Risk management is an interdisciplinary field. You’ll need a strong foundation in accounting, economics, management, business law, and financial analytics.
Experts in risk management are in demand, now more than ever. If you think you have what it takes to thrive in this dynamic field, get started with one of these online bachelor’s degrees.
What kind of bachelor’s degree in risk management should you get?
A traditional college program allows you to personally interact with teachers and mentors on a daily basis. You’ll be able to study and learn alongside a community of your peers.
But on-campus programs have their drawbacks, too. For one thing, unless you live within commuting distance of your dream school, you’ll either have to relocate or settle for the nearest college that offers your program.
Online degrees are different. You can enroll in many top-ranked online programs from anywhere in the country – without uprooting your life in the process. These programs are flexible enough to accommodate your schedule, even if you have a full-time job or family obligations.
Interested in learning more about distance education? Visit our ranking of the Best Online Colleges.
How much money do people make with a risk management degree?
The U.S. Bureau of Labor Statistics provides some insight into the typical salaries for careers in risk management.
According to 2017 data, the median pay for a personal financial advisor is $90,640 per year. Insurance underwriters have a median pay of $69,760 per year, while financial analysts have a typical annual salary of $84,300.
The job outlook for personal financial advisors is especially strong: The BLS predicts a growth rate of 15 percent in these jobs between 2016 and 2026.
What can you do with a degree in risk management?
A typical risk management bachelor’s degree will prepare you to find work as a risk consultant, business analyst, or financial planner.
Several of the programs on our list feature a dual emphasis on risk management and insurance. After earning a degree from one of these programs, you’ll also be able to pursue a career as an insurance broker, claims adjuster, or underwriter.
A bachelor’s program can pave the way for a more advanced degree in risk management, such as a Master of Science or a Master of Business Administration.
What are the requirements for a degree in risk management?
Risk management is a field that demands an aptitude for critical thinking and excellent communication skills. An undergraduate degree will help you develop these abilities – but if they’re strengths of yours already, you’ll be ahead of the curve.
Specific admissions requirements range from minimal to highly competitive, depending on the school. At the least, you’ll need a high school diploma or GED and consistent, reliable internet access so that you can complete your online coursework.
More selective programs will want to see rigorous high school courses, a strong GPA, and competitive scores on the ACT or SAT.
What are the best online degrees in risk management?
Choosing a college is a huge decision, and it can be a very difficult one. Our goal is to make it a little easier on you.
To do that, we examine a number of factors that we’ve deemed highly relevant to prospective students. The programs on our list are evaluated for student satisfaction, institutional reputation, academic quality, and student return on investment.
From all of us at College Choice, we wish you the best of luck as you begin the next phase of your academic career!
See our rankings methodology page.
Eastern Kentucky University
College Choice Score: 100
Average Net Price: $12,255
As a public, regional institution, Eastern Kentucky University has a main campus in Richmond and six more campuses around the state. In addition to traditional programs on these campuses, EKU offers an array of online programs in Public Administration, Social Intelligence, Business, and many other in-demand disciplines. EKU offers Kentucky’s only bachelor’s-level risk management and insurance degree program.
EKU offers a fully online Bachelor of Business Administration in Risk Management and Insurance. This program integrates professional preparation in a number of areas, including accounting, operations management, claims handling, life insurance, and estate planning. Students will also gain the necessary academic foundation for success in an MBA program. Required coursework for Risk Management and Insurance majors will include:
- Legal and Ethical Environments of Business
- Management Information Systems
- Principles of Risk and Insurance
- Fundamentals of Property-Liability Insurance
This program offers six start dates throughout the year, so prospective students won’t need to wait until the beginning of the fall semester to start working toward their degree. Graduates will be prepared to pursue careers as a risk analyst, financial planner, claims adjuster, insurance broker, and business management analyst. Students may transfer in up to 30 credit-hours from another institution toward their EKU degree.
Indiana State University
College Choice Score: 97.11
Average Net Price: $10,681
Approximately 13,000 students attend Indiana State University. Established in 1865, the university’s Terre Haute campus is now home to seven colleges presenting over 80 undergraduate majors and 75 graduate programs. The Princeton Review has ranked Indiana State among the Best in the Midwest for 14 consecutive years. The university boasts an outstanding placement record for graduates of its insurance and risk management program.
