Certain subfields of the business sector are experiencing rapid growth, and the demand for graduates with specialized knowledge is increasing. One of these in-demand specializations is risk management and insurance. As a result of healthcare reform and an aging population, employment in positions related to risk management is projected to increase nearly 30% by 2024. An online bachelor's degree in risk management will prepare you to market yourself in this high-demand field, while providing fundamental business skills useful across industries.
Choosing a Program
An online risk management degree instructs students in core financial principles and specialized concepts in risk management and insurance. Students pursuing a risk management degree online gain a thorough understanding of management, finance, and statistics. They explore the insurance industry, learning how policies are developed and about methodologies used to determine risk. Coursework also covers underwriting, negotiation, and financial counseling.
Many programs allow students to specialize even further, offering electives in fields such as law and entrepreneurship. Other programs include thorough instruction in topics pertaining to insurance. Graduation requirements vary considerably; students may be required to complete a portfolio or pass a comprehensive exam. Some programs also include an internship with a local business or firm.
What Are The Best Online Bachelor's in Risk Management Programs?
Florida International University
|Miami, FL||Cost: $$$$$||Graduation Rate: 57%||
Florida International University (FIU) — Florida's first public research university — offers an array of on-campus and online degree programs, including a bachelor of business administration in finance with an emphasis in financial risk management. FIU is accredited by the Southern Association of Colleges and Schools, and its online risk management degree holds accreditation from the Association to Advance Collegiate Schools of Business.
This 120-credit program features general education and major-specific coursework. The curriculum examines economics, statistics, financial management, securities analysis, international financial management, and intermediate finance. Coursework prepares students for careers in banking, portfolio management, financial risk management, and investing. Online learning at FIU uses an asynchronous format, allowing students to study at their convenience. The university pairs each online student with a success coach.
FIU enrolls new students in the spring, fall, and summer. Applicants must possess a minimum 2.5 GPA and submit official high school or college transcripts and SAT or ACT score. Tuition varies depending on a learner's state of residency, with in-state students paying less. Bachelor's programs typically take four years to complete, although this varies depending on how many courses a student takes each semester and whether they have any eligible transfer credits.
Johnson & Wales University
|Providence, RI||Cost: $$$$$||Graduation Rate: 57%||
Johnson & Wales University (JWU), founded in 1914 in Providence, Rhode Island, is committed to fostering career growth and increasing opportunities for students. JWU is accredited by the New England Commission of Higher Education and offers many online programs, including a bachelor of science in business administration with a concentration in organizational risk and cybersecurity management. The university uses an asynchronous format for its online programs, allowing students to complete coursework according to their schedules.
The program consists of 180 quarter credits and uses a career-focused curriculum to prepare students for jobs in cybersecurity, enterprise risk management, risk analysis, and loss prevention. Courses include finance, marketing, and strategic management. The program also features major-specific courses that cover cybercrimes, emergency planning and business continuity, information security, and fraud examination. Coursework prepares students to assess risk to develop plans for risk recovery and prevention within an organization.
Entry into this program requires either two years of full-time work experience or an associate degree from a regionally accredited institution. Each applicant must submit official transcripts and a resume. JWU does not require standardized test scores, but candidates may need to complete the ACCUPLACER exam before enrolling; this depends on their academic standing. JWU accepts applications throughout the year and offers four available start dates.
Eastern Kentucky University
|Richmond, KY||Cost: $$$$$||Graduation Rate: 44%||
Eastern Kentucky University (EKU) is located in Richmond and holds accreditation from the Southern Association of Colleges and Schools. EKU offers many on-campus and online degree programs, including a bachelor of business administration with a concentration in risk management and insurance. This program is also accredited by the Association to Advance Collegiate Schools of Business. All distance learners pay the same tuition rate, regardless of their location, and faculty deliver this online risk management degree asynchronously.
Industry professionals teach the core business and major-specific courses of this 120-credit program. Classes cover key risk management topics, including accounting, operations management, claims handling, life insurance, and estate planning. The program includes an optional internship, which allows students to gain hands-on experience while earning college credit.
Coursework prepares enrollees for careers as risk managers, claims specialists, data research analysts, and financial planners. Credits may also be applied toward a chartered property casualty underwriter certification.
Each applicant must possess a GED certificate or high school diploma earned with a minimum GPA of 2.5. Candidates need to submit official transcripts and SAT or ACT scores to the admissions office. EKU allows students to transfer up to 90 credits from an accredited institution, but they must complete at least 30 credits and 50% of business core courses at the university.
