Written By - Shannon L.

Edited By Darryl S.

Review & Contribution By Dixie Brown

In every human endeavor, there’s inherent risk. Broadly defined as the likelihood of adverse events, risk management safeguards the interests of stakeholders, society, and businesses, mitigating negative repercussions. Essential in today’s corporate landscape, effective risk management demands expertise in various domains like statistics, finance, and actuarial science. The Master’s in Risk Management online equips students to identify, anticipate, and manage risks, applying theories to real-world scenarios. Focused on loss prevention and mitigation, the program enhances academic capabilities critical to employers’ long-term success. In a world marked by uncertainty, this master’s program addresses the need for skilled risk management professionals in both public and private sectors.

Masters in Risk Management Online

Table Of Contents

Featured Online Programs

Southern New Hampshire University

PROGRAM: Online Masters Degrees

Southern New Hampshire University is a private, nonprofit, accredited institution with more than 3,000 on-campus students and over 60,000 online students, making us one of the fastest-growing universities in the country. Founded in 1932, we’ve been relentlessly reinventing higher education ever since and have gained national recognition for our dedication to helping students transform their lives and the lives of those around them.

We’re proud to provide affordable, accessible education that students can pursue on our 300-acre campus in Manchester, NH, over our innovative online platform or at our regional centers in Manchester, Nashua, Portsmouth and Salem, NH, and Brunswick, ME.

SNHU has earned the GetEducated.com Best Buy and Best of Business – Best Online Degree awards and is consistently ranked as a top Military Friendly® School by G.I Jobs®.

The Best Master’s in Risk Management Online Programs

Risk Management is usually studied in business schools. Finding a program that suits individual needs and professional goals and offers quality and credibility is challenging. The OMC team has meticulously researched and evaluated numerous risk management programs, considering factors such as affordability, faculty expertise, and program features. The goal is to provide comprehensive insights into the best programs, aiding prospective students in making informed decisions about their academic and professional pursuits. Please refer to the dedicated page for a detailed understanding of the methodology and ranking criteria. Here is a list of the best online master’s in risk management degree programs:

<a href="https://www.onlinemasterscolleges.com/masters-in-risk-management-online/">Masters in Risk Management Online </a>

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College Name & AddressTuitionGraduation Rate
University of Washington
1400 NE Campus Parkway, Seattle, Washington 98195
Indiana University, Bloomington
107 South Indiana Ave., Bloomington, Indiana 47405
Columbia University in the City of New York
West 116 St and Broadway, New York, New York 10027
Boston University
One Silber Way, Boston, Massachusetts 02215
Mercyhurst University
501 E 38th St, Erie, Pennsylvania 16546
Thomas Jefferson School of Law
701 B Street – Suite 110, San Diego, California 92101
Norwich University
158 Harmon Drive, Northfield, Vermont 05663
St. John’s University
8000 Utopia Pky, Queens, New York 11439
Albany Law School
80 New Scotland Avenue, Albany, New York 12208
Purdue University Global
2550 Northwestern Avenue, Suite 1100, West Lafayette, Indiana 47906

Source – Integrated Post Secondary Education Data System & University Data
*Tuition rates are for in-state and per year. Program specific rates may apply.
**NA – data not available

What Master’s in Risk Management Online Programs Entail

A master’s degree in Risk Management typically includes lectures, seminars, tutorials, and workshops. Some universities periodically host industry professionals as guest speakers. Exams, written assignments, presentations, and research projects will likely be part of assessment techniques adapted to each module’s requirements.

The Risk Management degree program prepares students for leadership and professional roles by providing theoretical and practical knowledge. Students will graduate with the knowledge, skills, and understanding of various risks, such as macroeconomic, financial, operational, organizational, technical, regulatory, and legal risks. The program covers aspects like data, privacy, ethics, climate change and sustainability risk, human capital risk, and reputational risk, depending on the coursework and electives chosen. Managing risk and ensuring financial compliance is at the forefront of the Risk Management degree program. Overall, the master’s in risk management serves as the foundation for professional designations and licenses in various sectors and industries, such as insurance, financial services, climate change, government, and more.

