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Businesses often entail risks. That is why are systems put in place to effectively control them. This is where risk management comes in. In a nutshell, the process involves identifying, assessing, and controlling risks.
Earning a master’s in Risk Management will prepare students to make risk-reward decisions by delving into the upside and downside volatility of a business enterprise or organization. The degree program will help them gain a better understanding of all types of risks, be they strategic risk, project risk, operational risk, legal risk, supply chain risk, or financial risk. It also involves enhancing an organization’s planning process, which is integral in achieving its goals.
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Those who want to pursue or advance their professional career in Risk Management will want to earn an online master’s in risk management program, offered by many colleges and universities in the country. The online curriculum means more flexible options as they juggle their professional and educational goals.
Many of these Risk Management programs allow students to expand their abilities in specialized risk management areas, including auditing, compliance, and information technology. They can also learn corporate risk management strategies and risk analysis in financial institutions. The Labor Statistics Bureau confirms that financial managers can earn a median salary of $139,790 annually.
Quick audio summary:
More than ever, the practice of Risk Management is proving ever more crucial for organizations in both the public sector and private sector, given the multitude of factors and realities that abound. It follows that those planning to enter into careers in this field get the best training and further education they can get, whether in terms of broad-based risk management or in a more specialized risk management sub-field.
We can help you make that choice! We have put together the best graduate schools that offer online Master’s in Risk Management programs, selected based on the following features:
- Offers their courses mostly or entirely online, allowing working professionals to continue their education with little to no disruption to their careers,
- Feature comprehensive curricula that cover all the required content areas, both for programs that have a more broad-based risk management design or those that have a special focus on a particular risk management area, such as enterprise risk management or cybersecurity, for example,
- Also includes core courses that develop students’ critical thinking and leadership skills, as well as communication skills,
- Taught by faculty who are experts in the industry, and/or are industry leaders and active practitioners themselves,
- Offers a range of financial aid options, as well as other means for students to manage their tuition costs,
- Holds the appropriate programmatic and regional accreditation credentials.
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Best Online Master’s in Risk Management Programs
Home to 36,000 students and more than 10,000 faculty and staff, Boston University offers more than 300 programs of study across three campuses and online. The university is also known as a leading global research institution with a faculty dedicated to a creative, interdisciplinary approach when it comes to problem-solving.
- The MS in Enterprise Risk Management program offered by Boston University is available both online and on campus.
- The MS Risk Management program offers a blend of cutting-edge intellectual content from the academe and sophisticated management practices from leading global corporations.
- The online program requires the completion of 40 credits, requiring students to demonstrate skills in the use of quantitative and qualitative data along with the necessary skills to undertake management and leadership roles in the enterprise continuity profession.
Standout Features of Boston University’s Online Master of Science in Enterprise Risk Management Program:
The master’s in enterprise risk management program at Boston University is one of the few risk management degrees that allow students to fully immerse in risk management and organizational continuity. The university is also an accredited institution and a member of AACSB International―The Association to Advance Collegiate Schools of Business.
Did You Know?
Boston University, one of the best business schools in the country takes pride in its experienced faculty of scholars and accomplished practitioners, all of whom know how to ignite the imaginations of thousands of students. The best teachers at Boston University are rewarded with the institution’s most prestigious honor – the Metcalf Cup and Prize.
University of Colorado
Since 1996, the University of Colorado has been offering online degree programs and certificates, demonstrating its commitment to providing accessible and affordable higher education for students worldwide. It is also known as a leader in academic excellence and research throughout the state of Colorado.
- The University of Colorado offers a Master of Science in Finance and Risk Management program that features hands-on learning, especially in the use of software and databases.
- This 30-credit program provides students with insights into the economics and finance behind modern business.
- Students can expect to explore special topics such as behavioral and political finance and international corporate governance.
- The program focuses on equipping students with quantitative skills, allowing them to participate in commodity market analysis, futures, and derivatives trading.
- There are three specializations for students to choose from, including Commodities, Finance, and Risk Management and Insurance.
