In almost everything humans do, there is a degree of risk involved. In broad terms, risk can be defined as the probability of something terrible happening – the uncertainty regarding the effects/implications of an activity on something that humans value, with a concentration on negative, undesirable repercussions. In a company or a business, risk management is the function that protects the long-term interests of owners, creditors, and customers, as well as the entire society. It is so critical in today’s corporate environments, in both the public and private sectors, that in most cases, an effective and dependable risk management system necessitates skilled and high-quality expertise in a variety of domains, including statistics, mathematics, finance, engineering, computing, and actuarial science. The modern era is fraught with ambiguity. Companies throughout the world must do everything they can to protect their investments, from the crash of worldwide markets to the emergence of a global pandemic.
The Master’s in Risk Management online teaches students to identify, anticipate, and manage the risks that businesses and organizations face. They will also learn how to apply risk management theories and principles to real-world scenarios and how to create and implement effective loss-prevention and mitigation methods. Graduates of this program will improve their academic capabilities and credentials in an area of knowledge that is critical to their employers’ long-term success.
Risk Management is usually studied in business schools. Finding a program that suits individual needs and professional goals, one that offers quality and credibility, is an arduous task. Based on factors such as the experience and quality of the faculty, reputation of the institution, program format and structure, infrastructure, student support services, cost, and more, here is a list of the best online masters 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 & Address | Tuition | Graduation Rate |
---|---|---|
#1 University of Washington 1400 NE Campus Parkway, Seattle, Washington 98195 | $16,278 | 82% |
#2 Indiana University, Bloomington 107 South Indiana Ave., Bloomington, Indiana 47405 | $9,786 | 80% |
#3 Columbia University in the City of New York West 116 St and Broadway, New York, New York 10027 | $49,024 | 96% |
#4 Boston University One Silber Way, Boston, Massachusetts 02215 | $56,854 | 89% |
#5 Mercyhurst University 501 E 38th St, Erie, Pennsylvania 16546 | $16,065 | 71% |
#6 Thomas Jefferson School of Law 701 B Street – Suite 110, San Diego, California 92101 | $1,620 | NA |
#7 Norwich University 158 Harmon Drive, Northfield, Vermont 05663 | $18,614 | 57% |
#8 St. John’s University 8000 Utopia Pky, Queens, New York 11439 | $29,816 | 64% |
#9 Albany Law School 80 New Scotland Avenue, Albany, New York 12208 | $51,119 | NA |
#10 Purdue University Global 2550 Northwestern Avenue, Suite 1100, West Lafayette, Indiana 47906 | $8,766 | 22% |
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
A master’s degree in Risk Management typically consists of lectures, seminars, tutorials, and workshops. Some universities periodically host industry professionals as guest speakers. Exams, written assignments, presentations, and research projects are likely to 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 and financial risk, operational risk, organizational risk, technical risk, and regulatory and legal risk. Aspects like data, privacy, and ethics, as well as climate change and sustainability risk, human capital risk, and reputational risk, are also covered by the program, 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 in insurance, financial services, climate change, government, and more.
Risk Management studies can be taken up from two distinct approaches – the Master of Science or MS in Risk Management, or the Master of Business Administration or MBA in Risk Management.
The Master of Science in Risk Management, or MS Risk Management online, uses a more 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.
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.
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:
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 are also required to pick electives and usually complete a capstone project or thesis. Here are some examples of Risk Management masters courses in the online degree program:
Some options of electives students can expect in this program are:
On exiting the program, graduates of a masters in Risk Management would be equipped with a variety of skills. For example, students will be able to:
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 as 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. Detailed information on accreditation is available in the comprehensive Accreditation Guide.
In the domain of Risk Management, accreditation is offered by the Association to Advance Collegiate Schools of Business, also known as AACSB International, a global nonprofit association, which 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 masters in Risk Management may also be accredited by one or more regional bodies, such as:
A Master’s degree in Risk Management online typically takes 1 year of full-time study or 2 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.
The essential 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:
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 (GRE) 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.
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:
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:
To support further education, scholarships are often students’ first and best option because they are awarded based on academic achievement as well as other factors like community service and cultural heritage. Scholarships are merit-based, privately sponsored, alumna-supported, or awarded by religious, cultural, or commercial organizations. (Note: To prevent being defrauded online, read about Scholarship Scams.)
Grants are available to students in need of financial assistance. Unlike scholarships, grants are usually awarded based on financial need, not academic merit. However, student grades and test scores are also factored by institutions that offer need-based financial aid.
Apart from allowing its employees to work and study simultaneously, many corporations additionally pay for higher education if specific criteria are met. Working professionals who are interested in applying to graduate-level Risk Management degrees should check with their employers to see if they have any programs in place to encourage and fund education.
Some universities allow students to spread out the cost of their tuition over a more extended period rather than paying it all at once at the beginning of the term.
Students can take out loans from the federal government, banks, or financial institutions to pay for their education. However, student loans must be returned with interest, and failing to do so can lead to a mountain of debt.
The Free Application for Federal Student Aid, or FAFSA, is a form that can be used to determine whether or not a student is eligible for financial aid. More information on the FAFSA can be found here.
For more information about various ways of funding advanced education, read the best Financial Guide.
A graduate of a masters in Risk Management will be well prepared for a job in enterprise risk management in a variety of fields. This degree’s curriculum covers macroeconomic and financial risk, regulatory and legal risk, and supply chain risk, among other “foundation” enterprise risk topics. Data, privacy, ethics; climate and sustainability risk; human capital risk; and reputational risk are all examples of risk management frontiers that are currently being defined and measured. Students will be able to: contribute to enterprise risk management development and oversee strategic risk discussions within their organization; assess the risks associated with all business decisions; and comprehend and communicate a global perspective on risk management.
With risk involved in almost every aspect of human life and every commercial dealing or transaction, graduates of an online masters 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 2020 to 2030, according to the U.S. Bureau of Labor Statistics (BLS):
Some other job titles include:
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 a 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:
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).
In all fields of business, risk has always been present. Effective and efficient risk management, like revenue creation and cost-efficiency, underlies the value of an enterprise, regardless of the activity or industry. The goal of risk management is 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 better manage 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:
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