Curriculum and Skills You’ll Gain

Since risk is everywhere, the curriculum of a Risk Management degree covers many disciplines and domains. The Risk Management degree, therefore, has a wide range of core courses. Students must also pick electives and usually complete a capstone project or thesis. Here are some examples of Risk Management master’s courses in the online degree program:

Enterprise Risk Management – Introduction and Overview: This foundational course provides a comprehensive understanding of business risk management. It covers essential concepts, strategies, and tools for identifying, assessing, and mitigating risks across various organizational functions. This course equips professionals with the knowledge needed to make informed decisions and enhance the resilience of their organizations in the face of uncertainties.

Macro and Country Risk: This course explores the critical aspects of assessing economic and political risks on a macro level, particularly within global business contexts. Students gain insights into analyzing country-specific challenges, evaluating market conditions, and making informed decisions in international settings. This course equips learners with the skills necessary to navigate complex global environments and optimize their organizations’ strategies.

Bankruptcy Risk, Financial Regulation, and Regulatory Risk: This course comprehensively explores financial distress, regulatory frameworks, and their impact on organizations. Students delve into bankruptcy prediction models, financial regulations, and the intricacies of managing regulatory compliance. This course equips participants with the knowledge and tools to navigate financial challenges and regulatory environments and mitigate potential risks within the financial sector.

Concepts in Risk Management: Statistical Models: This course provides a foundational understanding of statistical techniques for risk assessment and mitigation. Students learn to analyze and model various types of risks using statistical tools. This course equips participants with the skills to make data-driven decisions, assess uncertainties, and develop strategies to manage risks effectively across diverse industries and sectors.

Risk and Decision Analytics: This course explores the world of decision-making in the presence of uncertainty. It explores advanced analytics techniques, such as probability theory and decision analysis, to help students make informed choices in risk-prone situations. Participants gain valuable insights into modeling, forecasting, and optimizing strategies to navigate complex decision landscapes across industries and organizations. 

Some options of electives students can expect in this program are:

  • Valuation
  • Investments
  • Leading Evolving Organizations
  • Designing, Managing and Improving Supply Chains
  • Project Management
  • Derivative Security Markets

On exiting the program, graduates of a master’s in Risk Management would be equipped with various skills. For example, students will be able to:

  • demonstrate the knowledge and skills required for management and leadership jobs in the enterprise continuity profession, as well as an understanding of the broader concerns of continuity, security, and risk management;
  • show proficiency in building acceptable plans for widely used enterprise risk management, business continuity planning, and disaster recovery frameworks and processes, as well as defining and analyzing exposures and available response options;
  • estimate the frequency and severity of individual exposures using quantitative and qualitative data;
  • assess and evaluate financial risks within the confines of a legal and ethical environment;
  • demonstrate a working grasp of risk management terminology and practices;
  • comprehend and factor the various components of business continuity as they affect the firm’s continuous operations, from supply-chain management to higher-level strategy formulation, encompassing markets and industry sustainability; and
  • conduct individual and organizational management/financial reviews.

Degree Types

Risk Management studies can be taken up from two distinct approaches – the Master of Science or MS in Risk Management and the Master of Business Administration or MBA in Risk Management. A few more degrees are related to Risk management, such as LLM in Compliance and Enterprise Risk Management and Master of Jurisprudence in Compliance and Risk Management.

MS in Risk Management

The Master of Science in Risk Management, or MS Risk Management online, uses a scientific and technical approach to Risk Management studies. It covers the subject from various non-business angles, making it suitable for sectors such as climate change, health care, etc.

MBA in Risk Management

The Master of Business Administration, or MBA Risk Management, broadly approaches Risk from a business standpoint. It focuses more on business aspects such as finance, revenue, cost management, growth, profits, etc. This degree type is more suitable for those who already have or want to start a career in business or with a corporation.

