Students who graduate from a top online MBA program in risk management prepare to enter an exciting and potentially lucrative career field. Risk management can lead to a variety of paths, with opportunities across many industries. According to PayScale, risk management managers earned an average salary of $97,900 as of December 2021.
This page anchors students' search with a ranking of the top master of business administration degrees in risk management. It contains information on what to expect from an MBA in risk management, including possible curricula, benefits, career paths, scholarship opportunities, and useful professional organizations.
What Is an MBA in Risk Management?
The top online MBA programs in risk management prepare students for careers as bank examiners, credit analysts, forensic audit experts, and financial managers. The Bureau of Labor Statistics (BLS) projects a 17% growth in demand for financial managers from 2020-2030, far surpassing the national average.
Top online MBA programs in risk management build crucial skills in fraud prevention and detection. Students also develop strong critical thinking, decision-making, and leadership skills.
Why Should You Get an Online MBA in Risk Management?
MBA in risk management programs prepare students to handle organizational risk due to unstable markets, fraud, and liability issues. Online MBAs provide a flexible learning format that can strongly benefit students. Working professionals can fund their degree by earning a salary, while other students may choose programs that offer an accelerated path.
Organizations need risk management professionals to help them make important business decisions. By obtaining a top online MBA in risk management, students gain strong foundations in areas such as financial planning, strategic analysis, and IT management.
PayScale reported an average salary of $92,000 for graduates with an MBA in risk management as of December 2021. Entry-level risk management managers earned an average annual salary of $65,740. Those with 5-9 years of experience earned an average of $97,930.
Online MBA Programs for You
Grow your career, leadership, and business acumen with an accredited online MBA program.
What Can You Do With an MBA in Risk Management?
Bank examiners ensure their organizations follow appropriate protocols and ethical guidelines. These professionals require a strong understanding of regulations surrounding financial issues. They audit banking records, ensure company employees understand government and company regulations, and monitor financial transactions. Important skills include financial compliance, risk management, and banking. According to PayScale, bank examiners earned an average annual salary of $89,580 as of December 2021.
Senior credit analysts assess client financial data, making recommendations on providing lines of credit to individuals and businesses. Crucial skills for senior credit analysts include commercial loan knowledge, financial analysis, and risk management. According to PayScale, senior credit analysts earned an average annual salary of $69,800 as of December 2021.
Risk managers assess financial risks, safety risks, and other material concerns. Working with a single company or in a consultant role with many organizations, they perform financial audits and inspect working conditions to ensure regulatory compliance. They oversee risk management, seek solutions to ongoing issues, and ensure their company is up to date on current laws and policies. Required skills include data analysis, financial analysis, and project management. PayScale reports that risk managers earned an average annual salary of $88,820 as of December 2021.
Financial managers assess their company's financial data, monitor investments, and strategize ways to bolster their organization's financial health. They deal with financial reports, prepare statements, oversee budget-related departments, and direct strategy. Titles may include controller, treasurer, and risk manager. According to the BLS, financial managers earned a median annual salary of $134,180 as of 2020.
Risk management directors oversee risk-related activities for their organization, including finances and liability. They collaborate with executives to mitigate risk by developing strong risk management programs. They supervise staff, analyze data, and track problems that arise. Crucial skills for risk management directors include leadership, internal auditing, and security risk management. As of December 2021, PayScale reports that risk management directors earn an average annual salary of $119,150.
Online MBA in Risk Management Curriculum
Students enrolled in a top online MBA in risk management can benefit from a solid foundation in business administration and risk management skills. Curricula vary by program, and students should carefully research the school of their choice to ensure it offers the courses they need.
- Ethics and Organizational Leadership: This course gives an overview of organizational leadership theory, emphasizing ethical challenges. Students learn policy-building skills, ethical issue analysis, and leadership.
- Corporate Finance: In this class, students learn how money flows through an organization. Learners build skills in financial analysis, strategic planning, capital acquisition, and decision-making.
- Fraud Prevention and Ethics: This course emphasizes strong ethical foundations in business as a means to prevent fraud. Topics include fraudulent behavior, fraud prevention programs, and fraud prevention theory.
Who Can Apply: Administered by the Association of Certified Fraud Examiners, this award is available to full-time students studying business administration, finance, accounting, or criminal justice in an accredited program.
Amount: $1,000-$10,000
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Who Can Apply: Sponsored by the Federal Alliance for Safe Homes, the FLASH scholarships assist students studying various areas of risk management as it applies to natural disasters. One scholarship focuses on financial analysis.
Amount: $1,500
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Who Can Apply: Full-time business students in an accredited MBA program who hold a minimum 3.25 GPA qualify to apply for this award. The scholarship committee may consider renewing the reward with a reapplication.
Amount: $2,000
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Who Can Apply: This scholarship benefits outstanding scholars in finance and accounting. Candidates do not need AFWA membership to apply for this award, though chapter sponsorship may impact application performance.
Amount: Varies
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Who Can Apply: AfterCollege awards this scholarship to members who hold a minimum 3.0 GPA in a business-related program. Applicants submit a short essay detailing education, work experience, honors, and skills.
Amount: $500
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Professional Organizations for Risk Management
MBA students and graduates can take advantage of a wealth of benefits offered by professional organizations. By joining, risk management professionals can engage in active networking and continuing education opportunities. Professional organizations also distribute information such as industry news and resources. The list below offers a few examples of professional organizations for risk managers.
Dedicated to advancing the field of risk management through technology and education, RIMS serves its members through up-to-date information and best practices, a robust online community, free webinars, and mentorship opportunities.
