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Best Online Risk Management Degree Programs

Explore the top 20 schools that offer online risk management degree programs. Learn what classes are included and what degrees these programs lead to, as well as what careers await you after graduation.

Top Schools for Online Risk Management Degree Programs

When determining the top schools for online risk management degree programs, you should consider factors such as degree level and admissions, cost, flexibility and accreditation. The top 20 schools with online risk management degree programs are listed below.

1. University of Alabama at Birmingham

Location Tuition & Fees (in-state) % Receiving Financial Aid
Birmingham, AL $8,568 94%

The University of Alabama at Birmingham is accredited by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC) and has tuition rates of $441 (undergraduate) and $534 (graduate) for business students. The school offers three programs that enable students to take one or more courses in risk management:

  • Bachelor of Science in Accounting: The BSA program includes 120 credit hours of coursework, and a financial management concentration option that includes risk management.
  • Bachelor of Science in Finance: Students in this 120-credit program can choose a concentration in financial management or investments and institutions, both of which include risk management.
  • Master of Business Administration: The MBA with a concentration in finance program consists of 39 credit hours and includes financial risk and management topics.

2. East Carolina University

Location Tuition & Fees (in-state) % Receiving Financial Aid
Greenville, NC $7,238 81%

East Carolina University has more than 7,000 students taking online courses including students from 47 states and 73 countries. ECU offers an online Master of Business Administration program that consists of 18 classes, or 54 credits, made up of courses in business, risk management and chosen electives. Students can utilize their electives to earn a supplemental certificate (2 extra classes) or add a concentration in finance. ECU charges tution on a per-class basis -- North Carolina residents pay $1,122.78 for each course.

3. Missouri State University-Springfield

Location Tuition & Fees (in-state) % Receiving Financial Aid
Springfield, MO $7,588 91%

Missouri State University at Springfield is accredited by the Higher Learning Commission and offers tuition rates of $299 (undergraduate) and $309 (graduate) per credit hour for most courses. MSU has both an undergraduate and a graduate online program for students interested in risk management.

  • Bachelor of Science in Finance: This program offers concentrations in financial planning and corporate and investments and includes several courses with a risk management emphasis.
  • Master of Business Administration: This 33-credit program includes core business classes and allows students to use electives to earn a Graduate Certificate in Quantitative Enterprise Risk Management.

4. Old Dominion University

Location Tuition & Fees (in-state) % Receiving Financial Aid
Norfolk, VA $10,680 93%

Old Dominion University has a student-to-faculty ratio of 17:1 and is accredited by the SACSCOC. The school offers an online Bachelor of Science in Business Administration program that offers several concentration options (noted below), consists of 120 credits, and has a tuition rate of $356 to $407 per credit hour.

  • Risk Management & Insurance: Students will explore topics such as data and cyber risks and use electives to focus on risk management areas such as finance, accounting and management.
  • Accounting with a Minor in Finance: This program includes coursework in accounting, business, finance and allows students to use electives for courses such as insurance and risk management.
  • Finance: Students explore topics such as investments, managing portfolios and risk management, and can utilize electives for a more extensive focus on risk management topics.

5. University of Wisconsin-Whitewater

Location Tuition & Fees (in-state) % Receiving Financial Aid
Whitewater, WI $7,695 80%

The University of Wisconsin at Whitewater employs around 700 faculty and provides a close-knit experience with a student body of fewer than 14,000 students. The school offers a fully-online Bachelor of Business Administration with a major in finance that consists of 120 credits of coursework and a 20-hour community service component. Students have a tuition rate of $389 per credit hour and have a chance to learn about topics such as valuations, financial management and insurance. Students can also use 12 credit hours to take electives that align with their interests, such as insurance risk and real estate finance (including lender risk).