Standout Features of the University of Colorado’s Online MS in Finance and Risk Management Program:
The program is part of the CFA Institute’s University Affiliation program; hence the majority of the curriculum reflects the practice of investment management. This prepares students to pass the Chartered Financial Analyst exam to help them land leadership positions within the financial markets industry.
Did You Know?
The University of Colorado offers high-quality online programs across various academic disciplines. Students can benefit from its flexible learning format that can fit their lifestyle. They can also enjoy personalized support, from enrollment to graduation. The university is Higher Learning Commission-accredited.
Florida State University
Founded in 1851, Florida State University is a popular graduate research university that remained committed to providing student-centered education with its rigorous curriculum and stellar faculty. Currently, this higher learning institution houses 44,597.
- The MS in Risk Management and Insurance degree program at Florida State University helps students develop their skills when it comes to analyzing financial, legal, ethical, and global concerns from different perspectives.
- The program has an accreditation from AACSB International (or Association to Advance Collegiate Schools of Business), a global nonprofit association fully committed to honing future leaders.
- Students need to earn a total of 30 credits, with courses that include Fundamentals of Risk and Insurance, The Legal and Ethical Environment of Business, Insurance Company Operations, and Business Condition Analysis, among others.
Standout Features of Florida State University’s Online MS in Risk Management & Insurance Program:
The program is offered in an accelerated format, which means qualified undergraduates who are risk management and insurance majors can start on graduate coursework by applying for the Combined Bachelor of Science in Risk Management/Insurance/Master of Science in Risk Management and Insurance (BS/MS-RMI) Pathway.
Did You Know?
As among the country’s elite research universities, Florida State University is accredited by the SACSCOC-Southern Association of Colleges and Schools Commission on Colleges. It is one of the top 10 nationally for the National Science Foundation grant awards. Its online programs allow students access to a broad range of resources and specialized services to make their online learning experience convenient. This includes professional guidance, online mentoring, and academic tutoring, among others.
Established in 1820, Indiana University has been helping students achieve a bright future while seeking ways to drive innovation. It currently offers more than 930 academic programs university-wide.
- The MS in Cybersecurity Risk Management program is a fully online program, teaching students to identify and mitigate cybersecurity threats along with managing risk.
- Graduate students will learn how to protect intellectual property, promote information and systems security, and address cyber threats to national and international security.
- To get admitted into the program, interested students must have a bachelor’s degree and a 3.0 GPA or above on a 4.0 scale. Proficiency in the English language is also required for an international student.
Standout Features of Indiana University’s Online Master of Science in Cybersecurity Risk Management Program:
In this program, students have the opportunity to tailor their degree according to their professional interests by choosing among available concentration options. This includes Technology, Artificial Intelligence, Business, and Law.
Did You Know?
Indiana University has always been dedicated to empowering students and faculty to cultivate meaningful careers and create an impact on the world. It can count among its alumni some of the most remarkable individuals, including those who earned Nobel Prizes, Pulitzer Prizes, Olympic medals, and Fulbright Awards.
St. John’s University
Founded in 1870, St. John’s University is a private, coeducational Roman Catholic University with 6 campuses across New York, Italy, France, and Ireland. It offers high-quality academic programs in various disciplines, including Education, Business, Health Sciences, Liberal Arts and Sciences, and Professional Studies.
- The 30-credit MS in Risk Management & Risk Analytics program is designed for interested students who wish to succeed in professional positions in the insurance industry.
- Students are equipped with a thorough understanding of the process of identifying, measuring, and managing risks along with the fundamental knowledge on mitigating and financing loss exposures through the use of risk management techniques and data analytics.
- The program curriculum also includes the study of the legal and regulatory environment governing risk transfer.
Standout Features of St. John’s University’s Online MS in Risk Management and Risk Analytics Program:
Students in this master’s program are automatically considered for scholarships based on their academic qualifications. They can benefit from scholarships ranging from $5,000 to full tuition. Students can also apply for the ILOTY fellowship. This is a full-tuition fellowship for high-achieving students.
Did You Know?
St. John’s University offers more than 100 academic programs across various areas of study. This includes undergraduate degrees, master’s degrees, doctoral degrees, advanced certificates, and J.D. LL.M. programs under its elite School of Law.
