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What is Risk Management?

Risk management and insurance is the area of study dealing with the analysis evaluation of risk in a given situation.  In this case, risk is assessed within the context of how much a person is insured for and the type of insurance in question.

Risk management is often known in the business by the discipline of actuarial science.  Individuals in the field of risk management will use a variety of mathematical models and methods to: 1) calculate risk, 2) assign risk a monetary value, and 3) evaluate whether an object, person, or property is worth being insured.

Career Summary

MEDIAN SALARY

$67,760

PERCENT ABOVE NATIONAL
INCOME AVERAGE

45.30%

TOTAL SECTOR EMPLOYMENT

385,700

Degree Median Salary vs Adjacent Degree Types

Source: BLS, US Census, and IPEDS

2024 Best Risk Management and Insurance Training

As the state’s oldest institution of higher learning, Columbia University in the City of New York or simply Columbia University is a private Ivy League research university. The university, established in 1754, is one of the global leaders in research and distinctive academic programs for undergraduate and graduate students in different scholarly and professional fields.

The Master’s degree in Insurance Management at Columbia University School of Professional Studies is a program that prepares students for careers in the insurance business management field. The 16-month program provides advanced industry knowledge and develops strategic and operational expertise of students and professionals. Since the program is part-time and courses are available online, students and working professionals can both take the program that can help them start and advance their careers. Some of the courses in the curriculum are Claims Management, Insurance Operations, Global Legal and Regulatory Ecosystem, and Insurance Risk Management. To view the full program curriculum, visit sps.columbia.edu.

Acceptance Rate

5.45

Student to Faculty Ratio

6:1

Commonly known as Penn, the University of Pennsylvania is a private Ivy League research university based in Philadelphia, Pennsylvania. Founded in 1740, Penn is a global leader in providing rigorous academic programs to its more than 26,000 students in pursuit of innovative knowledge that can improve the lives of communities worldwide.

The Business Economics and Public Policy Department at Penn offers an Insurance and Risk Management concentration which introduces students to the risk management techniques useful to corporations, organizations, and individuals to minimize the potential losses. These include traditional insurance products as well as risk financing, risk retention, and non-insurance risk transfer. Aside from these, students learn related concepts like risk and insurance regulation, global risk management, and relevant public policy initiatives. The department also offers a Master of Business Administration in Insurance and Risk Management which includes courses on general management and specialized expertise. For more information, go to bepp.wharton.upenn.edu.

Acceptance Rate

7.66

Student to Faculty Ratio

6:1

The University of California - Los Angeles (UCLA) is a public research university that opened as the southern branch of the University of California in 1919. With a primary purpose of creating, disseminating, and applying knowledge in different disciplines, students at UCLA contribute to the improvement of the global society by committing to academic freedom and excellence.  With nearly four-thousand degree programs to select from, UCLA continues to be a leader in the academic world.  The economics and business school at UCLA offer students a full range of courses to help manage risk and grow a burgeoning business. 

Acceptance Rate

12.32

Student to Faculty Ratio

18:1

Carnegie Mellon University is a private global research university located in Pittsburgh, Pennsylvania. Founded in 1900 as the Carnegie Technical Schools, the university houses more than 14,500 students from 100 countries enrolled in top-ranked programs across 7 schools in the fields of engineering, fine arts, social sciences, computer science, business, sciences, and information systems.  Within the Tepper School of Business, students at CMU gain access to world-class curriculum.  Learning how to start a business, manage employees, mitigate risk, and market an idea are core aspects of the CMU experience. 

Acceptance Rate

15.44

Student to Faculty Ratio

10:1

Founded in 1868, the University of California, Berkeley (UC Berkeley) is a place where the brightest minds across the globe meet and collaborate to explore, inquire, and improve the lives of communities. The university, located in Berkeley, California, has been recognized as the top public university worldwide offering over 350 degree programs in different fields.  Within the Haas School of Business, students enrolled at UC Berkeley gain access to one of the top rated business programs in the country.  Collect admissions information from UC Berkeley today and find out how the exceptional programs offered can benefit you and your vocational aspirations. 