University of Houston - Downtown
|Houston, TX||Cost: $$$$$||Graduation Rate: 21%||
The University of Houston - Downtown (UHD) — founded in 1974 — offers 44 bachelor's degree programs, including a bachelor's degree in insurance and risk management online. UHD is accredited by the Southern Association of Colleges and Schools, and this specific program is accredited by the Association to Advance Collegiate Schools of Business. UHD caters to busy students and professionals by offering its online programs in an asynchronous format.
The 120-credit program comprises general education and major-specific coursework covering topics like economics, risk management, insurance operations, and business finance. Coursework may include group projects, industry meetings, and presentations, which may require occasional in-person attendance. UHD sets students up with paid internships, teaching them how course concepts can be applied to the workplace. These experiences help enrollees develop in-depth knowledge of core concepts, network, and increase their chances of finding full-time employment after graduation.
Graduates qualify for careers in underwriting, claims adjusting, and personal finance planning. The program also prepares students to pursue many professional certifications to increase their earning potential, including chartered property and casualty underwriter, certified risk manager, chartered financial consultant, and chartered life underwriter.
Each applicant must have proof of high school graduation or possess a GED certificate. Candidates also need to submit official transcripts and SAT or ACT scores. UHD tuition rates vary depending on a student's state of residency.
|Romeoville, IL||Cost: $$$$$||Graduation Rate: 67%||
Lewis University is a private Roman Catholic and Lasallian university in Romeoville, Illinois. It is accredited by the Higher Learning Commission and offers over 80 degrees, including a bachelor of science in information security and risk management; students can earn this degree through a traditional or accelerated online program. Lewis charges a lower tuition for its accelerated program and uses hands-on experiences to develop essential skills in technology and management.
This 128-credit online risk management degree uses an industry-focused curriculum to develop knowledge and skills in computer forensics, data networks, cybercrime, database management systems, and ethical hacking techniques. Participants in the accelerated format manage a project through the systems development lifecycle and use course concepts to create an e-portfolio.
The program also prepares students for the following certifications: security+, certified information systems security professional, certified ethical hacker, certified information systems auditor, certified information security manager, or AccessData certified forensics examiner. Adding a credential can increase a graduate's earning potential. Enrollees commonly go on to find work as ethical hackers, network administrators, information security analysts, and cybercrime investigators after graduation.
Each applicant must submit official high school transcripts (or the equivalent) and ACT or SAT scores. First-year students should hold a minimum 2.0 GPA. Transfer students must possess at least 30 credits from a previous college or extensive work experience to qualify.
University of Central Arkansas
|Conway, AR||Cost: $$$$$||Graduation Rate: 41%||
The University of Central Arkansas (UCA) was established in 1907 in the city of Conway. One of the state's oldest universities, it is accredited by the Higher Learning Commission and offers many degrees, including a bachelor of business administration with a concentration in insurance and risk management. This program is accredited by the Association of Advanced Collegiate Schools of Business and can be completed entirely online. Distance learners pay one flat rate for tuition, regardless of their state of residency.
The 120-credit program comprises prerequisites, electives, and major-specific courses. The core curriculum explores corporate risk management, investments, personal financial planning, data analysis, and insurance operations. Students pursuing this risk management degree online also complete an internship, applying course concepts in the workplace to gain hands-on experience. Students can prepare for careers as financial planners, brokers, risk managers, insurance regulators, and loss-control experts.
First-year applicants must possess a high school diploma or GED certificate and submit official transcripts and SAT or ACT scores. Admissions counselors process applications throughout the year and typically take about three weeks to determine an applicant's eligibility for the program. Transfer students must hold a 2.0 minimum GPA and submit official transcripts from all previously attended colleges or universities.
Indiana State University
|Terre Haute, IN||Cost: $$$$$||Graduation Rate: 39%||
Indiana State University (ISU) — founded in 1865 in Terre Haute — is committed to scholarship, diversity, and creating access to higher education. The school offers over 100 undergraduate degrees, including a bachelor of science in insurance and risk management. ISU is accredited by the Higher Learning Commission, while its online risk management degree is accredited by the Association to Advance Collegiate Schools of Business.
The 120-credit program comprises general business courses and a major-specific curriculum. Students develop knowledge related to essential industry topics, such as business information tools, risk management and insurance, principles of investments, financial planning, and insurance operations. Coursework prepares students for managerial and technical careers in claims, loss control, safety management, and underwriting.
