Is a Risk Management MBA a Good Option?

The Master of Business Administration (MBA) is a well established and highly respected degree. It is so popular, in fact, that the degree has been developed to include various specific concentrations, allowing students to gain enhanced skills both in the field of business administration, and in their chosen area. For instance, the Risk Management MBA enables people to have important business management skills, which are transferable skills that they can use in any industry, but with a specific focus on risk management. Often, this means that they have an increased understanding of fields such as organizational liability, corporate insurance risks, and financial insurance risks.  Jump to 9+ Risk Management Online MBA Degrees for 2017.

Why Earn a Risk Management MBA?

When you complete a Risk Management MBA degree, you will be prepared to manage industries and organizations across the globe, helping them to reduce their organizational liability. You will become an expert in business, and you will also look at certain issues, such as financial risk and insurance risk management. You may also have to take part in hands on opportunities and field experience alongside more traditional classes based on lectures. After graduation, you will be ready to take on opportunities in corporate risk management and insurance brokerage.

Once you have completed your Risk Management MBA, you will be able to really broaden your career prospects. You could even choose to complete various graduate certificates, which further enable you to hone your skills. Some interesting graduate certificates that fit in with the Risk Management MBA degree include marketing, management, information systems, and finance.

One of the best things about this particular degree program, however, is the wealth of career opportunities that will become available to you. Not only can you expect to be promoted in your existing career, you could also decide to completely change your career path. As risk management is something that affects organizations across the globe, be they private, public, or nonprofit, the wealth of opportunities is almost limitless.

Admission Requirements

Each school is entitled to set its own admissions requirement. However, most schools follow a reasonably similar format when it comes to what they look for in prospective students. The admission requirements set by the MIB Trieste School of Management are quite representative of those of other schools. They require:

• A bachelor’s degree from an accredited institution
• Three years professional experience minimum
• TOEFL/IELTS or other proof of English proficiency for non-native English speakers
• Demonstration of self-motivation
• Resume
• Transcripts
• Two letters of recommendation
• Admission test
• Motivational interview
• Essay

Curriculum and Courses

Just as schools can set their own admissions requirements, they can set their own curriculum. However, for a school to be regionally accredited, and particularly for a program to receive accreditation, it must meet certain high educational standards. This is why it is very important to make sure that you choose an accredited program from an accredited school wherever possible. The curriculum offered by the Terry College of Business is representative of what to expect from a good program. Their courses include:

• Accounting
• Finance
• Statistics
• Marketing
• Business Microeconomics
• Succeeding in the MBA Job Search
• Business Macroeconomics
• Operations Management
• Strategic Management
• Data Analytics
• Organizational Behavior
• Innovative Business Projects
• Launching and Managing Your Career
• Lean Six Sigma
• International Residency
• Volunteer/Community Service
• Legal and Regulatory Environment of Business
• Financial Statement Analysis
• Derivative Security Markets
• Risk Management
• Fundamentals of Risk Management
• Corporate Risk Management
• Valuation
• Investments
• Lessons in Leadership
• Designing, Managing, and Improving Supply Chains
• Project Management

Career Outcomes and Job Titles

Once you have completed your Risk Management MBA, you will be qualified to work across any type of organization. However, most are found within the liability departments of businesses, consulting firms, and insurance firms. The core of the MBA degree is general business management, so you can also decide to work in other business-orientated positions, including management, human resources, marketing, or finance. The most popular job titles among Risk Management MBA graduates are:

• Labor relations manager
• Risk management consultant
• Inventory administrator
• Organizational planning director
• Benefits and wage manager

Job Salary & Outlook

The U.S. Bureau of Labor Statistics (BLS) reported that all Computer and Financial Managers earned an average annual salary of $117,990 per year as of May 2015. This is at bachelor’s degree level, and research has shown that holding an MBA can increase average earnings by around $15,000 per year, meaning you could earn a very interesting income with this particular degree. The BLS also predicts a 7% increase in demand for these professionals from 2014 to 2024, which is as fast as the national average.

Scholarships and Grants

Congressional Hispanic Caucus Institute (CHCI) Scholarship, which is a $5,000 award available to those who are enrolled in an accredited educational institution in this country or Puerto Rico. They must also demonstrate financial need, as well as submit proof that they actively participate in community or public service activities.

Point Foundation Scholarships, which is a variable amount offered to students who have come “out” and identify themselves with the LGBTQ community. Those wanting to be considered for the award must have proven leadership skills, as well as a very strong academic record and background.

Asian and Pacific Islander Queer Sisters (APIQS) Scholarship, which is a $500 to $10,000 award. Eligibility requirements include being a resident of Washington, Oregon, Montana, Idaho, or Alaska; being female; being of Pacific Island or Asian descent; and to self-identification as transgendered, bisexual, or homosexual.

The Lagrant Foundation Graduate Scholarship, which is a $5,000 award for those who are members of the minority ethnic groups and who are looking to complete a degree that furthers a public relations, marketing, or advertising career, which are three subjects of particular interest to those studying towards a Risk Management MBA.

Sachs Foundation Graduate Scholarship, which is offered at a variable amount, although the average is $5,000. Students are considered on a case by base bases. They must currently receive funds from the Sachs Foundation, however. Additionally, they must have graduated from their bachelor’s degree program within the past three years.

Additional Resources

Professional Risk Managers’ International Association (PRMIA) Institute
The Risk Management Association
The Institute of Risk Management
Airmic Ltd.
Public Risk Management Association