LLM in Compliance and Enterprise Risk Management

The LLM in Compliance and Enterprise Risk Management program is designed to equip legal professionals and risk management experts with the knowledge and skills needed to navigate the complex regulatory landscape of today’s businesses. Students explore compliance strategies, risk assessment, and corporate governance to ensure organizations adhere to laws and mitigate potential risks effectively.

Master of Jurisprudence in Compliance and Risk Management

The Master of Jurisprudence in Compliance and Risk Management is a specialized program focusing on the legal aspects of regulatory compliance and risk mitigation. It gives professionals a deep understanding of compliance frameworks, governance, and strategies to navigate complex regulatory environments. Graduates are well-equipped to ensure organizations adhere to legal requirements and manage potential risks.

Specializations for Risk Management Students

Risk Management is actually a niche area within a business program. It is a concentration of a Master of Business Administration (MBA) degree program in most instances. However, since Risk in the modern context has grown in scope and scale, it has given rise to a separate degree, with several options of concentrations and specializations as well. These concentrations and specializations are excellent for graduate students who want to specialize in one specific area of Risk Management and work in a particular sector. Some options to explore are:

Area of FocusDescriptionCareers This Concentration Prepares For
Quantitative Risk ManagementQuantitative Risk Management is a specialized field within risk management that emphasizes using advanced mathematical and statistical models to analyze and mitigate financial and business risks. This specialization equips professionals with the skills to make data-driven decisions, assess risk exposure, and develop strategies for risk mitigation in various industries.
Quantitative Risk Analyst, Risk Modeler, Financial Risk Manager, Data Scientist
Investment and Financial Risk ManagementThis specialization focuses on assessing and managing risks associated with investment decisions and financial portfolios. Professionals in this field learn to analyze market trends, evaluate investment opportunities, and implement strategies to optimize returns while minimizing financial risks in dynamic economic environments.Investment Analyst, Portfolio Manager, Financial Risk Consultant, Hedge Fund Analyst
Enterprise Risk ManagementThis Specialization involves identifying, assessing, and mitigating risks across all aspects of an organization. Professionals in this area develop strategies to safeguard against various threats, ensuring the long-term stability and success of the enterprise. This specialization encompasses financial, operational, strategic, and compliance risks.Enterprise Risk Manager, Risk Strategist, Chief Risk Officer, Compliance and Risk Manager
Compliance Risk ManagementThis specialization ensures organizations adhere to relevant laws, regulations, and ethical standards. Professionals in this specialization assess and mitigate non-compliance risk, helping companies avoid legal issues and reputational damage. This area is vital in heavily regulated finance, healthcare, and legal services industries.Compliance Officer, Risk and Compliance Manager, Regulatory Affairs Specialist
Insurance and Risk ManagementThis specialization prepares individuals to work in the insurance industry. It covers various aspects of risk assessment, coverage analysis, and claims management. Graduates can pursue careers as underwriters, risk analysts, or claims adjusters, helping individuals and businesses mitigate financial risks through insurance solutions.
Underwriter, Risk Analyst, Claims Adjuster, Insurance Broker, Risk Management Consultant

Graduation Timeline

Typical Timeline: 1 to 2 years

Credits to Completion: 30-36

A Master’s degree in Risk Management online typically takes one year of full-time study or two years of part-time study to complete. Credit hours and timeframes vary by college, program, and program format and structure. It must be noted that programs requiring a thesis tend to take slightly longer than ones that do not need one.

Accelerated Risk Management  Programs

Accelerated master’s programs in Risk Management provide an expedited route for students to attain their degrees in a shorter duration. These programs are tailored for ambitious and committed individuals aiming to graduate more quickly.

To expedite their studies, students can increase their course load, including summer sessions or intensive courses, to expedite their academic journey. They may also be able to transfer credits from prior coursework or relevant professional experience, reducing the overall time for degree completion.

Certain accelerated programs may offer streamlined curricula, emphasizing essential coursework and omitting some elective requirements. This enables students to focus on core program components and achieve their degrees efficiently.