Acceptance Rate

16.25

Student to Faculty Ratio

20:1

Located in Boston, Massachusetts, Boston University (BU) is a comprehensive, private research university established by the United Methodist Church in 1839. Currently, BU houses more than 34,000 students from all over the world aiming to generate new knowledge that can benefit society by enrolling in one of the 300 programs of study offered by the university.

The Master of Science in Insurance Management at BU Metropolitan College, designed for individuals who are designated Chartered Property Casualty Underwriters (CPCUs), is a fully-online program intended to enhance expertise in insurance issues as well as general management principles such as accounting, finance, operations, and leadership. The curriculum consists of eight courses that aids professionals to acquire advanced management knowledge to successfully handle high-level responsibilities. Students may also choose to use program electives to satisfy two required courses to earn a Graduate Certificate in Administrative Sciences. Access the program curriculum at bu.edu.

Acceptance Rate

18.94

Student to Faculty Ratio

10:1

As one of the nation's leading institutions of higher education, New York University (NYU) provides support and resources needed by students to enhance critical thinking and create a dynamic learning environment. The university, located in New York City, New York, serves over 50,000 students from 133 countries across 19 schools and colleges.

Created as a one-year, part-time program, the Master of Science in Risk Management at NYU Stern School of Business covers foundational enterprise risk domains such as macroeconomic and financial, operational, organizational, technological, and legal. Topics in risk management especially those being developed and calibrated like data, privacy, and ethics, climate change and sustainability, human capital, and reputational risks. Through a blended learning approach, students utilize both synchronous or in-person learning and asynchronous or independent learning to have a better overview of risk management. To access the program curriculum, go to stern.nyu.edu.

Acceptance Rate

16.2

Student to Faculty Ratio

9:1

Bentley University is a private university in Waltham, Massachusetts offering undergraduate, graduate, and doctoral programs on business. Founded as the Bentley School of Accounting and Finance in 1917, Bentley integrates arts and sciences into business education to provide students with critical thinking and practical skills that can lead to successful, rewarding careers.

Acceptance Rate

46.72

Student to Faculty Ratio

11:1

Chartered in 1785 by the state of Georgia, the University of Georgia (UGA) is one of the oldest public land-grant research universities in the country with its main campus in Athens, Georgia. UGA, a leader in world-class education, continues to provide hands-on learning and extensive research to its students as well as extensive outreach to the community.

As one of the best, consistently ranking programs of its kind, the UGA Terry College of Business offers a Risk Management and Insurance program that leads to either BBA, MBA, or Ph.D. degrees. The Bachelor of Business Administration in Risk Management and Insurance is a 4-year, full-time program that provides extensive coursework and real-world experiences through speaking engagements of industry practitioners. The curriculum covers commercial property and liability insurance, employee benefits, insurer operations and policy, corporate risk management, and life insurance. Students have the opportunity to work and conduct internships in companies within the industry through the department’s Risk & Insurance Careers Day. Explore the program at terry.uga.edu.

Acceptance Rate

45.3

Student to Faculty Ratio

17:1

As part of the University of California system, the University of California - Santa Barbara or UC Santa Barbara is a leading public research university based in Santa Barbara, California. Officially founded in 1958, UC Santa Barbara integrates liberal arts into more than 200 undergraduate and graduate degrees and credentials.

Acceptance Rate

29.56

Student to Faculty Ratio

22:1

Considered a preeminent university in the state of Florida, Florida State University (FSU) is a public research university located in Tallahassee, Florida. Since 1851, FSU has been offering affordable, high-quality, and student-centered education to produce academically motivated, intellectually curious, and socially conscious individuals.

