MBA in Insurance & Risk Management (IRM)
Risk touches every organization. Those who know how to manage it, avoid it, and cope with it, are indispensable. With risk management professionals expected to be in high demand, more and more companies are looking to hire professionals with advanced degrees in the subject.
Transformational trends in the modern business landscape present strategic risks that threaten to undermine operations and value propositions across practically every sector, especially in the field of insurance, where there’s a renewed call for high-level expertise and leadership.
Insurance underwriters, claims investigators, financial managers, labor relations managers, risk management consultants, organizational planning directors, inventory administrators, and wage managers can advance their career prospects and professional expertise by obtaining a deep and specialized understanding of the insurance and risk management sector that goes above and beyond the usual MBA curriculum.
In today’s business terrain (and in these programs), strategic thinking is at a premium. Students learn to not only identify potential risks, but also to develop and enforce procedures to mitigate those risks and do so in an efficient, data-driven, and tactical way.
All MBA programs specializing in risk management cover loss prevention techniques, unique accounting systems, and in-depth explorations of otherwise siloed areas like labor laws, employee benefits, and derivative risks. But programs that deliver this in an online format allow young professionals to continue to advance their careers while concurrently advancing their education.
Whether it’s through implementing computer-based simulation models, tuning organizational management practices for a more nuanced approach, or efficiently outpacing waves of regulatory and market disruption, the financial industry needs risk management professionals educated in the forward-thinking paradigms of the 21st century.
|Featured Insurance & Risk Management (IRM) Programs|
|Boston University||Graduate Certificate - Enterprise Risk Mgmt||Visit Site|
|Boston University||MS - Enterprise Risk Management||Visit Site|
|Boston University||MS - Insurance Management||Visit Site|
|Grand Canyon University||BS - Risk Management||Visit Site|
|Creighton University||Enterprise Risk Management Graduate Certificate||Visit Site|
|Purdue Global||BS in Business Administration - Risk Management||Visit Site|
Featured Online MBA in Insurance & Risk Management (IRM) Programs
Students who want to design their own insurance and risk management study program can do that through the self-designed online MBA at Walden University’s College of Management and Technology. The program consists of a total of 30 semester credit hours. Eighteen credit hours are in core courses, and three are the capstone course, but the remaining nine are entirely up to the student’s discretion.
Even online students have access to the outstanding student resources available at Walden, including the writing lab, faculty office hours, and their MBA success planner. With no GRE or GMAT testing requirements, admission to this program can be accessible to many students. In fact, the primary consideration is if applicants have completed an undergraduate degree or not.
The curriculum includes courses such as business essentials; dynamic leadership; managing people and promoting collaboration; improving business performance; accounting for management decision making; marketing for competitiveness, and managerial finance.
|Location: Minneapolis, Minnesota|
|Accreditation: ACBSP; Higher Learning Commission (HLC)|
|Expected Time to Completion: Minimum of three semesters|
|Estimated Tuition: $989 per credit|
Boston University does not offer an MBA, but this master of science program is one to look out for. An online master of science in enterprise risk management (MSERM) at Boston University’s Metropolitan College introduces students to the essential theories and tools needed for leading change, thinking strategically in complex situations, and providing technological and analytical solutions that mitigate risk across entire enterprises. With both part-time and full-time options available, this 40-credit program does not require GRE or GMAT scores to apply.
As part of the program, students will delve into topics such as financial concepts; project management; quantitative and qualitative decision-making; the innovation process: developing new products and services; enterprise risk management; business continuity management; enterprise risk planning and compliance; and disaster management.
Boston University also offers an online master of science in insurance management program which is specifically designed for professionals who have acquired the Chartered Property Casualty Underwriter (CPCU) credential.
|Location: Boston, Massachusetts|
|Accreditation: AACSB; New England Commission of Higher Education|
|Expected Time to Completion: 12 to 20 Months|
|Estimated Tuition: $955 per credit|
The online MBA with a focus on risk assessment and management at Concordia University brings a uniquely Christian lens to the world of financial risk and offers the chance to learn and engage with a wide spectrum of perspectives that are represented by a diverse student body—over 40 percent of which is international.
In a nine-course core curriculum, students take courses in topics such as managerial economics; ethical leadership for dynamic organizations; mastering analytics and decision making; people-focused management; and financial analysis to drive business growth. For the risk assessment and management concentration, students choose classes from areas like fraud management; corporate governance and board development; loss prevention; securities analysis; and statutory accounting. Students synthesize their learning in the completion of a capstone project.