Admission Requirements for Best Master’s in Risk Management Online Programs

The additional requirement for an online master’s in Risk Management is an undergraduate degree either in Risk Management or in an area related to Risk Management. Here is a list of some of the other admission requirements generally asked to be fulfilled:

  • A completed Application Form with the requisite Application Fee
  • Official Academic Transcripts with a Grade Point Average (GPA) of 3.0 or higher
  • A current Résumé covering relevant work/educational experience in the field
  • Two Letters of Recommendation
  • A Personal Statement or Statement of Purpose

Some colleges may also ask prospective students who have yet to demonstrate sufficient quantitative skills through academic or professional experience to submit a Graduate Management Admission Test (GMAT) or Graduate Record Examination score. Although colleges have been flexible on this requirement over a couple of years, students are advised to read the Program Guide or check with the college’s admissions office for exact information.

No GRE Master’s in Risk Management Online Programs

The Graduate Record Examination (GRE) is a standardized test commonly required for admission to graduate programs. However, some universities offer GRE waivers based on specific criteria, such as a high undergraduate GPA, relevant work experience, or previously earned advanced degrees. These waivers aim to make graduate education more accessible and recognize applicants’ qualifications beyond test scores, allowing them to apply without taking the GRE. A few universities offer top online Master’s in Risk  Management programs that waive the GRE requirement. Examples include: 

Boston University1

St. Johns University2

Accredited Programs

An institution’s accreditation shows that it has been evaluated and meets or exceeds the criteria for assessing institutional excellence. Accreditation affirms and confirms that a college has all the resources necessary to accomplish its stated goals through appropriate educational programs and that it can demonstrate that it will continue to do so in the future. Institutional integrity is considered part of the accreditation process, which is unconditional and applies to the entire organization. Accreditation is a seal of assurance for students that the university’s offerings are of the highest quality.

In the domain of Risk Management, accreditation is offered by the Association to Advance Collegiate Schools of Business, also known as AACSB International3. This global nonprofit association provides quality assurance, business education intelligence, and learning and development services to over 1,700 member organizations and more than 900 accredited business schools worldwide.

Colleges that offer accredited online master’s in Risk Management may also be accredited by one or more regional bodies, such as:

  1. New England Association of Schools and Colleges (NEASC)4
  2. Middle States Association of Colleges and Secondary Schools (MSA-CESS)5
  3. Higher Learning Commission (HLC)6
  4. Southern Association of Colleges and Schools Commission on Colleges (SACSCOC)7
  5. Northwest Commission on Colleges and Universities (NWCCU)8
  6. Western Association of Schools and Colleges (WASC) Senior College and University Commission (WSCUC)9

Detailed information on accreditation is available in the comprehensive Accreditation Guide.

Free Best Master’s in Risk Management Online Courses

Free courses and programs do not lead to a degree. However, they are a great way to supplement or complement a master’s program or drill deeper into a specific area of interest. Here are some sites that offer free programs and courses in Risk Management:

CourseDescriptionProvided by
Hazard Recognition and Risk Assessment10This free online health and safety course covers hazard recognition, writing risk assessments, and utilizing related health and safety tools. Upon completion, participants will view their workplace from a new perspective, as hazard recognition and risk assessment are crucial skills in any work environment. The course provides comprehensive information on essential health and safety procedures.Alison
Risk Management Tools and Practices11This course provides valuable insights into the world of risk management, covering essential tools and practices used in various industries. Participants will learn to assess, mitigate, and manage risks effectively, enhancing their decision-making skills in both professional and personal contexts.edX
Overview to Risk Management (How about a career in Risk?)12This course serves as an introduction to the concept of risk. It gives students an overview of what risk entails and emphasizes its inevitability. Additionally, it explores the utilization of the ISO 31000 methodology and roadmap for effective risk management and outlines the initial steps required to initiate risk implementation.Udemy

How to Pay for Your Online Degree

Risk Management graduate degree programs, especially MBAs at top schools, cost a lot. High tuition fees, coupled with other educational expenses and a constant rise in prices, make it difficult for many aspiring and prospective graduate students to pursue advanced education. Fortunately, applicants can seek financial aid in various forms, some of which include:


Scholarships for a Master’s in Risk Management can significantly ease the financial burden of higher education. Students should diligently research scholarships from institutions, private organizations, and professional associations. Pay close attention to eligibility criteria, application deadlines, and required documents. Scholarships provide financial support and recognize academic excellence and dedication to the field, making them essential opportunities for aspiring risk management professionals. (Note: To prevent being defrauded online, read about Scholarship Scams.)