Offered in the Department of Risk Management/Insurance, Real Estate and Legal Studies at FSU, the Risk Management Insurance (RMI) major is one of the top-ranked programs of its kind in the country. Students gain an extensive background in risk management, life and health insurer operations and products, property and casualty operations and products, financial planning, and employee benefits. Throughout the program, students gain real-world experiences by participating in the university's Career Center and Insurance Days which is the department’s two-day program for RMI majors that provides opportunities such as internships and full-time jobs. More information can be found at business.fsu.edu.

Acceptance Rate

35.97

Student to Faculty Ratio

21:1

The University of Connecticut (UConn) is a national leader among public research universities in the country. The university is committed to providing distinctive higher education for over 32,000 students on its campus in Storrs, Connecticut. Founded in 1881, UConn is built to inspire the global community through its talented students and expert faculty to meet the needs of the global society.

The Master of Science in Financial Risk Management at UConn School of Business is a program offered part-time or full-time at Hartford and Stamford campuses. The program is ideal for professionals who desire to advance their careers by taking courses on the identification and management of various types of financial risks. The school also offers a 4+1 Master of Science in Financial Risk Management designed for current undergraduate students who want to fast-track their academic career by earning both bachelor’s and master’s degrees in just 5 years. Check the program details at risk.business.uconn.edu.

Acceptance Rate

49.42

Student to Faculty Ratio

16:1

Commonly known as Ohio State, the Ohio State University (OSU) is a public land-grant research university with campuses across Ohio. Chartered in 1870, the university’s main campus in Columbus, Ohio is one of the largest and most comprehensive campuses in the country, with a top-rated academic medical center and cancer hospital and research center all in one campus.

The Insurance major at OSU College of Business is a program offered at Columbus campus that prepares students for careers in the global financial services industry. Throughout the program, students develop the required analytical and problem-solving skills in life and health risk management, employee benefit programs, personal and commercial property liability risk management. The curriculum consists of principle, core, and required major courses such as Employee Benefit Plans, Business Law, Insurance and Risk, Insurance courses, Management Sciences, Life and Health Insurance, and Property and Liability Insurance. For more information, visit undergrad.osu.edu.

Acceptance Rate

53.74

Student to Faculty Ratio

19:1

Texas Christian University (TCU) is a private university in Fort Worth, Texas continuing its mission of providing holistic education to students from all over the world. The university was founded in 1873 as a progressive and personal college for men and women. TCU aims to educate individuals into critical thinking and ethical behaviors who will become the future leaders of society.

Acceptance Rate

47.12

Student to Faculty Ratio

N.A

As the flagship institution of the University of Illinois System, the University of Illinois at Urbana-Champaign is a public land-grant research university located in the twin cities of Urbana and Champaign, Illinois. The university, founded in 1867, has over 47,000 students from all 50 states and over 100 countries in different fields of study like medicine, engineering, business, law, information sciences, and media.

Acceptance Rate

59.03

Student to Faculty Ratio

20:1

As one of the most innovative schools in the country, Purdue University is a public land-grant research university based in West Lafayette, Indiana. Founded in 1869, It is the flagship campus of the Purdue University system. The university provides more than 200 top-ranked academic programs in the fields of science, technology, business and management, engineering, visual and performing arts, healthcare, law, and agriculture

Acceptance Rate

59.83

Student to Faculty Ratio

13:1

Founded as the Indiana Asbury University in 1837, DePauw University is a private liberal arts university located in Greencastle, Indiana. The university provides several distinctive academic programs led by extraordinary professors to help students pursue their academic and experiential goals as part of DePauw’s Gold Commitment to its students.

Acceptance Rate

64.36

Student to Faculty Ratio

9:1

Established in 1963, the University of Central Florida (UCF) is a public research university based in Orlando, Florida. With nearly 70,000 students, the university has one of the largest student bodies in the United States. UCF is also consistently recognized as one of the most innovative colleges in the country as it aims to fuel academic excellence and provide learning opportunities to create a better future for the world.

