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 earn an average salary of about $94,000.
This page anchors students' search with a ranking of the top MBA programs 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.
Here are the 5 Best Online MBA Programs in Risk Management:
- Florida State University - Tallahassee, FL
- University of South Florida - Tampa, FL
- Utica College - Utica, NY
- Tennessee Technological University - Cookeville, TN
- University of Colorado Denver/Anschutz Medical Campus - Denver, CO
Top Online MBA Programs in Risk Management for 2020
|Rank||School||Location||Cost||Toggle||Logo||Tuition||% Receiving Financial Aid||Student Population||School Type||Description|
Florida State University
|Location Tallahassee , FL||Tuition $$$$$||% Receiving Financial Aid 93||Student Population 41,005||Tuition $30,420||School Type Public||
Located in Tallahassee, Florida, FSU offers an MBA with a risk management and insurance concentration. This top online MBA program requires 39 credits, with 27 including core curriculum courses. Degree-seekers learn the basics of running a successful business.
Core courses include financial reporting and managerial control, the legal and ethical environment of business, problems in financial management, and business conditions analysis. The risk management emphasis covers topics such as employee benefit plans, risk management in the business enterprise, fundamentals of risk and insurance, and personal finance planning.
Applicants must submit a current resume or C.V., two recommendation letters, and a nonrefundable application fee. FSU requires applicants to submit their GMAT scores. FSU's program is accredited by the Association to Advance Collegiate Schools of Business. The school reports that 47% of students receive some form of financial aid.
University of South Florida
|Location Tampa , FL||Tuition $$$$$||% Receiving Financial Aid 89||Student Population 43,846||Tuition $28,800||School Type Public||
Although USF's main campus lies in Tampa, Florida, this public university offers an online MBA with an emphasis in compliance risk. This program comprises 33 credits that most students complete in four semesters. Part-time learners often take three years to complete.
This program requires 16 credits of business foundation courses, 15 credits of core courses, and 15 credits of concentration requirements. Topics in the business and core courses include management information systems, marketing management, operations management and quality enhancement, communication skills for managers, and organizational behavior and leadership. Compliance risk courses cover topics that protect a business from a financial or safety crisis.
Applicants need an undergraduate degree from a regionally accredited institution or a recognized institution from a foreign country. Although USF does not set GPA requirements for applicants, strong candidates typically possess undergraduate GPAs of around 3.0. Individuals must also submit their GRE or GMAT scores. Some applicants may qualify to waive this requirement.
ConcentrationsView School Profile
|Location Utica , NY||Tuition $$$$$||% Receiving Financial Aid 98||Student Population 5,196||Tuition $26,850||School Type Private||
Located in Utica, New York, UC offers an online MBA with an emphasis in insurance and risk management. Students can take their core courses entirely online or in a blended format, which means they can take some in-person classes for face-to-face interactions with professors and peers.
This top online MBA program requires 30 credits, with 15 comprising the business core, 12 qualifying as chosen specialization classes, and three for the final capstone. The capstone allows students to apply their knowledge to a real-world business scenario.
Learners who pursue the insurance and risk management degree earn jobs as market research analysts, cost estimators, management analysts, information assurance analysts, and information security officers. Courses required for this specialization include insurance and risk management for today's professional, insuring and managing risk for the person, and property and casualty risk management for business.
UC values affordability, with 75% percent of its students receiving some form of financial aid.
Tennessee Technological University
|Location Cookeville , TN||Tuition $$$$$||% Receiving Financial Aid 97||Student Population 10,186||Tuition $11,160||School Type Public||
Located in Cookeville, Tennessee Tech is a public institution that offers an online MBA. Individuals who wish to learn more about risk management can choose the professional issues in human resources management concentration. This area emphasizes how to select proper insurance plans for employee benefits and ensure that they work in safe environments to lower risk.
Core courses cover managerial competence while concentration courses offer more area-specific information. Students examine case studies, engage in simulations, and complete research projects.
Full-time students complete this 30-credit program in one year, while working professionals can take up to six years to finish their program. Although professors teach all courses online, students must attend monthly weekend learning sessions in Nashville, Tennessee.
University of Colorado Denver/Anschutz Medical Campus
|Location Denver , CO||Tuition $$$$$||% Receiving Financial Aid 74||Student Population 25,645||Tuition $30,048||School Type Public||
CU Denver Anschutz Medical Campus offers an online MBA with a robust selection of concentrations, including a risk management and insurance concentration. This 45-credit program boasts a professor-to-student ratio of 1-to-12, although the school's average ratio is 1-to-16. Degree-seekers can complete their degree entirely online or through a combination of in-person and online courses.
Individuals can complete this top online MBA program in as few as 16 months or up to five years, depending on their external commitments. Core courses cover business basics, including leadership principles, strategic management, financial management, operations, economics, and accounting. Core curriculum also covers business law and ethics.
The risk management and insurance specialization teaches learners how to identify liabilities and mitigate risk. Students also learn what to consider when selecting insurance products for personal and commercial use.
How We Rank Online MBA Programs
Want to know how we create our rankings? We assess schools based on academic quality, affordability, online flexibility, and student success.
Quality (30% of total score)
|A low student-to-faculty ratio, a wide breadth of specialized MBA programs, and a high retention rate of students returning after their first year are all indicators of a quality university.|
Affordability (10% of total score)
|The amount of financial aid offered factors into a school's net price; this, paired with a low loan default rate, indicates that students may find a school's tuition within their budget.|
Online Flexibility (20% of total score)
|Scores for online flexibility focus on schools that have a high percentage of fully online students, but consideration is also given to schools that enroll partially online students using hybrid programs.|
Student Success (40% of total score)
|Both strong hallmarks of student success, we look for programs with high graduation rates whose students go on to have higher-than-average median earnings.|
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 16% growth in demand for financial managers between 2018 and 2028, 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 reports an average salary of $84,000 for graduates with an MBA in risk management. Entry-level risk management managers earn an average salary of $65,000. Those with five or more years of experience earn an average of $87,000.
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 earn an average annual salary of $82,000.
- 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 earn an average annual salary of $67,000.
- 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 earn an average salary of $86,641.
- 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 BLS, financial managers earned a median salary of $127,990 in 2018.
- 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. PayScale reports that risk management directors earn an average annual salary of $115,000.
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.
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.
See More Top MBA Programs
How to Choose the Right Online MBA in Risk Management Program
Students should consider a variety of factors before enrolling in a degree program. Degree type, program accreditation, flexibility, affordability, and school location can all be important elements in the decision.
In MBA in risk management programs, students receive both business administration and risk management skills. Depending on the school, learners may be able to concentrate their degree toward fraud, insurance, IT, or general risk assessment.
Students should always consider accreditation when selecting a program. Prospective MBA students may wish to seek out a school with programmatic accreditation from the Association to Advance Collegiate Schools of Business or the Accreditation Council for Business Schools and Programs.
Program flexibility also serves as an important factor in the selection process. Programs with part-time options may appeal to those already working, while others might prefer accelerated tracks. Timelines and school location can both impact affordability, as well. Some schools offer in-state tuition rates to all online students, regardless of residency.
Students should also consider whether a final thesis or internship would boost their resume or whether a program's partnerships with local businesses can help them connect with potential career contacts.
Scholarships for Risk Management MBA Programs
By seeking out scholarship opportunities through professional organizations, honor societies, local associations, and government offices, students can help to fund their MBA. The list below offers details on just a few of the scholarships available to MBA students.
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-$10,000Apply for Scholarship
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: $1,500Apply for Scholarship
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: $2,000Apply for Scholarship
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: VariesApply for Scholarship
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: $500Apply 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.