MBA in Risk Management

Effective risk management is fundamental for ensuring the sustainable and efficient performance of an organization. An MBA in risk management enables the students in understanding risk management through a strategic and systematic approach. The MBA in risk management degree program exposes the students to the relevant concepts in view of both financial institutions and non-financial firms. This MBA program aims to help the students in developing a knowledge base that risk managers are expected to have, an aspect that is crucial to the success and growth of an organization. This MBA program will also introduce you to real-world problems related to risk management, such as financial crises and meltdowns.

Admissions Requirements For An MBA in Risk Management
If you choose to pursue an MBA in risk management, the university or college you are applying to will ask you to fulfill certain prerequisites. These may vary from university to university, but normally have the following requirements:

  • A bachelor's degree from an accredited college or university
  • Transcripts from previous institutions attended
  • Letters of recommendation
  • A resume
  • Personal statement
  • GRE or GMAT test scores
  • Proof of English language proficiency in some cases, such as in the case of international students

Curriculum and Coursework
The curriculum of a risk management MBA degree program strongly emphasizes upon managing and addressing organizational risk, in addition to basic business practices and disciplines. The coursework focuses on building several qualities in the students such as critical analysis and thinking skills to mitigate, evaluate and identify operational, credit and financial risks etc. The coursework also aims to train students to apply the core knowledge provided by the program to real-world scenarios. Courses may vary depending on your choice of university or college but core courses may include ones such as:

  • Strategic and macro risk framework
  • Concept of risk management
  • Corporate finance
  • Market risk
  • Credit risk
  • Operational risk
  • Structured finance and risk
  • Financial crisis; causes, remedies and consequences
  • Global corporate finance and risk management
  • Enterprise risk
  • Insuring and pricing risk

Career Outlook and Job Prospects
The MBA in risk management degree program has been designed to enhance the career advancement prospects of experienced professionals and risk managers. Once promoted, these managers may have more responsibility and strategic planning tasks in managing an organization's risk.

After you complete your MBA in risk management degree program, you will have increased your chances of availing several career opportunities. These include positions in insurance brokerages, risk management consulting, corporate risk management and financial management. Job titles may include the likes of insurance underwriters and financial managers etc.

According to the United States Bureau of Labor Statistics (BLS), the annual median salary of insurance underwriters was $62,870 in 2012. According to BLS, the median salary of financial managers was $109,740 annually in 2012. BLS also projected that the number of people working as financial managers, which includes risk managers, would grow by 9 percent from 2012 to 2022, which is about as fast as the average of all occupations.


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