Risk is a vague concept, while being very clearly defined as well. It is vague because it can involve so many different things. It can involve liability in legal matters, shaky financial markets, injuries from natural causes or accidents, results from accidents and more. Graduates from an MBA in Risk Management are ready to identify potential risks across the board and minimize these, with a focus on private sector and public organizations.
What We Do
Most graduates from this program work in management positions, focusing on operations and administration. Calculating risk is now a vital and central aspect of profit margin control. As a result, those who hold this MBA degree have a truly competitive edge in today’s market. They evaluate, analyze and help to minimize risks in a company. This can focus on security management, employment law, auditing, industrial safety, environment, workers’ compensation, emergency risks, compliance legislation or prevention planning to name but a few.
Most graduates work in a legal field, understanding how regulations affect the liabilities of the company they work for. Additionally, there is a very strong focus on environmental hazards, as new legislation is almost constantly released to make business go more green. Furthermore, most graduates start to have a global focus, as safety standards have to be maintained not just nationally, but internationally as well.
Why It’s Hot
The U.S. Bureau of Labor Statistics classes risk managers as insurance managers. They earned an average of $62,870 per year on a bachelor’s degree in 2012. Salaries are much higher for those who hold an MBA. Unfortunately, there is not any sustained growth in the field at the minute. However, many people with a risk management MBA do not work in insurance, choosing instead a variety of other industries. There, growth is expected to be much stronger.
Demand for risk managers is increasing rapidly. This is because highly complex risks now run across the world. They can be environmental, financial, political, social and so on. Those who hold a master’s degree that allows them to focus on risk management and risk reduction are in the highest demand of all. This is particularly true if their degree also gives them a focus on economics, business and finance, which is precisely what an MBA offers.
Work Environment
Most risk managers work in offices. However, they will also frequently have to attend sites, where they can assess risks. Furthermore, as the world is becoming smaller, they may also have to travel a lot. This can be because they work for multinational companies, or because they want to share best practices with others. The majority of graduates work full time and they often work more than 40 hours a week. They may also be called out if a disaster has happened.
How to Do It
In order to earn an MBA in Risk Management, you will need to have completed a four year bachelor’s program first. Various majors can be beneficial, including those relating to the environment, finances, insurance or law, for instance. Admission to MBA programs is incredibly competitive, and your average GPA and overall scores on your bachelor’s degree will weigh heavily, as will how well you do on the GMAT exam. Additionally, it is recommended to apply for a number of different schools, thereby increasing your chances of being accepted to one of them.
One on-campus option you may want to consider is Terry College of Business’s full time MBA with a concentration in risk management. This degree recognizes how important risk management is when looking at the economic health of an entire country, business or individual. The curriculum looks at major events during the past 10 years, which have increased recognition of the importance of risk management. Graduates are in high demand as organizations understand that their knowledge is critical to the success of their business.
MBA in Risk Management Online
Here are some of the best available programs for an Online MBA Risk Management:
- *Online MBA Risk Management– Northcentral University – This program provides a technological advantage to business professionals seeking higher education for career advancement. The program trains in insurance, risk management, financial topics, compliance, and related topics and issues. Students can choose other designations or degree tracks, as well.
- *Online MBA Insurance Risk Management– Colorado Technical University – Ranked among the Best Online Programs by U.S. News and World Report, this program focuses specifically on insurance risk management and helping students find the appropriate resources to master risk management within the insurance sector at the managerial level. There is no GMAT required for any of CTU’s MBA programs.
- MS Business Continuity, Security, and Risk Management– Boston University- Although it isn’t an MBA, the MSBCSRM program ensures that students have the advanced knowledge to sustain any company. The goal is to reduce risks and learn effective strategies for continuity and security in any organization.
- MBA Fraud Examination– Argosy University– A program that emphasizes action, leadership, and developing solutions for specific areas of focus. The fraud examination specialty focuses on fraud and managing risk from this perspective.
- MBA Corporate Compliance– Argosy University– An MBA program focused specifically on Risk Management from a compliance perspective. It focuses on developing effective solutions, compliance tracking and assessment, and other principles to keep a business compliant and reduce its corporate risks.
- MBA Health Risk Crisis Compliance- Brandman University– A degree in risk management that focuses specifically on the healthcare industry, health risks, and crisis management and compliance to reduce risk within various areas of healthcare.
- MBA Risk Management– Altierus Career College– This program focuses on offering advanced training for business professionals while allowing them to learn at their pace to gain training and skills in risk management at a higher level. This offers career advancement with relevant, updated training.
- MBA Risk Management– University of Liverpool– The degree focuses on providing advanced risk management principles and helping mid-career professionals to learn advanced management and risk factors, as well as specific areas of focus and other relevant courses.
- MBA Management– American InterContinental University– This program offers a variety of specializations for working professionals, including Risk Management studies, to help achieve higher career goals and move forward in careers within the business industry. Compliance, risk assessment, management, and operational training are all included.
- MBA Risk Management– Keller Graduate School of Management– This program is a leading option for mid-career professionals looking for an online degree in their field of choice. The risk management program focuses on liabilities, compliance, financial risk, and other topics that are relevant to the field to help advance their careers and provide future growth and opportunities.