Through research and education, GARP promotes advancements in the field of risk management. Members can access events and local chapters, online and in-person networking opportunities, industry news webcasts, and courses.
Serving financial professionals in the area of risk management, RMA deals with issues of market, credit, operations, and securities risk. Members can access local chapters, an online community, web seminars, workbooks, and career development resources.
Dedicated to advancing risk management practices through sharing information, PRMIA serves individual and corporate members through an online community, career center, worldwide events, and interest-based chapters.
Supporting finance directors, internal auditors, and insurance managers, Airmic offers regular training opportunities, a technical library, legislative advocacy, special interest groups, news, and an annual conference.
The Best Online Risk Management MBA Programs of 2022
Our ranking highlights three of the top online risk management MBA programs for 2022. You can also find more information about how we rank schools at the link below.
#1 Top Online MBA Programs in Risk Management
University of South Florida-St Petersburg
- St. Petersburg, FL
- 4 years
- Online + Campus
USFSP runs multiple locations around Florida. The St. Petersburg campus opened in 1965 on Bayboro Harbor. The school offers in-person and online programs.
MBA With a Concentration in Compliance, Risk, and Anti-Money Laundering
USFSP's online MBA builds broad knowledge in business practices. Learners develop specialized skills in business risk assessment. Candidates complete 31 credits of core MBA classes and 15 credits of risk assessment electives. The curriculum prepares graduates to earn the Certified Anti-Money Laundering Specialist credential.
The program runs asynchronously. Most students work full time and complete the degree in 2-3 years. Full-time degree-seekers can graduate in one year. Students complete most classes online. However, the program includes a two-day residency in St. Petersburg.
USFSP's Affordability
USFSP offers several partial scholarships for MBA candidates. Learners can also explore tuition-assistance programs from their employers. Accelerated degree candidates can save money on tuition by completing their MBA in fewer semesters.
Program at a Glance
- School Type: Public
- Accreditation: Southern Association of Colleges and Schools Commission on Colleges
- Tuition: $750 per credit
- Required Credits: 46 credits
- Program Length: 1-3 years
- Delivery Format: Primarily online (asynchronous) with one required campus residency
- Admissions
- Process: Apply online, submit transcripts, test scores, resume, recommendation letters
- GPA: 3.3
- Standardized Tests: GRE or GMAT
- Cost: $30
Percent Online Enrollment
66%
Percentage of all students who are enrolled online.
Accreditation
Yes
Southern Association of Colleges and Schools Commission on Colleges
#2 Top Online MBA Programs in Risk Management
Concordia University-Wisconsin
- Mequon, WI
- 4 years
- Online + Campus
A private college affiliated with the The Lutheran Church-Missouri Synod, CUW operates a main campus in Mequon. The school serves around 8,000 students annually. CUW hosts Wisconsin's largest MBA program.
MBA With a Concentration in Risk Assessment and Management
CUW's online MBA emphasizes broad business skills and experiential learning. The program builds foundational knowledge in areas such as ethical leadership and financial analysis. Learners choose from several experiential course options, including an internship, an industry leaders seminar series, and a study-abroad opportunity.
The risk management concentration trains students to identify, assess, and manage risks for business organizations. The program concentrates on both short-term and long-term financial risk management. Common classes include fraud management, loss prevention, and legal aspects of business.
At the program's conclusion, all students complete a capstone course in strategic management. The capstone includes a business simulation that draws on major program concepts.
CUW's Affordability
CUW offers many scholarships for working students and nontraditional learners. MBA candidates can apply for scholarship opportunities such as the Business Community Scholarship, the Christian Community Scholarship, and the Society for Human Resources Management scholarship.
Program at a Glance
- School Type: Private
- Accreditation: Higher Learning Commission
- Tuition: $779 per credit
- Required Credits: 36
- Program Length: 2 years
- Delivery Format: 100% online
- Admissions
- Process: Apply online, submit transcripts, resume, recommendation letters
- GPA: 2.75 GPA
- Standardized Tests: N/A
- Cost: $60
Percent Online Enrollment
39%
Percentage of all students who are enrolled online.
Accreditation
Yes
Higher Learning Commission
#3 Top Online MBA Programs in Risk Management
Utica College
- Utica, NY
- 4 years
- Online + Campus
A New York-based private college, UC serves more than 5,000 students annually. Founded in 1946, the school offers a variety of campus and online programs.
MBA With a Specialization in Insurance and Risk Management
UC's online MBA with a specialization in insurance and risk management prepares students for careers in the insurance industry. The program focuses on non-speculative risks for businesses, training students to reduce financial risk for many types of organizations.
The program includes 18 core MBA credits and 12 risk management specialization credits. Classes cover topics like property and casualty risk management.
UC's MBA program prepares graduates to earn the chartered property casualty underwriter certification. Candidates who complete relevant coursework with at least a "B" can waive some of the certification exam requirements.
UC's Affordability
MBA students can explore financial aid options like scholarships, military benefits, and corporate education partnerships. UC maintains education partnerships with many New York businesses. These partnerships may allow employees to save 10% on online tuition.
Program at a Glance
- School Type: Private
- Accreditation: Accreditation Council for Business Schools and Programs; Middle States Commission on Higher Education
- Tuition: $700 per credit
- Required Credits: 30 credits
- Program Length: 2 years
- Delivery Format: 100% online (asynchronous)
- Admissions
- Process: Apply online, submit transcripts, resume, recommendation letters
- GPA: 2.7 GPA
- Standardized Tests: N/A
- Cost: $50
Percent Online Enrollment
61%
Percentage of all students who are enrolled online.
Accreditation
Yes
Middle States Commission on Higher Education