Grants are available to students needing financial assistance. Unlike scholarships, grants are usually awarded based on financial need, not academic merit. However, institutions that offer need-based financial aid also factor in student grades and test scores.

Employer Sponsorship

Apart from allowing its employees to work and study simultaneously, many corporations additionally pay for higher education if specific criteria are met. Working professionals interested in applying to graduate-level Risk Management degrees should check with their employers to see if they have any programs to encourage and fund education.

Payment Plans

Additionally, many universities offer flexible payment plans, allowing students to distribute tuition expenses over an extended period rather than requiring a lump-sum payment at the start of each term. This can provide valuable financial relief and make education more accessible.

Student Loans

A student loan is a type of financial assistance provided to individuals pursuing higher education. These loans are typically offered by government agencies or private lenders and are used to cover the costs associated with attending college or university, including tuition, books, and living expenses. Unlike grants or scholarships, student loans must be repaid with interest, usually after the borrower graduates or leaves school. There are various types of student loans, including federal loans with favorable terms and private loans with varying interest rates and repayment options.


Completing the Free Application for Federal Student Aid or FAFSA is critical in accessing federal grants, scholarships, and loans to support education. It helps assess financial need and opens doors to valuable financial aid opportunities.

For comprehensive guidance on funding higher education and making informed financial decisions, consult the best Financial Guide, covering a wide range of options and strategies.

Career Paths and Average Salaries for Risk Management Graduates

With risk involved in almost every aspect of human life and every commercial dealing or transaction, graduates of an online master’s in Risk Management are readily and easily employed in a host of sectors, such as the insurance industry, business enterprise, trade, commerce, manufacturing, securities, banking, healthcare, financial markets, and more. Experts are needed in the areas of risk identification, risk assessment, risk control, and risk mitigation. Therefore, there is a (rising) demand for risk management professionals. Here are some typical job titles with their median annual salary and job outlook for 2021 to 2031, according to the U.S. Bureau of Labor Statistics (BLS):

OccupationJob DescriptionMedian Annual SalaryJob Growth (up to 2032)
Management Analyst13Management Analyst assesses an organization’s operations and recommends improvements. They analyze data, interview personnel, and develop solutions to enhance efficiency and profitability. Their role involves creating reports, presenting findings to management, and helping implement changes for business growth.$95,29010% (much faster than average)
Operations Research Analyst14An Operations Research Analyst applies advanced mathematical and analytical methods to solve complex business problems. They collect and analyze data, develop models, and use optimization techniques to help organizations make informed decisions, improve processes, and enhance efficiency—their work aids in strategic planning and resource allocation.$85,72023% (much faster than average)
Emergency Management Director15An Emergency Management Director is responsible for planning and coordinating disaster response and recovery efforts. They develop emergency plans, train personnel, and liaise with government agencies and community organizations. During emergencies, they lead response teams, allocate resources, and ensure efficient coordination to minimize damage and protect public safety.$79,1803% (as fast as average)
Market Research Analyst16A Market Research Analyst examines market trends, consumer behavior, and competitive landscapes to provide business insights. They gather and analyze data through surveys, interviews, and statistical techniques to help companies make informed marketing and product development decisions. Their findings aid in strategizing and positioning products or services effectively in the market.$68,23013% (much faster than average)
Financial Analyst17A Financial Analyst assesses financial data, market trends, and economic conditions to provide recommendations for investment decisions. They analyze company financial statements, evaluate risks, and create financial models for asset management. Their role is crucial in helping investors and businesses make informed financial choices.$96,2208% (faster than average)