- MBA Risk Management– Baker College Online– Baker offers a variety of MBA programs, including studies and courses in Risk Management, providing professionals with the proper training and skills to get an education that will advance their career in the right direction. All skills and knowledge are included in training to ensure a comprehensive education is achieved.
- MBA in Risk Management– University of Texas, Austin– This school offers a program in risk management through the McCombs School of Business. Students can choose to declare an MBA or pursue a risk management degree through the Department of Information, Risk, and Operations Management.
- MBA in Risk Management– Western Governors University– This school offers a degree in risk management, along with general MBA studies, information technology management programs, and other business studies. The advanced training is focused on ensuring that mid-career professionals have access to career advancement as they desire it, including in areas of risk and information management.
- MBA- Risk Management– Ashford University– Ashford is a leading online university that provides a variety of MBA programs for mid-career professionals. The risk management programs are designed to provide relevant training and experience for careers in various areas of business, insurance, and finance.
- MBA Risk Management– Independence University– This leading distance learning school provides students with a chance to get a professional education for less. The program is designed to cover all basic elements of business study, including risk and insurance management, compliance, financial issues, and more.
- MBA Risk Management– University of North Carolina– UNC has some of the best online MBA programs available, providing top business education to MBA students who are in the midst of their careers. The courses focus on all necessary advanced business topics for careers in insurance, finance, and other business areas associated with risk management. UNC Is ranked as one of the most expensive MBA programs in our America’s Best Online MBA programs ranking report.
- MBA Risk Management– Florida International University– A leading online school, this university offers a selection of MBA programs for students that are convenient and scheduled around their professional lives. The program covers financial topics, advanced business topics, and risk management training for advanced careers in business.
- MBA, Multidisciplinary– Post University– Post University is a top university in the world of online education. Its MBA program features a multidisciplinary approach that can be focused in areas like Risk Management for mid-career professionals who want to advance their training and career future with advanced business training and practices.
Pros & Cons
Pros:
- Risk management skills are in high demand and span all industries and businesses.
- You are able to work on an international level, bringing the globe together.
- You can work in truly exciting fields.
- The results of your work are highly visible and will make you feel proud, as well as earning you the respect of your peers.
Cons:
- It can be costly, in terms of both time and money, to complete an MBA in Risk Management.
- While demand is increasing, some businesses are still reluctant to hire executives to manage their risks.
- The chance of burnout is high.
Financial Aid
- UNIGO’s Zombie Apocalypse Scholarship – A fun scholarship that encourages students to think creatively about how a zombie apocalypse could be survived. The most original answer is awarded $2,000 towards their education. Applicants must be over 13 and U.S. citizens. Additionally, they must be enrolled in an institute of higher education.
- Scholarship For Aggressive Scholarship Applicants – Debt.com wants to show people that financial independence is possible by being empowered to take control. Hence, they will give $500 to students who have applied for various other scholarships as well. Students must demonstrate that they have applied for as many scholarships as possible, thereby demonstrating they want to achieve financial independence.
- AIMCO Cares Opportunity Scholarship – A scholarship that has been created through the NLHA Education Fund. It is available to those who live in social and affordable housing, thereby ensuring they are also able to attend college and improve their life. The scholarship must benefit students by allowing them to pursue opportunities in higher education.
- Mahin Bina Memorial Scholarship – This scholarship is available to those who have served time in prison and who are demonstrating that they want to be true contributors and leaders in their community. The scholarship was developed by the End Violence Project, founded by Mahin Bina. Bina believed every person wants to be a contributing member of society who wants to make a difference to their community, and that their past circumstances and behaviors should not tarnish their future. She wanted to stop the cycle of violence, helping people transform their lives when they come out of prison.
- American Indian Science and Engineering Society – Various scholarships for students from an American Indian background.
Career Paths
- Insurance underwriters: helping to decide whether someone or a business is able to obtain insurance and, if so, at what premium. They will also look at those who are classed too risky to receive insurance. For instance, those with dangerous lifestyles are much more difficult to ensure. Underwriters spend a lot of time interviewing people, performing online searches and working with complicated mathematical formulas.
- Claims investigators: working together with an insurance company to find out whether or not a claim is in line with the rules of coverage within the policy. An investigator will look at an individual case in order to determine whether the claimed amount is reasonable considering the damage. They often work together with other experts in order to identify fraud. At the end of their work, investigators will either approve or deny payment.
- Financial managers: Monitoring investments and financial reports. This role is incredibly varied, with some managing cash, others managing credit and still others investigate financial risks. The goal is to make sure that financial losses are as low as possible.
- Disaster managers: Working for various organizations, including government bodies, to identify potential risks and come up with ways to minimize this should the disaster actually occur. In many cases, this has to do with environmental hazards, although there is now also a focus on disease management and acts of terrorism.
Further Reading
- The Institute of Risk Management Publications
- Risk Management Magazine
- Journal of Risk Management
- Risk.net
- Risk Books
Suggested Websites
Six websites with helpful resources for those working in field relevant to an MBA in Risk Management