The fully online Bachelor of Science in Insurance and Risk Management is open to students all over the United States and Canada. The curriculum features foundational coursework in liberal studies, a core of 13 business classes, and nine courses in insurance and risk management. Students pursuing this degree will have the opportunity to take electives such as:
- Principles of Investments
- Business and Consumer Implications of Genome Science
- Planning for Business Owners and Professionals
- Contemporary Issues: Readings in Insurance and Risk Management
The Senior Business Experience is the capstone course for the degree. This course requires students to integrate and synthesize foundational coursework with the functional areas of business. Candidates for this degree can customize their academic path with a fully online minor in a complementary discipline. Online minors are available in finance, economics, marketing, accounting, and numerous other areas of business.
University of Central Arkansas
College Choice Score: 91.56
Average Net Price: $12,988
Located roughly 30 miles north of Little Rock, the University of Central Arkansas is a public research university enrolling 11,000 students. The university boasts a student-to-faculty ratio of just 16:1. UCA’s esteemed Department of Economics, Finance, and Insurance and Risk Management presents a dynamic undergraduate program that provides students with an interdisciplinary understanding of risk management.
The Bachelor of Business Administration from UCA Online is available through a General Business track and through an Insurance and Risk Management track. The Insurance and Risk Management track includes 16 classes in business topics such as economics, management, marketing, business communications, and business law. Another eight required classes will focus on major-specific topics. Coursework within this 8-class core may include:
- Property and Liability Insurance
- Corporate Risk Management
- Surplus Lines and Reinsurance
- Data Analysis
After graduation, Insurance and Risk Management students have been hired as underwriters, claims adjusters, personal financial planners, employee benefit consultants, and insurance regulators. Regardless of state residency, all students in an online bachelor’s degree program at UCA will pay a flat tuition rate of $285 per credit-hour. For students who are interested in graduate study, UCA also offers a fully online program leading to a Master of Business Administration.
College Choice Score: 86.04
Average Net Price: $27,538
Franklin University’s impact goes far beyond its main campus in downtown Columbus, OH. The university maintains partnerships with more than 230 community and technical colleges all over the country, and it also provides a full suite of accredited, career-relevant online degrees. The Risk Management and Insurance program at Franklin is innovative, flexible, and designed with the needs of adult and nontraditional students in mind.
Students at Franklin can pursue a fully online program leading to a Bachelor of Science in Risk Management and Insurance. In this program, degree candidates will gain a well-rounded understanding of the principles of risk management, life and health insurer operations, and insurance products. Required coursework for the Risk Management and Insurance major includes:
- Retirement Savings and Income Planning
- Property and Casualty Insurance
- Individual and Group Life and Health Insurance
- Insurance Company Operations
While the coursework for this degree is available entirely online, students also have the option of taking some classes face-to-face through Franklin’s regional campuses in Illinois, Indiana, Ohio, Pennsylvania, and Wisconsin. Graduates of this program will be prepared to pursue Chartered Life Underwriter and Certified Risk Manager designations. Franklin also offers online bachelor’s degrees in Financial Planning, Business Administration, Business Forensics, and many related areas.
University of Houston-Downtown
College Choice Score: 83.51
Average Net Price: $6,450
Founded in 1974, the University of Houston-Downtown is part of the four-campus University of Houston System. Diverse: Issues In Higher Education ranks UHD among the nation’s top 100 institutions for conferring the largest number of degrees (bachelor’s and master’s) to minority students. The Bachelor of Business Administration from UHD is available with a number of concentrations, including Management Information Systems, International Business, and Insurance and Risk Management.
The BBA program is presented by UHD’s acclaimed Marilyn Davies College of Business. While the IRM degree is offered fully online, coursework will feature high-impact learning experiences such as field trips, industry meetings, group projects, and oral presentations. Students will also have the opportunity to complete paid internships in the Houston area. This program features the following required courses:
- Managerial Accounting
- Legal Environment of Business
- Management Information Systems
- Risk Management Theory and Practice
The coursework for this program will prepare students to earn a number of industry certifications, such as Chartered Property and Casualty Underwriter, Certified Risk Manager, Chartered Financial Consultant, and Chartered Life Underwriter. All students pursuing the IRM program, either as a major or as a minor, will be eligible for scholarships from the IRM Center, industry associations, and private foundations.