Risk management is a professional practice that uses techniques and theories for limiting threats. Master of Business Administration (MBA) and Ph.D in Business Administration in Management degree programs may offer comprehensive education in risk management, including risk financing, insurance, and market forecasting. Both programs require at least a bachelor's degree for admission. However, admission for Ph.D programs is highly selective, and many applicants already possess graduate or professional degrees. Doctoral students are often required to complete a dissertation.
Master of Business Administration with a Concentration in Risk Management
Students earning MBAs in risk management pay special attention to concepts and techniques necessary for forecasting investment markets and economic conditions. Within the finance and insurance areas, a curriculum will delve into actuarial science, management of employee benefits, and estate planning. Students also learn advanced business theories, organizational behaviors, how to detect fraudulent financial statements, and mitigate liabilities. Graduate education in risk management master's program might involve courses in:
- Employee benefits planning
- Corporate insurance
- Computer science
- Supply chain management
- Corporate financial planning
Ph.D in Business Administration with a Concentration in Risk Management
Doctoral risk management programs generally focus on limiting financial liabilities. Topics studied include regulation, insurance, and fraud. Students in doctoral programs learn to discover fraud in financial statements and manage insurance accounts. Most risk management programs awarding doctorate degrees have candidates produce a dissertation based on original research. This advanced degree may include classes on:
- Business intelligence
- Project management
- Corporate information security
- Advanced database management
- Risk and insurance fundamentals
Popular Career Options
Individuals with graduate degrees in risk management can find employment opportunities in the money management and insurance field, such as:
- Fund manager
- Fraud examiner
- Insurance salesperson
- Insurance purchaser
Graduate degrees in risk management often lead to jobs in the insurance and finance industries. They can also be good preparation for moving up the corporate ladder or running one's own business. While data isn't collected for those with doctorates in risk management, PayScale.com reports a salary range for most risk managers of $56,000 to $129,000 per year as of 2019.
Master's degree and doctoral programs in business administration may offer concentrations in risk management. Studying this discipline at the graduate level can lead to a variety of job options in insurance, finance and business.