The program includes an insurance internship, which allows students to gain hands-on experience in a practical setting. Enrollees must work with a program adviser to select an approved internship location. This experience culminates in a final paper and employer evaluation, which students must submit for approval to receive credit.
Each applicant must have a high school diploma (or the equivalent) with a 2.5 minimum GPA. Students must submit official high school transcripts and ISTEP test scores to the admissions office. Transfer students must hold a GPA of 2.0 or higher in previous college-level coursework.
Peru State College
|Peru, NE||Cost: $$$$$||Graduation Rate: 36%||
Peru State College (PSC) was founded in 1867 as Nebraska's first college. The school offers career-focused programs to help students launch successful careers or pursue graduate degrees. Its online programs are asynchronous, and distance learners pay one flat tuition rate, regardless of residency. The school is accredited by the Higher Learning Commission and offers several degrees, including a bachelor of business administration with a human resources and risk management concentration.
This online risk management degree consists of general studies, business, and major-specific coursework, in which students examine economics, accounting, business policy, organizational ethics, employment law, and risk management. The program develops knowledge of the principles, techniques, and theories needed to manage and lead organizations successfully.
PSC may award credit based on prior learning or work experiences, which can help reduce the time it takes to complete the program. Graduates qualify for careers in human resources, risk management, insurance, and workforce development.
Applicants interested in earning this risk management degree online need not submit standardized test scores. Students can enroll in the program in the fall, spring, or summer terms.
|Columbus, OH||Cost: $$$$$||Graduation Rate: 6%||
Franklin University was founded in 1902 in Columbus, Ohio. It is accredited by the Higher Learning Commission. Franklin offers many convenient and affordable online programs for working professionals, including a bachelor of science in risk management and insurance. This program uses an asynchronous format, allowing students to access course materials and submit assignments at their convenience without commuting to campus.
The 124-credit program comprises general education, business, and major-specific courses. Students learn basic business concepts in accounting, business law, economics, and management. Major-specific courses build on these fundamentals and cover topics such as property and casualty insurance, insurance company operations, and retirement savings and income planning.
Degree requirements include a risk management and insurance capstone. This entails analyzing the operations and finances of a corporation and using course concepts to create a risk management strategy. Students draft a paper and present their findings before graduating. Students who earn their insurance and risk management degree online can pursue work as claims adjusters, underwriters, risk managers, and personal financial advisers.
Franklin does not have minimum GPA or standardized test requirements. Applicants must submit official high school transcripts, a GED certificate, and/or college transcripts from previously attended institutions. Applications are typically processed within 48 hours of submission.
Ohio Dominican University
|Columbus, OH||Cost: $$$$$||Graduation Rate: 47%||
Ohio Dominican University (ODU) is a Catholic liberal arts school located in the city of Columbus. It is accredited by the Higher Learning Commission and offers 40 undergraduate degrees, including a bachelor of science in insurance and risk management. Students may choose from a fully online or hybrid option. The online degree path uses an asynchronous format, allowing students to complete coursework on their own time. Alternatively, the hybrid option features at least one visit to campus a week, and students complete remaining coursework elements online.
The 120-credit program contains general education, business, and major-specific courses. Students learn key concepts related to strategic management, managerial decision-making, project management, operations and management of insurance companies, and the fundamentals of risk management and insurance.
This online risk management degree develops the practical knowledge and skills students need to launch successful careers as risk managers, loss control consultants, compliance officers, or claims managers. It also helps prepare graduates to pursue the chartered property casualty underwriter certification.
ODU offers two pathways to admission. The traditional pathway requires an applicant to have a minimum 2.3 GPA and submit ACT or SAT scores. Alternatively, the test-optional pathway requires a candidate to have a GPA of at least 2.7. Additionally, in lieu of test scores, individuals must submit a writing sample, reference letters, and a list of student and community service activities.
What Else Can I Expect from an Online Bachelor's in Risk Management Program?
Each online bachelor's degree in risk management program has different requirements, course delivery methods, and objectives. This section explores common program features and formats.
Curriculum for an Online Bachelor's in Risk Management
Course offerings and curricula vary by program, but some concepts are integral to any online risk management degree. Most risk management programs offer the following courses:
- Insurance Law: Students explore basic legal concepts commonly encountered by risk management coordinators. Coursework covers the interpretation and construction of insurance contracts, liability insurance for companies, and claims.
