A risk management specialization within a Master of Business Administration (MBA) degree can prepare businessmen and women to manage and reduce organizational liability. A bachelor's degree is typically required for admission. Although some schools don't require a major in business, candidates could be expected to have at least two years of business-related work experience. Prospective students are also generally expected to submit scores from the Graduate Record Examination (GRE) or Graduate Management Admission Test (GMAT). In addition to standard business coursework, students explore topics like insurance risk management and financial risk. Some programs include field experiences or other hands-on training opportunities, in addition to lecture-based classes. Graduates are often prepared for opportunities in insurance brokerage and corporate risk management.
MBA in Risk Management
Individuals pursuing this MBA gain advanced business knowledge in finance, marketing and management as those areas relate to insurance, and employee retention. Students in a 2-year degree program are typically expected to take business courses in organizational behavior, resource management and managerial accounting. Programs can be geared toward students interested in insurance underwriting and risk theory.
Students learn about the financial impact of employee benefits, pensions and group insurance, and they study risk management as it applies to financial derivatives, speculative markets and options strategies. Courses within the program could include:
- Corporate finance
- Worker benefits
- Corporate risk management
- Financial analysis
- Business ethics
Popular Career Options and Salaries
Graduates are typically qualified for employment with insurance firms, consulting firms or in the liability departments of a variety of businesses. Because an MBA degree covers topics in general business, graduates can also seek opportunities in finance, marketing, human resources, management and numerous other business-oriented positions. Possible job titles could include:
- Risk management consultant
- Labor relations manager
- Organizational planning director
- Inventory administrator
- Benefits and wage manager
In September 2019, PayScale.com reported the median annual salary for risk management consultants as $74,159. The website also reported the median annual salary for labor relations managers at $92,224 and inventory managers earned a median annual income of $52,621.
After completing an MBA degree program in risk management, those interested in broadening their employment options can enroll in graduate certificate programs to expand their resume or keep abreast of current business trends. Certificate programs available to MBA graduates can include specializations in finance, information systems, management and marketing.
An MBA program in risk management prepares students for a variety of work options in the business field. Graduates may also pursue certification programs to further increase their career prospects.