Online Risk Management Degree Programs

Risk management is a vital corporate function to most businesses and organizations. Online risk management degree programs prepare students to manage risk in a variety of different fields. The programs provide students with a strong background in risk management and help students develop the necessary practical skills to evaluate and avoid needless risks, examine legal regulations, evaluate environmental hazards, and plan for handling challenges. Read more about online risk management degree programs.

Some Stats

In 2006, financial managers held 506,000 jobs with 3 out of 10 working for finance and insurance institutions and 8% working for the government. Financial analysts held 221,000 jobs in 2006, with over 2 out of 5 working for the finance and insurance industries (1). According to Payscale.com, people employed in the risk management industry had average annual salaries from around $34,000 to $83,000 depending on the position and field (2).

Employment Outlook

Employment outlook for risk management careers varies greatly among field, degree, and position. The constantly evolving business marketplace and increasingly complex rules and regulations will result in a higher demand for risk management professionals. Employment of financial managers is expected to grow about as fast as average for all professions from 2006 to 2016, increasing 13% and adding 64,000 new jobs. Financial analysts are expected to experience much faster than average employment growth, increasing by 34% and adding 75,000 new jobs (1).

Specialties

Risk management degree programs offer many different specialties for students to focus their studies and pursue an interesting career. The risk management specializations include insurance, industrial risk management, actuary and finance risk management, construction risk management, franchise risk management, security risk management, environmental risk management, enterprise risk management, corporate risk management, risk management consulting, risk management information systems, safety and loss control, aquatic risk management, and healthcare risk management. Students who are interested in a particular specialty should select schools that offer strong programs in that specific area of interest.

What to Expect

Risk management degree programs provide students with the essential theoretical knowledge and hands-on skills to lead a meaningful career in many different fields. Undergraduate risk management programs require general education courses in English, composition, math, science, and humanities. Coursework varies by program, but many require courses in principles of risk management, risk assessment, risk control, risk financing, risk prevention, accounting, business, statistical analysis, economics, and safety and loss control. Graduate degree programs in risk management require more intense study and prepare individuals for higher positions. Many risk management students pursue Master of Business Administration degrees with concentration on risk management.

The End Result

Undergraduate risk management degrees can be applied to many different career fields such as insurance companies, profit and non-profit organizations, consulting firms, and government agencies. Students who obtain graduate degrees will be able to transition into higher positions. Career opportunities for risk management graduates include:

Financial Manager
Financial Analyst
Risk Management Analyst
Risk Management Consultant
Claims Adjuster
Administrative Assistant
Software Engineer
Information Technology Consultant
Insurance Underwriter
Financial Investor
Business Risk Consultant
Client Manager
Property Claims Representative
Actuary
Construction Risk Manager

A risk management career will be rewarding for individuals who are interested in examining the connection between risk management and industrial productivity. Risk management professionals apply their skills to a variety of industries. They are essential to the modern business marketplace and can save corporations millions of dollars by identifying and managing threats and analyzing and avoiding risks.

(1) SOURCE: Bureau of Labor Statistics, Occupational Outlook Handbook 2008-2009 Edition
(2) SOURCE: Payscale.com, Salary Survey for Industry: Risk Management

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