Certifications and Licensing for Risk Management Graduates

Certifications are required for Risk Management graduates to demonstrate that they can successfully manage enterprise-wide risks and establish a robust risk culture with resilience and crisis readiness for an organization. They are an excellent way to enhance a professional career alongside graduation or post-graduation, besides which they allow one to stand out from the crowd and demonstrate skill and expertise with an industry-recognized credential. Here are a few Certifications for graduates of a Risk Management master’s to explore and consider:

Certified in Risk and Information Systems Control (CRISC)18 by ISACA

A Certified in Risk and Information Systems Control (CRISC) certification signifies expertise in Risk Management. Studying a proactive approach grounded in Agile methodology teaches individuals how to elevate company business resilience, deliver stakeholder value, and optimize Risk Management across the enterprise.

RIMS-Certified Risk Management Professional (RIMS-CRMP)19 

As the sole competency-based risk management credential, the accredited RIMS-Certified Risk Management Professional (RIMS-CRMP) certification validates performance ability, technical knowledge, and commitment to quality. It represents the standard of education, experience, and ethics the discipline requires. Adding RIMS-CRMP to a professional profile demonstrates the ability to manage risk and create organizational value successfully.

Certified Risk Management Professional (CRMP)20 

The Certified Risk Management Professional (CRMP) is tailored for individuals with a specialized background in risk management. The certification validates possession of foundational knowledge and experience necessary to implement and manage a business risk management program.

As for licensure, Risk Management graduates typically do not require any licenses to work. However, specific sectors like banking and insurance may need candidates to have additional credentials or state-issued licenses (requirements vary by state).

Additional Resources for Students

Risk has always been present in all fields of business. Effective and efficient risk management, like revenue creation and cost-efficiency, underlies the value of an enterprise, regardless of the activity or industry. Risk management aims to manage and mitigate risk as efficiently as possible. Risk Management students and professionals should. Therefore, network with peers in the industry, exchange views and ideas, compare observations and seek help to manage the better risk that is critical to a company’s strategy, operations, and financial success. Here are a few resources for Risk Management online students to explore for personal and commercial use:

  1. Institute of Risk Management (IRM)21
    The Institute of Risk Management (IRM) is a leading professional body for Enterprise Risk Management that helps build excellence in risk management to improve how organizations work. IRM provides globally recognized qualifications and training, research and thought leadership, and set professional standards, which define the knowledge, skills, and behaviors today’s risk professionals need to meet the demands of an increasingly complex and challenging business environment.
  2. Risk Management Association (RMA)22
    The Risk Management Association (RMA) is a member-driven organization that serves risk professionals at financial institutions. The association provides resources, content, products, learning and events, and a strong community.
  3. Professional Risk Manager’s International Association (PRIMA)23
    The Professional Risk Manager’s International Association (PRIMA) provides an open forum for developing and promoting the risk profession. It hosts webinars, seminars, and publications and provides certification and learning tools as well.
  4. Risk Academy Blog24
    The Risk Academy Blog claims to be about controversial thoughts on modern-day Risk Management in non-financial companies, training, and consulting services. The blog is home to free books, videos, and articles and provides online courses and mentorship.
  5. Operational Riskdata eXchange Association (ORX)25
    Operational Riskdata eXchange Association (ORX) provides access to various free resources for managing and measuring operational risk. The site contains resources such as research findings, how-to articles, and videos, among others.

FAQs About Master’s in Risk Management Online Programs

Frequently Asked Questions

What is risk management?

Risk management is the systematic process of identifying, assessing, and mitigating potential threats or uncertainties that may impact an organization’s objectives. It involves implementing strategies to minimize the negative impact of risks while maximizing opportunities, ensuring the long-term stability and success of the enterprise.

Can you get a master’s in risk management online?

Why should you do a master’s in Risk Management?

Is an online master’s in Risk Management worth it?

What is the difference between an MS Risk Management and MBA Risk Management?

How long does it take to complete the program?

Can I collaborate with fellow students and faculty in an online risk management program?

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