New York, NY
Columbia University is a private research university, one of the 8 Ivy League Universities, and one of the 9 Colonial Colleges that were founded before the United States became a sovereign nation.
Columbia was founded in 1754 and named King’s College, Becoming Columbia University after its move to its present campus in 1896. In keeping with its institutional stature, Columbia University has a highly selective admissions process.
- Columbia University’s Master of Science in Enterprise Risk Management is a program that is focused on enterprise risk, particularly with regard to upside and downside volatility.
- The program is ideal for individuals who plan on pursuing careers in enterprise risk management or expanding their skills in particular risk management areas.
- The program has a range of flexible full-time and part-time enrollment options. Classes are offered primarily on-campus, however, most of the courses are also available online.
- The program’s comprehensive curriculum focuses on all aspects of Enterprise Risk Management, as well as all risk sources for enterprises.
Standout Features of Columbia University’s Master of Science in Enterprise Risk Management Program:
Students in the program get the educational quality that comes with enrolling in an Ivy League university. With this program in particular, students get a comprehensive curriculum that covers all aspects of Enterprise Risk Management (risk identification, risk governance, risk quantification, and more), as well as the development of crucial communication skills that help turn insight into action.
Did You Know?
Columbia University’s Enterprise Risk Management program is the largest of its kind in the world. The program is also offered as an on-campus or online Certification of Professional Achievement. Likewise, most of the program’s courses are also available in individual, non-credit options.
Georgetown University is a private research university in Washington, DC, affiliated with and founded by the Jesuit order. Georgetown was established in 1789 by Bishop John Carroll and occupies its place among the most prestigious and influential universities in the country. Georgetown currently has a student population of around 19,000 students.
- Georgetown University’s web-based Master of Professional Studies in Cybersecurity Risk Management takes an interdisciplinary approach, equipping students with the necessary skills and perspectives to serve as invaluable organizational assets in the field of cybersecurity.
- The program has a total of 33 credit hours and can be taken on a full- or part-time enrollment basis. The program takes around 2-5 years to complete.
- On top of the interdisciplinary approach to examining cybersecurity risk, the program also gives students opportunities for hands-on experience with real-time data and collaborative online projects.
- In turn, this program follows the frameworks set by the National Initiative for Cybersecurity Education (NICE) and the National Institute of Standards & Technology (NIST).
Standout Features of Georgetown University’s Online Master’s in Cybersecurity Risk Management Program:
Compared to other risk management online master’s degrees, this is focused on cybersecurity, which has massive implications for the world’s major industries, which have come to rely on an increasingly digital infrastructure.
Did You Know?
Not all students may be after a full-blown master’s degree. Georgetown University also offers its Cybersecurity program as a Certificate in Cybersecurity Strategy or as a Graduate Certificate in Cybersecurity Risk Management.
University of Washington
The University of Washington is a public research university in Seattle. Having been founded in 1861, the university is one of the oldest universities on the West Coast, and is presently one of the largest in terms of total physical facilities and student population, with the latter currently at around 49,000.
- University of Washington’s Master of Science in Computational Finance and Risk Management (MS-CFRM) program is ideal for industry professionals with strong quantitative and mathematical skills, designed to address the need for next-generation risk management and advanced quantitative and computational finance skills.
- The program contains a minimum requirement of 42 credit hours, consisting of 26 credits of mandatory and 16 credits of elective coursework.
- The program is offered on-campus and online, with online students expected to be typically enrolled on a part-time basis.
- The University of Washington encourages interaction between its on-campus and online students, as they are all active members of the CFRM program.
Standout Features of the University of Washington’s MS in Computational Finance and Risk Management Program:
Compared with other master’s in risk management programs, the University of Washington’s CFRM program is focused primarily on financial risk, as well as the computational and quantitative aspects of the finance industry.
Did You Know?
The University of Washington also offers an entirely online Computational Finance Certificate, for those who may not need the entire coursework in the master’s degree program.
New York Institute of Technology
Old Westbury, NY
The New York Institute of Technology (NYIT) is a private research university with campuses in Long Island and Manhattan. The University was founded in 1955 and presently offers degree programs that are primarily focused on applied scientific research as well as technology. The New York Institute of Technology has a current student population of around 9,900.