Acceptance Rate

44.36

Student to Faculty Ratio

30:1

Known for its academically excellent, Christ-centered education, Geneva College is a four-year, private Christian liberal arts college based in Beaver Falls, Pennsylvania. The university, founded in 1848, is governed by the Reformed Presbyterian Church of North America. Geneva offers 145 undergraduate programs of study in the arts, sciences, and professional studies.

Acceptance Rate

53.23

Student to Faculty Ratio

12:1

With more than 19,500 students, Baruch College is a public college under the City University of New York system with a very diverse community of scholars and professionals. The college, founded in 1847 as the Free Academy which is the first free public college in the United States, embraces academic excellence, accessibility, and opportunity for students around the world.

Acceptance Rate

43.47

Student to Faculty Ratio

18:1

Founded in 1884, Temple University is a top-tier public research university based in Philadelphia, Pennsylvania. With roughly 35,000 students, the university provides a dynamic and nurturing learning environment to help them prepare for their careers in their chosen fields and make a real impact. The university’s motto is “Perseverance Conquers” which reflects its dedication to excellence in academics, research, the arts, and more.

The Bachelor of Business Administration degree in Risk Management and Insurance at Temple’s Fox School of Business provides students with the required knowledge, skills, and technical expertise in controlling, identifying, and managing risks. Students are exposed to issues in different aspects such as property-liability risk, human capital risk, and international risk. Aside from these, concepts like retirement planning, risk financing, health and welfare employee benefits, and enterprise risk management are well-covered in the curriculum. Students may choose from three tracks within the program: Employee Benefits, Healthcare Risk, or Property Liability and Corporate Risk. At the end of the program, students become experts in mitigating risks through insurance and risk transfer mechanisms through a combination of innovative coursework and real-world experience. Explore the program curriculum at temple.edu.

Acceptance Rate

60.04

Student to Faculty Ratio

14:1

Recognized as one of the best institutions of higher learning in the Midwest, Drake University is a mid-sized, private university based in Des Moines, Iowa. With an enrollment of nearly 2,000, the university offers 70 undergraduate majors and minors, 22 graduate programs as well as continuing education across 7 schools and colleges.

Open to all undergraduate students, the Insurance concentration at Drake’s College of Business and Public Administration provides students with a basic knowledge of the concepts and efficient uses of insurance. Since the concentration is open to all students regardless of their major, the program aims to equip students with adequate knowledge and skills to prepare them for initial employment within or outside the industry. The required courses to gain the concentration are Personal Risk Management, Business Risk Management, and Insurance Company Operations. Graduates with this concentration can enter positions that involve underwriting, claims, marketing, and risk management. Read more about the program at drake.edu.

Acceptance Rate

67.64

Student to Faculty Ratio

10:1

Brigham Young University (BYU) is a private research university in Provo, Utah which is owned and operated by The Church of Jesus Christ of Latter-day Saints. The university aims to provide a spiritually strengthening, intellectually enlarging, and character-building education to nearly 34,000 undergraduate and graduate students for their personal success and global life improvement.

Acceptance Rate

67.49

Student to Faculty Ratio

N.A

Since its founding in 1861, North Central College has been a place where bright minds collaborate and generate new ideas together that lead to unlimited possibilities. The college offers more than 65 undergraduate and graduate programs grounded in the liberal arts and sciences serving more than 3,000 students in becoming the leaders of both their careers and communities.

Acceptance Rate

53.64

Student to Faculty Ratio

14:1

Loyola University Chicago is one of the largest private Jesuit research universities in the nation located in Chicago, Illinois. Founded in 1870 as the St. Ignatius College, Loyola currently has three campuses in the state namely Lake Shore, Water Tower, and Health Sciences, and one campus in John Felice Rome Center in Italy which is considered one of the largest centers for international education in the arts and sciences in Western Europe.

