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.

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 Risk Management 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.
Rank School Location Cost Toggle Logo Tuition % Receiving Financial Aid Student Population School Type Description

Brenau University

Location Gainesville, GA Tuition Tuition $24,660 % Receiving Financial Aid 47% Student Population 2,883 School Type Private

Brenau University offers an MBA in management online, a 45-credit degree that requires completion of 15 courses. Applicants must have an accredited bachelor's degree with a minimum 3.0 GPA. The MBA, which includes a management certificate, prepares professionals with the knowledge and skills necessary to advance to leadership positions in their field, including the insurance industry.

Coursework includes a series of core and global topics such as budgeting for managers and cross-cultural business challenges. Students have a varied choice of major classes, including critical and creative thinking and introduction to project management.

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Carlow University

Location Pittsburgh, PA Tuition Tuition $29,700 % Receiving Financial Aid 57% Student Population 2,272 School Type Private

The online MBA in fraud and forensics from Carlow University covers the techniques and strategies for preventing and solving fraudulent scenarios, especially in the digital marketplace. Carlow graduates work for some of the world's leading firms and financial organizations, such as PNC, BNY Mellon, and Thermo Fisher Scientific.

This 36-credit degree includes courses like legal elements of fraud, white-collar crime, and fraud prevention and ethics. Carlow offers rolling admissions for graduate students. Upon acceptance, students are enrolled in a cohort; exceptions can be made to participation in this instructional model depending on a student's schedule.

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Concordia University - Wisconsin

Location Mequon, WI Tuition Tuition $27,261 % Receiving Financial Aid 67% Student Population 8,268 School Type Private

Concordia University offers a enterprise risk management MBA online that prepares students for careers in financial management and insurance underwriting. Students with a wide range of professional backgrounds from engineering to nonprofit organizations are invited to apply.

This 39-credit program can be completed in less than two years, and students can transfer up to six graduate-level credits. Courses are divided into eight-week terms, with six terms held throughout the year. Online classes take place once a week, typically in the evening or on Saturday morning. No thesis is required; instead, students complete a final capstone course in strategic management. Students must maintain a minimum 3.0 GPA during the MBA program to graduate.

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Ferris State University

Location Big Rapids, MI Tuition Tuition $27,072 % Receiving Financial Aid 66% Student Population 14,715 School Type Public

Prior to full admission, students interested in Ferris State University's online MBA program can take their first two classes without having to submit GRE or GMAT scores. The requirement for graduate test scores is waived with a prior graduate degree or sufficient evidence of leadership experience. Students complete 39 credits of core and major courses, with the option to customize a concentration through a wide choice of electives.

Ferris State offers seven MBA degree concentration options, including incident response, performance metrics, and lean systems and leadership. The degree program starts with a series of self-paced online modules in foundational areas like statistics and economics.

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Florida State University

Location Tallahassee, FL Tuition Tuition $30,420 % Receiving Financial Aid 47% Student Population 40,830 School Type Public

Florida State University provides a MBA in risk management and insurance online, with the choice to specialize further in financial planning or risk management. Applicants are required to get approval from the program director prior to declaring their risk management major. This flexible online MBA is offered part-time over seven semesters.

FSU offers three different start dates during the year, including a summer term. All online MBA candidates pay the same tuition rate, regardless of state residence. The degree program requires completion of 27 credit hours of core classes and 12 credit hours of electives. As an optional elective, students can enroll in a global business seminar with a study abroad component.

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Husson University

Location Bangor, ME Tuition Tuition $16,704 % Receiving Financial Aid 74% Student Population 3,500 School Type Private

The MBA risk management online program at Husson University, a private four-year school in Maine, focuses on the prevention, identification, and management of risks at the enterprise level. A diverse set of specialized courses allows students from healthcare and nonprofit organizations to learn relevant financial management and marketing skills for their field. Major course topics are geared toward general management, with topics like crisis management and strategic change management.

The 36-credit degree also includes more traditional management courses in areas like accounting, operations, and finance. Part-time students can complete all program requirements within two years.

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Pfeiffer University

Location Misenheimer, NC Tuition Tuition $23,580 % Receiving Financial Aid 75% Student Population 1,624 School Type Private

Pfeiffer University's online MBA provides four concentration tracks, including one in financial fraud investigations. Online courses are a blend of lectures, case-study problem solving, and small group work. Students can complete the 36 semester hours in two years or less.

Core courses cover management-oriented topics in law and ethics, organizational behavior and strategic planning, and marketing and finance. The optional concentration track includes three elective courses, including modern issues in forensic accounting theory and internal controls and corporate governance. Applicants without a bachelor's degree can participate in Pfeiffer's unique 3/2 program, which allows students to complete a bachelor's and master's degree over five years.

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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

University of Saint Mary offers a top-ranking online MBA program that can be completed in one year when students take two classes per term, with courses structured in eight-week sessions. Students complete 36 credit hours in total, which includes nine core courses and three electives.

Core courses cover areas like finance, marketing, and operations. Students can choose one of six concentrations that include leadership and organizational health, finance, and human resource management. A final capstone course in business policy and ethics provides students with the opportunity to assess an organization and implement a strategy that balances business objectives with corporate responsibility.

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University of South Florida

Location Tampa, FL Tuition Tuition $28,800 % Receiving Financial Aid 48% Student Population 42,861 School Type Public

The MBA insurance risk management online from USF with a concentration in compliance, risk and anti-money laundering begins with a three-day, in-person residency. During this on-campus component, students establish relationships with peers and faculty before completing the remainder of the program online. The program ends with a similar in-person experience, during which students present their final capstone projects and attend their graduation ceremony.

Students complete 46 credits of business foundations, core, and electives coursework, with topics that include data analytics for business and operations management and quality enhancement. Students can elect to participate in an optional practicum experience, a hands-on and supervised project that is typically completed in the student's current workplace.

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St John's University - New York

Location Jamaica, NY Tuition Tuition $43,740 % Receiving Financial Aid 56% Student Population 21,076 School Type Private

St. John's University's online MBA in insurance and risk management prepares graduates for finance management or product design positions within insurance firms. Students can enroll part- or full-time; the average full-time student completes degree requirements in 18 months. Through a final capstone project, students gain real-world experience in creating an executive summary or corporate analysis.

The degree requires completion of 36 credits, including core courses like law, ethics, and the principled path in business. Major courses in risk management and insurance cover topics in trading, life insurance, and property liability insurance. Before starting this program, online students must visit campus to attend a three-day new graduate workshop.

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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.

Search Programs by Concentration

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.