Rank School Name Location Tuition & Fees (in-state) % Receiving Financial Aid
6 Molloy College Rockville Centre, NY $32,600 99%
7 University of Massachusetts-Amherst Amherst, MA $16,389 91%
8 Davenport University Grand Rapids, MI $19,338 97%
9 Indiana State University Terre Haute, IN $9,236 93%
10 University of Michigan-Dearborn Dearborn, MI $13,304 96%
11 University of Massachusetts-Lowell Lowell, MA $15,648 91%
12 Ave Maria University Ave Maria, FL $21,854 98%
13 Utica College Utica, NY $22,110 97%
14 DeSales University Center Valley, PA $38,700 100%
15 Dallas Baptist University Dallas, TX $30,320 97%
16 Creighton University Omaha, NE $41,400 100%
17 University of Mary Bismarck, ND $19,074 98%
18 Florida State University Tallahassee, FL $5,656 96%
19 Louisiana State University-Shreveport Shreveport, LA $7,327 97%
20 Saint Joseph's University Philadelphia, PA $46,550 98%

All table data provided by the National Center for Education Statistics, tuition represents the 2019-2020 school year for undergraduate students

Learn.org's school ranking methodology categorizes and assesses data from schools and other reliable sources, such as the U.S. Department of Education, and weighs the information based on quality, cost, value and other factors critical to students' academic decisions.

Overview of Online Risk Management Degree Programs

Online risk management degree programs are available with different focus areas and at graduate and undergraduate levels. Key characteristics of graduate and undergraduate programs are discussed in the sections below.

Online Bachelor's Degrees in Risk Management

These programs are usually open to students with a high school diploma or GED, and many schools require students to have a specific GPA on their diploma (such as a 2.5). These programs can lead to different types of degrees, such as a Bachelor of Science or Bachelor of Business Administration, and may focus on one or more areas, such as:

  • Business administration and management
  • Finance
  • Accounting
  • Insurance
  • Risk Management

Many online risk management bachelor's degree programs take the form of business administration, finance and similar majors with courses (some with minors) in risk management. Other programs are focused solely on insurance and risk management, although they are less common than those with a broader scope of study.

Risk Management Bachelor's Degree: Residency Requirements

Although many risk management bachelor's degree programs can be completed entirely online, some programs require students to fulfill residency requirements. These can include mandatory on-campus learning experiences, a specific number of courses that must be completed in-person, and other face-to-face components (such as hands-on practice or volunteer work).

Risk Management Bachelor's Degree: Program Length

Traditionally, undergraduate students (both online and on-site) complete 30 credit hours each school year, by taking 15 credits in the fall and spring semesters (full-time). This rate of completion leads to a program length of 4 years, and students can finish sooner or later by taking different amounts of courses each semester. Schools usually have either standard semesters, with 16 weeks in the fall and spring and a shortened summer semester, or they might offer six 'terms' through the year, which equate one half of a semester.

Taking 15 credits each 16 weeks leads to a 4-year completion time for students who do not take courses in the summer while students who have 6 terms (3 16-week semesters) are able to complete their courses in less than 3 years without taking more courses during the fall and spring semester.

Online Master's Degrees in Risk Management

Online risk management master's degree programs are typically open to students who have previously completed a bachelor's degree with a minimum undergraduate GPA (such as 3.0). There is a range of risk management graduate programs, including those primarily focused in business administration, business risk and financial risk. Key characteristics of online risk management master's degree programs are discussed below.

Risk Management Master's Degree: Program Length

The length of online risk management master's degree programs varies, as programs can include as few as 30 credits or more than 40 credit hours. Most students finish these programs in around two years of full-time study, although students can take more or fewer courses than the standard amount.

Common Courses in Online Risk Management Degree Programs

Specific courses included in risk management degree programs vary by school and degree focus area. However, students pursuing online risk management degree programs often have one or more of the courses listed below.

  • Insurance and Risk Management - In this course, students learn basic concepts of risk management in insurance operations, including contracts, regulations and markets.
  • Investments - This course examines different types of investments, including stocks and other securities, as well as their applicable risks and portfolio management strategies.
  • Financial Management - Students explore concepts of financial management as well as strategies for tasks such as budgeting, risk avoidance and correction, and capital structure.
  • Managing Financial Risks - This course provides an overview of risk management practices applicable to financial managers, including price risk, exchange rates and liabilities.

Accreditation for Online Risk Management Degree Programs

Accreditation is a stamp of approval from accrediting organizations; it says that schools have met specific quality standards regarding curriculum, outcomes (such as graduation rates), faculty and more. There are two types of accreditation that are important for online risk management degree students: institutional and programmatic.

Institutional Accreditation

Institutional accreditation applies to an entire school and can be provided by more than a dozen organizations. Institutional accreditation can either be considered regional or national; while both types reflect quality standards, credits earned at schools with regional accreditation are easier to transfer into future college programs. Institutional accreditation of either type is required for several kinds of financial aid, including federal grants and loans.

