Online Master's Degree in Risk Management

Learn about online master's degree programs in risk management and what is included in the curriculum. Find out about admissions requirements, what to expect from an online program and what careers you can enter. Schools offering Risk Management degrees can also be found in these popular choices.

What Do Online Master's Degrees in Risk Management Entail?

Enrolling in a master's degree program in risk management can provide you with an in-depth understanding of how to use risk management techniques to maximize business profits. You'll learn how to identify, analyze, minimize and prevent financial risks involved in potential business ventures or investments.

While exact degree type and course requirements vary from school to school, most online risk management degrees are conferred as Master of Science (MS) degrees. Some institutions also offer programs in specific professional areas of risk management, such as healthcare or pharmacy. If your interest lies more towards the business aspect of risk management rather than the healthcare side, you can pursue a Masters of Business Administration (MBA) degree with a concentration in entrepreneurship or finance.

Degree Options Master of Science in Risk Management or MBA in Entrepreneurship or Finance
Admissions Prerequisites Bachelor's degree, prerequisite courses, GMAT scores
Online Learning Access lectures and course materials online, participate in chat-based discussions, email or post to bulletin boards
Common Courses Business statistical research, business economics, financial analysis, capital budgeting, risk analysis in insurance
Career Options Financial adviser, risk analyst, portfolio manager
Job Outlook (2016-2026)* 11% (for financial analysts)
Median Salary (2018)* $85,660 (for financial analysts)

Source: *U.S. Bureau of Labor Statistics

Are There Special Admission Requirements?

The universal requirements for virtually all online programs are relatively simple: you must have a bachelor's degree from an accredited college or university and access to a computer with a reliable Internet connection. Most schools do not require that your undergraduate degree be in a related area; however, if you're enrolling in a specific area of risk management, such as pharmacy or finance, you may need to have completed certain foundational courses in your bachelor's degree studies. You'll likely also have to take the Graduate Management Admissions Test (GMAT), which is a required standardized examination for most applicants to graduate-level business degree programs.

How Do Online Programs Work?

Online programs use interactive content management systems, which allow teachers to post assignments, tests, lectures and other course materials to the Web. As a student, you'll use the bulletin board feature of these systems to access these materials and post mandatory assignments and comments on lectures or class discussions. Most courses will allow you to access lectures and other materials at your convenience, often within an allotted period of time, while others require you to view live lectures or participate in real-time, chat-based discussions. If you have questions or problems, you can usually communicate with your teachers or fellow students through e-mail or bulletin board posts.

Some schools require limited visits to campus - generally no more than three or four throughout the course of your master's degree studies - for orientations, on-site lectures or exams issued by proctors. It's a good idea to check out whether the programs you're applying to have any such requirements, and if so, make sure you will be able to travel to the school's campus as needed.

What Courses Will I Take?

Most programs include numerous risk management courses as requirements or electives in their degree curricula. Course topics often covered in online programs may include:

  • Business economics
  • Capital budgeting
  • Financial analysis
  • Risk management in healthcare technologies
  • Risk analysis in insurance
  • Business statistical research
  • Property and liability insurance
  • Organizational behavior

What Kind of Job Can I Get?

Once you've completed your degree, you can become a risk analyst, portfolio manager or financial adviser. Professionals in these positions are generally responsible for analyzing the level of monetary risk involved in business acquisitions or financial investments. You can work in the general financial or business areas of risk management, or you can pursue a risk management career in a more specialized industry, such as healthcare, medical research, information technology, insurance or pharmaceuticals.

You can increase your professional options even further by joining a professional association, like the Risk and Insurance Management Society, Inc. (RIMS). This organization offers online and in-person continuing education opportunities and voluntary certifications, such as the Fellow in Risk Management (FRM) designation (www.rims.org).

To continue researching, browse degree options below for course curriculum, prerequisites and financial aid information. Or, learn more about the subject by reading the related articles below:

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