Top Online MBA Programs in Risk Management

| OnlineMBA.com Staff

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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.

Online MBA Programs for You

Grow your career, leadership, and business acumen with an accredited online MBA program.

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.

What Can You Do With an MBA in Risk Management?

Bank Examiner 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 Analyst 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 Manager 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 Manager 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 Director 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.
Ritchie-Jennings Memorial Scholarship Program

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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FLASH Scholarships

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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Mary Elizabeth Lockwood Beneventi MBA Scholarship

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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Accounting and Financial Women's Alliance Scholarships

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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AfterCollege Business Student Scholarship

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

Apply for Scholarship

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.

The Risk Management Society

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.

Global Association of Risk Professionals

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.

Risk Management Association

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.

Professional Risk Managers International Association

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.

Association of Insurance and Risk Managers

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.

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