Programmatic Accreditation

Programmatic accreditation is an accreditation that applies to specific programs. There are three agencies that grant accreditation to programs in business programs:

  • Accreditation Council for Business Schools and Programs (ACBSP) - ACBSP accredits undergraduate and graduate degree programs in business and related fields.
  • Association to Advance Collegiate Schools of Business (AACSB) - AACSB accredits bachelor's degree through doctoral degree programs in accounting and business administration.
  • International Accreditation Council for Business Education (IACBE) - The IACBE accredits all levels of degrees that are in the field of business, excluding those offered by 2-year colleges.

Financial Aid for Online Risk Management Degree Programs

There are a variety of financial aid options available to students of online risk management degree programs. The first thing that students should do as they look for financial aid is to fill out the Free Application for Federal Student Aid (FAFSA). Schools and some aid providers will want the FAFSA results, and students can see some of the aid that they qualify for after submission.

School-Specific Aid

Many schools offer scholarships and other types of aid directly to students. Aid may be awarded based on GPA, demographics, field of study, and other characteristics.

Student Loans

Students can obtain student loans through the federal government, state government and private lenders, but federal loans offer flexible and affordable repayment plans.

Scholarships

In addition to their schools, students can find scholarships through private organizations and public resources, such as the U.S. government's CareerOneStop.

  • The Risk Management Association Foundation Scholarship Program - Undergraduate students interested in working in banking after graduation may qualify for $1,500 to $5,000.
  • The Florence Gaynor Award - Female students interested in working in healthcare administration who are studying a related field may qualify for $2,500.
  • The Griffith Insurance Education Foundation Scholarships - The Griffith Foundation offers scholarships to students pursuing programs relating to insurance and risk management.
  • Spencer Educational Foundation Scholarships - This foundation offers graduate and undergraduate scholarships to students studying risk management and related fields (such as finance).
  • Resilience Action Fund Scholarship - Graduate students pursuing business and related programs who are researching a qualifying topic (such as risk assessment) may qualify for $1,500.

What Can You Do with an Online Risk Management Degree?

Graduates of online risk management degree programs can pursue a variety of roles, depending on their interests, knowledge and work experience. Some of the careers available to graduates of online risk management programs are listed below.

  • Claims Adjusters, Appraisers, Examiners, and Investigators - These individuals evaluate and make decisions on insurance claims by determining validity, value and coverage. Many states require these professionals to have a license, which usually requires passing a knowledge assessment and maintaining current knowledge of procedures.
  • Insurance Underwriters - Insurance underwriters determine whether or not to provide insurance coverage by assessing risks and appropriate costs for each customer. Many insurance underwriters, especially those in higher-level positions, are required to have certification, which can be acquired through organizations such as the National Association of Insurance and Financial Advisors.
  • Loan Officers - Loan officers assess the stability and risk of customers and ultimately decide whether or not to approve (or recommend) loans, and may also seek out business clients. Loan officers who deal with mortgages are required to have a Mortgage Loan Originator license, which involves completing specific coursework and passing an exam.
  • Actuaries - Actuaries assess potential monetary costs of uncertainties and risks using mathematics and financial theories. Actuaries are required to be licensed through one of two organizations: the Society of Actuaries and the Casualty Actuarial Society. Certification requires specific college coursework, seminars, passing and exam and specific experience (for higher certification).
  • Financial Managers - Financial managers direct and oversee the financial operations of organizations. Their duties can include developing and reviewing reports, assessing risks and assisting organizational leaders with decision making. Financial managers can benefit from related certifications, such as the Chartered Financial Analyst (CFA) certification.
  • Financial Analysts - Financial analysts give recommendations and guidance to individuals and businesses relating to financial activities. They review financial markets, identify and measure risks and present reports and suggestions. Most financial analysts are required to have certification, although many obtain it after hire, through associations such as the CFA Institute.

Job Title Median Annual Salary (2019) Estimated Job Growth (2018-2028)
Claims Adjusters, Appraisers, Examiners, and Investigators $66,540 -4%
Insurance Underwriters $70,020 -5%
Loan Officers $63,270 8%
Actuaries $108,350 20%
Financial Managers $129,890 16%
Financial Analysts $85,660 6%

All career data provided by the U.S. Bureau of Labor Statistics