- Macroeconomics: This course provides a broad overview of macroeconomics concepts and how they pertain to risk management activities. Topics include employment, fiscal policy, and national debt.
- Insurance Company Operations: This course examines the operating procedures and functions of insurance companies and common regulations and industry principles.
How Long Does it Take to get an Online Bachelor's in Risk Management?
While most programs can be completed in two to four years, the length of an online bachelor's degree in risk management depends on factors such as the program's format and pacing. Transferring credits earned through previous coursework or industry experience may shorten the completion time.
Some programs are offered in an asynchronous, individually paced format, which allows students to complete coursework according to their own schedule. With few deadlines and no designated log-in times, asynchronous courses provide flexibility for busy students. Conversely, cohort-based programs are more structured; stressing collaboration and student-faculty interaction, students progress through the program together. Featuring strict deadlines and real-time participation, cohort and synchronous programs generally take longer to complete.
Accreditation for Online Bachelor's in Risk Management Degrees
Choosing an accredited program ensures a high-quality education. An accredited school operates according to the ethical and academic standards set by accrediting bodies. Institutions may be regionally or nationally accredited.
Most nationally accredited institutions are for-profit, vocational schools, while regionally accredited schools are typically nonprofit institutions such as state colleges and universities. While credits earned at regionally accredited institutions transfer easily, credits from nationally accredited schools are rarely accepted by institutions with regional accreditation. Students who plan to transfer schools or to pursue a graduate program should ensure their school is regionally accredited.
Accreditation can also affect funding opportunities. The Department of Education relies on reports from accrediting bodies to determine which institutions are eligible for federal financial aid. The Council for Higher Education Accreditation (CHEA) ensures that accrediting bodies maintain high standards. Consisting of representatives from more than 3,000 institutions, CHEA advocates for public understanding of the accreditation process and maintains a comprehensive database of accredited schools and programs.
Employment Outlook for Bachelor's in Risk Management Graduates
Job Placement for Graduates of Risk Management Bachelor's Programs
Careers in risk management offer competitive salaries and great potential for advancement, and virtually all of them require a bachelor's degree. Related positions available to professionals with an associate degree offer much lower salaries than positions requiring a bachelor's degree. The table below demonstrates the significant difference in earnings between professionals with an associate degree in business administration and those with a bachelor's degree in business management.
Bachelor's in Risk Management Salary
Salaries for professionals in risk management vary based on workplace and geographic location, but few factors influence earnings as strongly as professional experience. The following table demonstrates how work experience affects salaries for five risk management positions.
|Job Title||Entry-Level Salary||Mid-Career Salary||Late-Career Salary|
|Risk Management Consultant||$64,852||$87,742||$110,000|
Bachelor's in Risk Management Careers
Graduates with a degree in risk management work in a variety of industries. Individuals with strong math and analytical skills excel in a wide range of positions, some of which provide opportunities for self-employment. The following careers are ideal for professionals with a background in finance and specialized knowledge gained during a risk management degree online program.
Actuaries work for insurance companies to determine the potential for financial risks and to develop policies that minimize loss. They measure probability and uncertainty using statistical research and modeling software and by applying financial theory.
Median Annual Salary: $100,610
Projected Growth Rate: 18%
- Financial Manager
Primarily employed by insurance companies, organizations, and banks, financial managers assess and maintain an organization's financial health and stability. In addition to setting financial goals and strategies, they influence the development of investment plans and activities.
Median Annual Salary:$121,750
Projected Growth Rate: 7%
- Personal Financial Advisor
Frequently self-employed, personal financial advisors assist organizations and insurance companies with estate planning, investment management, and insurance policies.
Median Annual Salary: $90,530
Projected Growth Rate: 30%
- Insurance Underwriter
Insurance underwriters evaluate insurance applications, analyzing situational risks to determine who and what should receive coverage. They help insurance companies determine amounts and premiums.
- Budget Analyst
Working in a variety of settings, budget analysts organize the finances of institutions and organizations. They monitor and analyze spending and uncertainty to create budget reports and other financial plans.
Median Annual Salary: $78,340
Projected Growth Rate: 3%
Financing Your Online Bachelor's in Risk Management Program
When choosing the best way to finance your online bachelor's degree in risk management, complete the Free Application for Federal Student Aid, or FAFSA, to determine whether you qualify for federal funding opportunities such as grants, student loans, and work-study programs. Additionally, many organizations, companies, and individuals offer merit- and need-based scholarships. Students in niche fields, including risk management, may pursue field-specific scholarship opportunities.
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