Get information about Master of Business Administration (M.B.A.) degree programs in Risk Management and their education requirements, coursework, career choices, wage outlook, and continuing education choices.
Master of Business Administration (M.B.A.) Programs in Risk Management
Businessmen and women who complete a risk management specialization within the Master of Business Administration (M.B.A.) degree can expect to be adept at managing and reducing organizational liability. Apart from standard business coursework, topic areas such as financial risk and insurance risk management are also covered. Hands-on training opportunities, including field experiences, are included in some programs, in addition to classroom lectures. Students typically complete these programs in two years. Graduates can usually seek opportunities in corporate risk management and insurance brokerage.
Admission criteria typically require incoming students to hold a bachelor’s degree. Although a bachelor’s degree could be in any major, some schools expect candidates to have at least two years of business-related work experience. Students may also need to submit scores from the Graduate Management Admission Test (GMAT) or Graduate Record Examination (GRE).
Coursework is devised to impart advanced business knowledge in management, marketing and finance, as relating to risk financing, employee retention, general liability and insurance. Schools typically expect students to take business courses in managerial accounting, organizational behavior, and resource management. Programs can be for those interested in risk theory and insurance underwriting.
Students learn about the financial impact of group insurance, pensions, and employee benefits, in addition to risk management as applicable to financial derivatives, options strategies, and speculative markets. Participation in a practicum or internship experiences may also be included. Core coursework may cover subject areas such as:
•Corporate risk management
•Supply chain design
Program graduates can seek jobs in the liability departments of various businesses, in addition to consulting firms and insurance firms. As MBA programs feature topics in general business, graduates are trained to seek opportunities in several business-oriented positions such as management, human resources, marketing and finance. They may pursue possible job titles such as:
•Organizational planning director
•Benefits and wage manager
•Labor relations manager
•Risk management consultant
In December 2013, risk management consultants brought in an average annual wage of $78,009. Over the same time-period, labor relations managers and inventory managers earned respective average annual wages of $94,244 and $44,550.
Continuing Education Choices
Program graduates may seek continued education to broaden their career options by enrolling in graduate certificate programs whereby their resume will grow, and they can stay informed about current business trends. MBA graduates can avail certificate programs such as specializations in marketing, management, information systems, and finance.