 2,883 School Type Private
Concentrations
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Carlow University

Location Pittsburgh, PA Tuition Tuition $28,836 % Receiving Financial Aid 57% Student Population 2,272 School Type Private
Concentrations
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Concordia University - Ann Arbor

Location Ann Arbor, MI Tuition Tuition $30,360 % Receiving Financial Aid 74% Student Population 899 School Type Private
Concentrations
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Concordia University - Wisconsin

Location Mequon, WI Tuition Tuition $26,598 % Receiving Financial Aid 67% Student Population 8,268 School Type Private
Concentrations
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Ferris State University

Location Big Rapids, MI Tuition Tuition $28,431 % Receiving Financial Aid 66% Student Population 14,715 School Type Public
Concentrations
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Florida State University

Location Tallahassee, FL Tuition Tuition $30,427 % Receiving Financial Aid 47% Student Population 40,830 School Type Public
Concentrations
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Husson University

Location Bangor, ME Tuition Tuition $15,390 % Receiving Financial Aid 74% Student Population School Type Private
Concentrations
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Pfeiffer University

Location Misenheimer, NC Tuition Tuition $23,040 % Receiving Financial Aid 75% Student Population 1,624 School Type Private
Concentrations
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University of Saint Mary

Location Leavenworth, KS Tuition Tuition $21,528 % Receiving Financial Aid 65% Student Population 1,427 School Type Private
Concentrations
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If you’ve decided that an MBA in risk management is right for you, then it is time to start narrowing down the list of schools you are interested in. Here are a few tips and tricks to help you through this process.

  • Search for schools in your area

    Even though you are looking for online programs, it can be helpful to choose a school that is within a 100 mile radius of your home. Online students often report that they enjoy having the ability to visit campus if they want to. In addition, schools often partner with local businesses, meaning a school in your area will have a better chance of helping you find a job close to home.

  • Compare student outcomes data

    Many schools will readily provide this information on their website; however, if you can’t find it, be sure to contact the school and ask for it. This data should include graduation rates, employment rates, and the compensation levels of recent graduates. When looked at side-by-side, this information can give you an easy glimpse of program quality.

  • Estimate the expected costs of your programs

    Prospective students often underestimate the total cost of their program. Make sure you calculate the total number of credit hours you will need to graduate, and multiply that by cost per credit hour. Do not forget to include the cost of supplies, internet, and time you will spend not earning an income. Additionally, compare financial aid options, different schools may offer better financial aid packages and/or scholarships that can offset the cost of education.

  • Check that classes will fit in with your schedule

    One of the central benefits of online education is flexibility. However, some programs will require set meeting times, synchronous workshops, and mandatory campus visits. Be sure that you are aware of all time commitments and that they will fit into your current schedule.

  • Look for partnerships with local businesses/hospitals

    The main objective of getting your MBA in risk management is to find a job with a healthy salary in a field you enjoy. Attending a school that is connected with local hospitals and businesses can be an advantage. Many of these partners will offer internships to students that can lead to full-time employment or provide the network and experience you need to get a job elsewhere.

  • Make sure the program is accredited

    Accreditation is the formal review process that ensures a school is offering a reputable program that adheres to minimum academic standards. The Association to Advance Collegiate Schools of Business is the national agency that accredits undergraduate, master’s, and doctoral programs in business and accounting. By checking a program’s status with the AACSB, you can be confident you are receiving a recognized, quality degree. Employers generally will not hire candidates who possess a degree from a school that is not accredited, and schools will not accept academic credentials from an unaccredited program.

  • Talk to current students and/or recent alumni

    One of the best resources when it comes to making a final decision on an online MBA in risk management program is actual students and graduates. They can give you an unbiased, real-world take on how the program has served them, what they have liked, and what they have disliked. Ask an admissions counselor to put you in touch with a current student or recent alumni. Alternatively, use LinkedIn or Facebook to find and reach out to people.

Pursuing an online MBA in risk management can significantly increase your earning power, but it may not be enough for some jobs. Some positions may require that you be certified or licensed to perform certain tasks. In some programs, you can get certified while earning your MBA, but in others, it must be done on your own time. Below, we’ve listed a few relevant certifications and licenses.

Liscense Description
Certification in Risk Management Assurance CRMA shows that you are dedicated to providing the best and most accurate advice to your clients or employers.
Health Care Risk Manager Licensure Health care is important and requires many certifications and other standards. The ACHA helps to ensure that you are up-to-date on these standards.
Certified Risk Manager CRM denotes that you have proven your knowledge of risk assessment and management.
PMI Risk Management Professional Professional Management Institute certifications illustrate a dedication to risk management and to providing the best services possible.

There are a variety of scholarship opportunities available to students pursuing general MBAs or risk management programs. Scholarship deadlines, requirements, and application processes vary, so it’s important to begin looking for them sooner rather than later. There are a number of resources online for finding funding, as well as advisors and faculty in programs you are considering who can help. Below are links to relevant scholarships.