The MBA in Risk Management degree combines the broad business education that comes with an MBA degree with the specific principles and practices associated with risk management. Students gain an in-depth understanding of risk management and its related concepts, particularly in making informed decisions in high-risk, low-certainty environments, such as insurance company operations.

Risk management itself consists of several aspects, from risk identification and risk assessment to risk mitigation, monitoring and review, and communication and reporting. Risk management professionals are valued for their ability to mitigate risk and apply the best loss-prevention techniques that result in effective asset protection, decision-making processes, and organizational resilience.

At a Glance

The best online MBA programs offering a risk management concentration feature comprehensive business education combined with specialized education in security risk management and insurance principles and practices. These are excellent training grounds for current and aspiring risk management professionals who want to qualify for executive management positions, such as financial managers, or become risk management consultants and insurance underwriters.

The rigorous nature of earning an MBA in Risk Management degree starts with the selective admission process and continues with the challenging didactic coursework, residency component, and master’s thesis or capstone project.

Best Online MBA in Risk Management Programs

The business schools offering the five best online MBA in Risk Management programs are part of regionally accredited institutions and possess programmatic accreditation from one of these three agencies:

Association to Advance Collegiate Schools of Business or AACSB (International)
International Accreditation Council for Business Education or the IACBE
Accreditation Council for Business Schools & Programs or ACBSP

Regional accreditation comes from the likes of the Southern Association of Colleges & Schools Commission on Colleges, and it demonstrates compliance with higher education standards.

Florida State University

College of Business

Online Part-time MBA in Risk Management Program

Tuition per Credit: $780.18 (Resident); $810.24 (Non-resident)
Units Required: 39 credits
Program Length: 2 years
Financial Assistance Options: Federal financial aid, scholarships and grants, and loans

The AACSB-accredited MBA in Risk Management program is notable for its emphasis on an international perspective underlined by law and ethics in the field of risk management and insurance. Students apply critical thinking skills and discipline in achieving success as business and risk management professionals.

Students in the business administration program choose from two tracks – the Financial Planning and Risk Management tracks.

Courses:

Fundamentals of Risk and Insurance
Personal Financial Planning
Fundamentals of Risk and Insurance
Risk Management in the Business Enterprise

Students learn from on-campus professors, benefit from affordable tuition, and maintain a good work-life balance through flexible online classes.

University of South Florida

Muma College of Business

Online MBA in Compliance, Risk Management and Anti‐Money Laundering Program

Tuition per Credit: $750 for core, concentration and elective courses; $497 for foundation courses
Units Required: 33 credits (Without foundation courses); 49 credits (With foundation courses)
Program Length: As few as 12 months
Financial Assistance Options: Federal financial aid, corporate tuition assistance, partial scholarships and loans, and military benefits

The AACSB-recognized MBA in Compliance, Risk Management and Anti‐Money Laundering program attracts working professionals whose career advancement ambitions are in the financial services and risk management sectors. Students build a strong foundation of knowledge via the didactic coursework and demonstrate their practical skills via a capstone course that features applied cases and project work. Graduates are more than capable of being leaders in their workplaces for this reason!

Courses:

Risk Management and Legal Compliance
Forensic Accounting and Legal Compliance
Decision Process for Business Continuity and Disaster Recovery

The online program has a 2.5-day virtual mandatory residency requirement that includes an ethical leadership workshop, discussion panel, and case competition in topics like enterprise risk management and risk management and insurance.

St. John’s University

Peter J. Tobin College of Business

Online MBA in Risk Management Program

Tuition per Credit Hour: $1,280
Units Required: 36 credits
Program Length: As few as 18 months
Financial Assistance Options: Federal financial aid, scholarships and loans

The AACSB-accredited MBA in Risk Management program provides comprehensive business education that enables students to engage in informed decision-making in business settings in general and in insurance and risk management in particular. The online MBA program uses Blackboard in the delivery of learning materials, for conducting online classes, and other online learning-related activities. Students, however, must attend a 3-day, in-person Tobin Graduate Intensive Foundations workshop.

Courses:

Financial Management
Decisions in Marketing Management
Risk Management

Students gain an international business perspective that allows them the ability to manage risk in multicultural settings. Online students have access to career and mentoring services, academic resources, and library collections.

Metropolitan College of New York

School for Business

Online MBA in Health Services and Risk Management Program

Tuition per Credit: $976
Units Required: 45 credits
Program Length: As few as 12 months
Financial Assistance Options: Federal financial aid, scholarships and grants, and student loans

The ACBSP-accredited MBA in Health Services and Risk Management program emphasizes the convergence between knowledge and skills through excellence in the didactic coursework and active participation in the Start-up Incubator Program, Constructive Action activities, and the study abroad opportunity. Graduates are eligible to sit for professional certifications in the healthcare sector, such as the Certified Associate/Professional in Health Information & Management Systems certification.

Courses:

Healthcare Risk and Quality Management
Healthcare Data Analytics and Decision Support
Healthcare Services Management

Students learn about risk analytics and their effective applications in business operations in healthcare organizations.