The program consists of 36 credits and can be completed entirely online. No GMAT or GRE scores are required.
|Location: Mequon, Wisconsin|
|Accreditation: International Accreditation Council for Business Education (IACBE); The Higher Learning Commission (HLC)|
|Expected Time to Completion: less than 24 months|
|Estimated Tuition: $779 per credit-hour|
The online MBA programs at Northcentral University feature a mentorship approach that offers one-on-one, individualized interaction with a doctoral faculty. All students take 18 foundational courses, covering topics such as managerial decision making, business in the 21st century, innovation and marketing, and strategic knowledge studies.
The financial management specialization equips students to evaluate the health of an organization, legal compliance issues, ethical concerns of stakeholders, and social responsibility as it relates to the conduct of business. Courses in the specialization delve into corporate finance; investment management; and financial institutions.
A capstone business simulation tests knowledge and assumptions in an immersive and competitive real-world environment. The program consists of 30 credits and can be completed entirely online. No GMAT or GRE scores are required.
|Location: San Diego, California|
|Expected Time to Completion: 16 to 60 months|
|Estimated Tuition: $1,021 per credit|
Florida State University’s College of Business offers several online MBA options including one in insurance and risk management. This program can be completed part-time in seven semesters. Students in this program develop keen critical thinking skills to make critical decisions that can help shape the insurance and risk landscape. Since this program can be completed without relocation, students can work while attending school. This allows them to apply the skills they are learning directly in their workplace.
There are two tracks students can choose within the insurance and risk management concentration: financial planning or risk management. Both programs require students to complete a total of 39 credits.
Specialized courses students can take as part of this program include fundamentals of risk and insurance; risk management in the business enterprise; personal financial planning; property/liability insurance contract analysis; and employee benefit plans.
|Location: Tallahassee, Florida|
|Accreditation: AACSB International; Southern Association of Colleges and Schools, Commission on Colleges (SACSCOC)|
|Expected Time to Completion: Seven semesters|
|Estimated Tuition: Florida residents ($780.18 per credit-hour); non-Florida residents ($810.24 per credit-hour)|
One of the 15 specializations at the University of Colorado Denver’s Business School is in risk management and insurance. This specialization is offered online, allowing students the flexibility to complete their studies on their own time. Students can complete the program in as little as 16 months or can take up to five years to complete their coursework. Graduates will understand individuals’ risks and how businesses can establish policies to protect themselves.
According to CU Denver, over 50 percent of the insurance and risk management workforce is projected to retire over the next decade. That makes this career particularly lucrative and, over the past few years, they have placed 100 percent of their graduates in jobs in this field. Students have the opportunity to participate in paid internships and a study abroad opportunity in London to gain hands-on experience in this career.
Comprising 45 credits, the program includes core courses in leadership; marketing; financial management; data analysis; information systems; strategic management; law and ethics; and economics.
|Location: Denver, Colorado|
|Accreditation: AACSB; Higher Learning Commission (HLC)|
|Expected Time to Completion: 16 months to five years|
|Estimated Tuition: $750 per credit|
An undergraduate degree in business is not required to complete the online MBA at the University of South Florida’s Muma College of Business. Students with any degree from an accredited institution are encouraged to apply to the program. Those without a background in business will be required to take 16 credits in foundation business classes. There is a unique concentration in compliance, risk, and anti-money laundering for students interested in risk management. Many students who want to go on to work in the financial sector choose this specialization.
All students must complete 33 credits to graduate. The compliance and risk specialization requires an additional 15 credits in classes such as forensic accounting and legal compliance; database management; risk management and legal compliance; and accounting systems audit, control, and security. Admission requirements for this program include an undergraduate degree, letters of recommendation, a statement of purpose, GRE or GMAT scores (waiver available), and a completed application.
|Location: Tampa, Florida|
|Accreditation: AACSB; Southern Association of Colleges and Schools Commission on Colleges (SACSCOC)|
|Expected Time to Completion: Full-time (three semesters), part-time (three years)|
|Estimated Tuition: Core, elective, and capstone courses ($750 per credit); foundation courses ($535 per credit)|
There are numerous options for completing an MBA through the University of Nebraska Omaha’s College of Business Administration. These include full-time, part-time, online, hybrid, and evening or weekend courses. There are ten concentrations to choose from, including one in risk management. The emphasis in the risk management concentration is on identifying and managing various kinds of risk. Courses students can take include multinational financial management; financial accounting theory; e-commerce security; and security risk management and assessment.