- The MS in Risk Management offered by the NYIT features a comprehensive curriculum that is designed to prepare students with skills in strategic thinking and proficiency in providing technological solutions to mitigate risk for enterprises.
- The program contains a total of 30-42 credit hours and is offered with evening, weekend, and online class options.
- The program’s curriculum covers key areas in enterprise risk management including business continuity planning and management, financial theory, product & market development, human capital & risk management, and legal/regulatory risk management.
Standout Features of the New York Institute of Technology’s Master of Science in Risk Management Program:
NYIT’s tradition of strength in technology and applied research is reflected in the design of this program, and the program goes beyond the traditional risk management key areas of cybersecurity, financial risk, and insurance. This program is accredited by the AACSB-Association to Advance Collegiate Schools of Business.
Did You Know?
This program also aligns with the set of best-practiced priorities established by The Institutes® Risk and Insurance Knowledge Group. This includes coverage of crisis management, supply chain management, financial regulation, and liquidity.
Butler University is a private, not-for-profit university in the city of Indianapolis, Indiana. It was founded by and named after Ovid Butler, an attorney and newspaper publisher, in 1855 as the North-Western Christian University, gaining its current name in 1877. Presently, the university has a student population of over 5,000 and includes 19 graduate programs among its degree program offerings.
- Butler University’s Master of Science in Risk and Insurance (MSRI) program pairs training on risk management and mitigation with broad-based business skills, including accounting, finance, and leadership.
- The program is fully online, and is cohort-based, containing a total of 30 credit hours. The program also includes two required in-residence experiences.
- The program’s curriculum includes coverage of property and casualty, employee benefits, and captive insurance entity operations.
- Butler University’s MSRI program is accredited by the AACSB.
Standout Features of Butler University’s Online Master of Science in Risk and Insurance Program:
Butler University’s MSRI program features a unique curriculum design that includes specialized courses on insurance and risk, together with business foundation courses that are typically found in MBA programs. This program is also ranked no. 33 in the country for non-MBA online business master’s degree programs (US News & World Report).
Did You Know?
Butler is a relatively smaller university, but it consistently makes the highest rankings in various categories, including the No.1 Regional University and No.1 Most Innovative School, and No.1 Best College for Veterans, all for the Midwest region.
Frequently Asked Questions
What does an online Master’s in Risk Management encompass?
Essentially, online Master’s in Risk Management programs are designed to equip interested students with advanced knowledge and skills in identifying and mitigating various risks, allowing them to pursue leadership and managerial jobs.
Students with this master’s degree will be able to gain a solid understanding of utilizing risk management techniques to maximize business profits. They will learn how to identify, analyze, minimize, and mitigate risks often involved in investments and other business ventures. They can also gain a better grasp of corporate risk management strategies, business continuity planning, and disaster recovery frameworks that can aid business enterprises, financial institutions, and overall industry sustainability.
Students can expect to cover the use of quantitative methods, qualitative data, analytical tools, and critical thinking skills. With a risk management master’s degree, they will be able to enhance their academic capabilities and credentials along with increasing their earning potential.
How long does it take to complete a Master’s in Risk Management online program?
Most master’s in risk management programs require the completion of 36 credits or more. This means students will be able to earn their online degree in 18 months to two years. However, there are universities that offer accelerated program options, allowing students to finish the degree faster.
- In broad strokes, risk is defined as exposure to harm, and typically involves a degree of future uncertainty with regard to potential deviations from expected or desired outcomes. Master’s in Risk Management programs focus on skills that let students identify, assess, and mitigate risk.
- Risk is a very wide-ranging term, and many Risk Management degree programs are designed to focus on risk with regard to particular industries or disciplines, such as enterprise risk, cybersecurity risk, financial risk, and the like.
- Despite their varied focus, Master’s in Risk Management programs typically include courses that teach risk identification, risk assessment, risk control/risk mitigation, and more. Again, depending on their focus, Master’s in Risk Management programs also cover various analytical tools and quantitative methods.