Master's Degrees in Risk Management: Program Overviews
Risk management involves identifying, assessing, and managing financial, legal, and other types of risks within the business industry. Master's degree programs in the field primarily focus on communication, risk evaluation, and current issues in risk management.
Master of Business Administration with a Concentration in Risk Management
Master of Business Administration (MBA) programs that offer a concentration in risk management are primarily designed for students who already have professional experience in the field. MBA students are trained for management positions in areas such as human resources, statistics, technology, forensic accounting, and insurance. A master's degree program in risk management typically takes one to two years to complete and may be offered on-campus, online, or through a combination of both.
Admission requirements for MBA programs can vary; however, applicants must have completed a bachelor's degree. Some programs require a minimum GPA of 2.5, as well as a professional resume, letter of recommendation, and college-level coursework that illustrates a strong foundation in business or risk management.
MBA students develop analytical and assessment skills used in risk management through courses such as the following:
- Financial issues in risk management
- Property and product risks
- Cultural aspects of international business management
- Business ethics
- Research methods for measuring risks
Popular Career Options
Graduates of risk management master's programs may be eligible for high-level risk management careers, such as the following:
- Human resource specialist
- Senior risk analyst
- Risk management counselor
- Corporate risk officer
Master of Science in Management with a Specialization in Risk Management
Master of Science (M.S.) in Management programs provide a customized, research-based education in risk management. These programs typically focus on theories and applications used in insurance and risk management, while helping students develop their quantitative and qualitative thinking and research skills. Subtopics in risk management, including insurance regulation, public policy, and employee benefits, are also discussed during M.S. programs in this field.
Undergraduate coursework in related fields, such as economics, finance, business and mathematics, is usually required for admission to an M.S. in Management program. Many programs also consider GMAT scores, as well as any business, management, or leadership experience.
Students develop critical-thinking skills used in risk management through master's level courses such as the following:
- Risk fundamentals
- Risk management modeling
- Computing methods in risk
- Company operations
Popular Career Options
There are a variety of careers options available to graduates of M.S. programs that concentrate in risk management, including:
- Chief compliance officer
- Financial planner
- Portfolio risk management specialist
- Senior underwriter
Graduate certificate programs can enhance a master's degree in risk management. These programs provide specialized training in a variety of risk management topics, such as systems analysis, information systems management, and health care risk management.
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