The 12-course Next-Generation MBA program at Loyola’s Quinlan School of Business is composed of eight required core courses which include Data-Driven Decision Making, Project Management, Decision Strategy, and Business Consulting Project as well as four electives which can be chosen based on the student’s interests. Students in the MBA may choose from a variety of concentrations like Economics, Finance, and International Business. The MBA in Risk Management is one of the newest disciplines offered by the university. The concentration focuses on the latest principles and practices in calculating and mitigating risks to appropriately leverage business opportunities. Students need to finish the required concentration courses namely Valuation, Derivative Securities, and Interest Rate Risk Management. Go to luc.edu to check the entire program curriculum.

Acceptance Rate

67.22

Student to Faculty Ratio

14:1

Top Risk Management Degrees

For students looking to grow in risk management and insurance, there are a variety of tracks to pursue.  Some colleges will list degree programs as risk management while others as actuarial science, management science, management information systems, information systems, knowledge management, or information resources management.

With overlapping curriculum, the aforementioned degree programs may be available at a variety of colleges and universities.   The objective of a risk manager is to prudently manage risk by utilizing robust analytics and knowledge in business, finance, economics, statistics, and mathematics.  Top degree programs in risk management include the bachelor’s degree and the master’s degree.

Bachelor Degrees in Risk Management

Online bachelor degrees in risk management are conferred as Bachelor of Science (BS).  Students may be able to elect an actuarial track or a business track in risk management.

Both programs will have similar core studies with an emphasis in business principles for the latter.  Bachelor degrees are 4-year programs for full-time students with part-time students taking longer to complete.  The bachelor degree will blend liberal arts classes such as history, communications, art, philosophy, and psychology with core programs.

Core classes in risk management will vary by school but will generally teach very similar principles from college to college.  Examples of classes in the BS track with a business bent include applied statistics, interest theory, risk theory, risk management, life contingencies, investment principles, credibility, simulation, data smoothing, stochastic modeling, survival models, derivatives, futures, options, financial economics, property insurance actuarial science, differential equations, and linear algebra.

Master Degrees in Risk Management

An online master degree in risk management is typically a 2-year program for full-time students.  Degrees in the field are conferred as Master of Science (MS) at most colleges.   Master degrees will typically carry a thesis or non-thesis option.

Students electing the non-thesis option will need to select approved classes to offset the thesis project.  Master’s degree students will select an area of emphasis with classes following the area of concentration.  As an example, a graduate student may choose to pursue risk management with an emphasis in computer science, economics, insurance, statistics, finance, or mathematics.

Academic advisors will work with each student to define courses given a defined area of emphasis in risk management.  Graduates from the risk management program can launch careers in a variety of industries that include insurance, banking, investing, finance, re-insurance, accounting, consulting, or research.

College Requirements for Risk Managers

Risk management involves a large amount of math as well as an understanding of the insurance field. Education is typically pursued at the bachelor level, either in risk management or a related field, such as statistics, mathematics or other.

Individuals will have to pursue certification upon completion through one of two certifying bodies: The Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA), which provide certification based on the type of risk management one wishes to pursue. A curriculum in risk management may include:

  • Risk Management Methodologies
  • Statistics & Statistical Analysis
  • Logic & Reasoning
  • Big Data & Database Management
  • Calculus & Applied Math
  • Mathematical Modeling
  • Analyses and Reporting

Schools should be chosen based on the quality of education offered, typically signalled by the business department for a particular institution. Proper research and investigation should reveal whether the program offered is up to date and properly prepares individuals for certification upon completion. Strong math programs, as well as insurance and accounting courses can also be good indicators for the quality of the education offered.

Employment Opportunities for Risk Managers

As methods for risk management become more and more reliable, including technology that allows for better analyses and assessment by an individual, the demand for professionals in this field is expected to increase.

The largest growth sector for this field is in consulting, which has individuals assessing risk on behalf of clients, such as large businesses, in order to provide accurate and helpful information from which decision may be made. Some areas will experience less growth due to diminishing demand and increased information consolidation.

Risk Management Resources

Resources in the field of risk management beyond college are typically national associations.  Non-profit organizations and associations help provide support and professional development for their constituents.  Top-tier associations such as the RMA and the PRMIA provide member benefits not found elsewhere in the industry.

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