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.

Here are 10 of the Best Online MBA Programs in Risk Management

Find out more program information

Why Should You Get 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

Online MBA in Risk Management Curriculum

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%

What Can You Do With an Online MBA in Risk Management?

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.

Schools Offering an Online MBA in Risk Management

Rank School Location Cost Toggle Logo Tuition % Receiving Financial Aid Student Population School Type Description
Brenau University
Location Gainesville , GA Tuition $$$$$ % Receiving Financial Aid 47 Student Population 2,883 Tuition $24,660 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 $$$$$ % Receiving Financial Aid 57 Student Population 2,272 Tuition $29,700 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 $$$$$ % Receiving Financial Aid 67 Student Population 8,268 Tuition $27,261 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 $$$$$ % Receiving Financial Aid 66 Student Population 14,715 Tuition $27,072 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 $$$$$ % Receiving Financial Aid 47 Student Population 40,830 Tuition $30,420 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 $$$$$ % Receiving Financial Aid 74 Student Population 3,500 Tuition $16,704 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 $$$$$ % Receiving Financial Aid 75 Student Population 1,624 Tuition $23,580 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 $$$$$ % Receiving Financial Aid 65 Student Population 1,427 Tuition $21,528 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 $$$$$ % Receiving Financial Aid 48 Student Population 42,861 Tuition $28,800 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 $$$$$ % Receiving Financial Aid 56 Student Population 21,076 Tuition $43,740 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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How to Choose an Online MBA in Risk Management Program

  • Search for Schools in Your Area

    With thousands of universities to choose from, many students feel overwhelmed by their options. Choosing a school near home can prove beneficial. For example, students can study in the library, take advantage of in-person office hours, or attend on-campus events. Plus, it can prove more affordable to attend in state, since schools typically offer students who live in state cheaper tuition.

  • Ensure the School's Admission Requirements Meet Your Expectations

    Business schools require different GMAT scores, undergraduate degrees, bachelor's GPAs, and work experience. Students should only apply to universities if they meet the minimum requirements. Students who do not want to take the GMAT may find schools that do not require it or waive it for specific applicants.

  • Compare Student Outcomes Data

    An enterprise risk management MBA online can open doors. Learners can use student outcome data to discover what types of opportunities each program provides. These statistics tell candidates how many enrolled students graduate, how long it takes them to do so, what job titles graduates earn, and how much money they make on average. These facts give learners a general idea of a program's possibilities.

  • Estimate the Expected Costs of Your Program

    An MBA in insurance risk management online is a serious investment of time and money. As such, learners should consider all costs associated with each program. Candidates should examine tuition costs per hour and how many credits they need. Include any transfer credits you completed and all prerequisites you need to start a program. Also consider any school-specific costs and credits, such as textbooks, course materials, and scholarships from institutions.

  • Check That Classes Will Fit in With Your Schedule

    Many MBA in risk management and insurance online programs offer asynchronous classes. Students watch recorded videos anytime, so long as they complete assignments before deadlines. However, other programs provide synchronous courses. Learners must log into live video chats at specified times. These schools often offer classes on nights and weekends.

  • Look for Partnerships With Local Businesses

    An MBA in risk management online program can launch a career. Many schools work with nearby or global businesses. These partnerships give learners access to weekend workshops, internships, guest lectures, and networking events. Students who want to meet risk management professionals should choose institutions that cooperate with such businesses. Some school-to-company partnerships allow current employees to enroll in online MBA in insurance and risk management programs with additional benefits, such as reduced tuition.

  • Make Sure the Program Is Accredited

    Before learners enroll in programs, they should check accreditation statuses. Students should only choose schools with institutional accreditation. Without this regional or national credential, degree candidates cannot know that their courses provide a rigorous education. Furthermore, graduates from such institutions may not qualify for national certifications. Some schools with institutional credentials also earn programmatic accreditation from the Association to Advance Collegiate Schools of Business or the Accreditation Council for Business Schools and Programs .

  • Talk to Current Students And/Or Recent Alumni

    Consider the reviews of the school from current students and recent graduates. They can offer insight a school's website cannot. Candidates can find reviews online, talk to alumni in social media groups, and shake hands at networking events. They should find answers to any lingering questions that may affect their decisions.

What Certifications and Licenses are Needed for a Career in Risk Management?

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.

Resources for MBA in Risk Management Students

Risk Management Scholarships

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.

Other Online MBA Programs That May Interest You

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