Courses are offered in eight-week sessions during the spring and fall and in four-week intensives during the summer. To graduate, students must earn a total of 33 credit hours. Twenty-four credit hours are in core coursework, and the remaining nine are in electives. Typically, the electives are part of a concentration.
|Location: Omaha, Nebraska|
|Accreditation: AACSB; Higher Learning Commission (HLC)|
|Expected Time to Completion: Part-time (30 to 36 months); full-time (18 to 24 months)|
|Estimated Tuition: Resident ($393 per credit); non-resident ($807 per credit)|
Ohio Dominican University’s online MBA will equip students with the knowledge, tools, and skills they need for advancing their careers and pursuing exciting new opportunities in today’s dynamic global business world. This 100% online program has several high-demand concentrations available with risk management being one of them.
Focusing on strategic management and leadership, the risk management concentration includes courses in risk management and insurance; econometric modeling; financial modeling; and enterprise risk management. The program comprises 36 credits including core courses such as management of information systems; marketing management; managerial finance; and ethics & social responsibility.
Applicants to the program must either have an overall grade point average of 3.0 in their undergraduate degree from a regionally accredited institution or an overall GPA of 2.75 in the last 60 semester hours of their bachelor’s degree from a regionally accredited institution. GMAT scores are not required.
|Location: Columbus, Ohio|
|Accreditation: ACBSP; The Higher Learning Commission (HLC)|
|Expected Time to Completion: 16 months|
|Estimated Tuition: $630 per credit|
Husson University offers an online master of business administration program with a concentration in risk management preparing students to analyze, identify, and evaluate potential risks in nearly every type of organization. Students will explore the specialized principles needed for addressing risks and will gain the skills, qualifications, and knowledge to secure central positions at businesses across multiple industries.
Consisting of 36 credits, the program includes core courses such as managerial economics; managerial accounting; management communications; global strategic management; marketing management; and financial management. Concentration courses include fundamentals of risk management; crisis management; corporate risk management; and strategic selling.
|Location: Bangor, Maine|
|Accreditation: International Accreditation Council for Business Education (IACBE); New England Commission of Higher Education|
|Expected Time to Completion: 24 months|
|Estimated Tuition: $548 per credit|
Professors to Know in Online MBA in Insurance & Risk Management (IRM) Programs
Mark J. Browne, PhD St. John's University
Dr. Mark J. Browne is the faculty chair for the School of Risk Management at Saint John's University Tobin School of Business, where he teaches classes on corporate risk management. He received his BS, MA, and PhD in risk management and insurance from the Wharton School at the University of Pennsylvania, where he was a Huebner fellow. Dr. Browne has served as president of the American Risk and Insurance Association, the Risk Theory Society, and the European Group of Risk and Insurance Economists.
With his research appearing in numerous scholarly journals, Dr. Browne is frequently contacted by the media for expert comments on the areas he specializes in, and he testified before the US Senate committee on banking, housing, and urban affairs after Hurricane Katrina. He received the Beta Gamma Sigma Dean's Award for Teaching Excellence and the American Risk and Insurance Association's Excellence in Teaching Award, among many other accolades.
Edward Lukco, MBA Ohio Dominican University
Edward Lukco is currently a faculty of risk management and insurance at Ohio Dominican University. Edward has more than 30 years of experience in the insurance and reinsurance industry and his extensive background experiences include insurance and reinsurance underwriting; executive management of a reinsurance intermediary; reinsurance producer; university-level instructor; and chief operating officer for a software firm.
He is the owner of RSL, a company that advises independent business owners and helps them in achieving their goals by reexamining their vision and coming up with a plan to achieve the vision. His specialties include financial analysis, budgeting, and variance analysis. Before joining Ohio Dominican, Edward was a lecturer at The Ohio State University and an adjunct professor at Franklin University. He completed his MBA in business from Ohio University and a BSBA in finance from the University of Florida.
John Maleyeff, PhD Boston University Metropolitan College
John Maleyeff is an associate professor of the practice of administrative sciences and an academic coordinator for enterprise risk management programs at Boston University’s Metropolitan College. He teaches courses such as business process management, supply chain management, risk analytics, and quality management.
His research has been published in several prominent journals such as the International Public Health Journal, Health Informatics Journal, and International Journal of Business Intelligence and Data Mining, among others.
Before coming to Boston University, Dr. Maleyeff worked as a tenured associate professor of industrial engineering at Western New England University and an associate dean for academic affairs and professor of practice at the Rensselaer Polytechnic Institute. He completed his PhD and MS from the University of Massachusetts at Amherst and a BA from East Stroudsburg State College.