Husson University

College of Business

Online MBA in Risk Management Program

Tuition per Credit: $548
Units Required: 36-37 credits
Program Length: 2 years
Financial Assistance Options: Federal financial aid, grants and loans, and Flex Pay

The IACBE-accredited MBA in Risk Management program trains students in the identification, analysis and evaluation of potential risks that organizations face. Their skills also include crisis management, strategic selling, and employee benefits. The MBA program features free tutoring services, mental health services, and career advising services.

Courses:

Fundamentals of Risk Management
Crisis Management
Corporate Risk Management

Students can shorten their time-to-completion by transferring up to 90 credits and customize their degree by earning certificates and badges.

Admission to Graduation: What You Need to Know About the Best Online MBA in Risk Management Programs

Online MBAs are as diverse as the working professionals that pursue them but there are general characteristics that interested individuals can expect.

Admission Requirements

Online MBA programs usually have the following admission requirements:

Undergraduate Business Administration degree (or any related field), but many just require a bachelor’s degree in any field
Official academic transcripts with minimum cumulative GPA
GMAT/GRE scores
Professional resume or curriculum vitae
Letters of recommendation
Statement of purpose or intent

Curriculum and Courses

Online MBA programs feature a core curriculum in business administration intended to provide students with a broad business education. Courses can include:

Financial and managerial accounting
Financial modeling
Financial management
Strategic management
Data analysis
Financial analysis
Marketing management
Organizational leadership

The specialized courses cover topics on risk management including:

Fraud management
Financial risk management
Enterprise risk management
Operational risk management
Insurance and risk financing
Quantitative methods for risk analysis
Legal and regulatory aspects of risk management
Strategic risk Management
Risk analytics
Risk reporting and communication

Some MBA programs also allow students to tailor their degree by choosing from several risk management elective courses.

Capstone and/or Master’s Thesis Requirements

The capstone project and/or thesis requirements in an online MBA in Risk Management program demonstrate the students’ real-world understanding of risk management and/or their graduate-level research skills. Students may work on topics like loss prevention and asset protection in risk management and insurance settings.

Due to the capstone project and/or master’s thesis requirements, the time-to-degree for an online MBA in Risk Management programs varies from one year (full-time enrollment, accelerated coursework) to three years (part-time enrollment). But it can be as long as 4-5 years, too, depending on your personal progress.

Online Learning Experiences

Online MBA programs use learning management systems (LMS) that allow students to attend online classes, interact with peers and professors in discussion forums, and access multimedia resources, among other interactive features. The most popular LMS are Canvas, Blackboard, and Moodle and these are easy to use even for beginners; tech support services along with other student support services are provided to ensure positive learning experiences among students.

Residency Requirements

Some online programs have compulsory attendance requirements for in-person, on-campus activities, usually for orientation/onboarding sessions, networking opportunities, and oral defense and presentation of capstone projects or master’s thesis.

Be sure to consider these in-person residency requirements when looking at online MBA programs – you may or may not be amenable to them.

Skills Learned

Students in online MBA in Risk Management programs develop hard and soft skills that contribute to their personal and professional development as business and risk management professionals. These include risk identification, assessment and mitigation; project management, financial analysis, and quantitative analysis and modeling, as well as decision-making and leadership skills, among others.

Tuition and Financial Aid

Note that the average cost of an MBA degree is $61,800 but it can range between $30,000 and $120,000 for a two-year program. Financial aid is a must, and it starts with filing the FAFSA and finding scholarship, grant and assistantship opportunities that top programs usually offer.

Popular Career Paths

Professionals with this MBA degree have a competitive advantage in business and financial occupations, which have an average salary of $76,570 per year. Indeed, an MBA degree can open doors of opportunities for jobs that pay well over $100,000 a year!

With a Risk Management concentration, an MBA degree can lead to high-paying, prestigious occupations like:

Risk managers who develop, implement and evaluate risk management plans for organizations.
Risk analysts whose main job includes the analysis and evaluation of risks within organizations.
Compliance officers ensure adherence to the relevant laws, rules and regulations, and internal policies of organizations.
Insurance risk managers work in corporate finance and insurance companies and analyze the potential liabilities of insurance policies, among others.

Other popular occupations are operations risk consultants, risk assurance consultants, and business continuity managers.

Frequently Asked Questions

What industries are best for graduates of online MBA programs in Risk Management programs?

Professionals with an MBA degree are welcome in both the public and private sectors, as well as in business and non-business settings. With a risk management concentration, the best industries are in financial services, healthcare, energy and utilities, manufacturing and supply chain, technology and cybersecurity, and consulting.

What are the professional organizations for Risk Management and Investment Management professionals?

Consider these professional organizations for their personal and professional development opportunities:

Risk and Insurance Management Society (RIMS)
Professional Risk Managers’ International Association (PRMIA)
Institute of Risk Management (IRM)

What are the professional certifications that Risk Management professionals can earn?

Consider these professional certifications to boost your expertise, credentials and credibility:

Certified Risk Manager (CRM)
Financial Risk Manager (FRM)
Professional Risk Manager (PRM)
Chartered Enterprise Risk Analyst (CERA)

Before you go, see the following: