Risk management is one of the fastest growing sectors in the business world. It involves identification, assessment, and prioritization of risks to enable organizations to maximize business opportunities. It also involves monitoring and minimizing the possibility of disastrous events faced by organizations. Professionals in risk management may have a stable job market with competitive wages because of their value to organizations at which they work. Candidates may prepare for a career in risk management by obtaining various risk management degrees.
These degrees are offered through both on campus universities and online programs. Online programs have additional benefits for students in that they provide a flexible learning experience. This may suit the needs of professionals who would prefer self-paced programs due to their busy schedules. Online programs may also save time and costs of travel to campuses, and could be less expensive as compared to campus-based programs. The first requirement of a risk management career is to obtain a bachelor's degree. The degree may be in a field related to risk management, such as finance, economics, or statistics. Graduates may be able to get entry level jobs after their bachelor's degree; however, to advance in the field, a master's degree in risk management may be required.
In a master's degree program, candidates receive specialized training in risk management. They are provided with in-depth knowledge on insurance, casualty, loss prevention, liability, and risk theory. Various types of master's degrees may fulfill the career requirements of risk management, such as Master of Science in risk management, Master of Business Administration (MBA) in risk management, MBA in finance, and MBA in accounting.
MBA in Risk Management
The MBA program in risk management prepares candidates for a versatile career in business risk management. It combines knowledge and practice of risk management with other business management disciplines.
Curriculum
The curriculum may include concentration courses in risk management along with general business administration courses.
The coursework in risk management may include, but not be limited to, the following:
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Fraud Management
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Legal Aspects of Business
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Statutory Accounting
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Securities Analysis
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Risk Management and Insurance
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Securities Analysis
The business management courses may include the following:
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Managerial Economics
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Corporate Finance
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Applied Statistical Models
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Business Ethics
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Financial Analysis for Decision Making
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Organizational Behavior and Leadership
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Human Resource Management
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Strategic Management
The above mentioned curriculum is typical for many risk management MBA programs. However, please note that the courses may be slightly different, but they will generally teach the same information.
Career Opportunities
MBA graduates in risk management may find employment in various management and decision making positions in organizations. The following list are some of the jobs pursued by graduates:
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Risk Management Specialist
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Actuary
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Insurance Claim Manager
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Compliance Supervisor
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Loss Control Agent
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Quality Control Coordinator
Actuaries perform the challenging task of analyzing costs of uncertainty and risks. Their job involves using finance theory, mathematical, and statistical techniques to determine the probability and cost of risks faced by their clients. They also assist their clients in developing business policies which minimize risk. According to the US Bureau of Labor Statistics (BLS), the median annual wage of actuaries was $93,680 in May 2012.