Are you fascinated by the process of determining, analyzing, and negotiating risk? Do you envision yourself becoming a viable asset to insurance companies? Are you a critical thinker eager to build a foundation in business and finance?
Then a degree in risk management may be the next best step for you!
What kind of Risk Management degree should you get?
Each of the 10 programs below will serve you during school and throughout your career. You’ll gain a sturdy foundation in business fundamentals while also learning the ins and outs of risk analysis.
Still, there are some variations to these programs. For example, while some schools offer Bachelor’s of Business Administration degrees, such as Olivet College, others offer the broader Bachelor of Science.
Be sure to find that which best suits your career goals and interests. And, if you haven’t already considered it, think about distance education. An online degree is both an affordable and flexible way to enhance your education and career.
For that reason, check out the Best Online Risk Management Degrees.
How much money do people make with a Risk Management degree?
Ironically, a career in risk management comes with few risks. It is not only in demand but highly lucrative.
Plus, the job growth for actuaries and risk managers is projected to grow a staggering 22 percent in the next few years alone!
What can you do with a Risk Management degree?
Whether you want to go on to earn a MBA or to dive into your career field, a degree in risk management will help you get there.
Currently, this major boasts a nearly 100 percent employment rate. Taking heart in that statistic, you can look for careers in a variety of industries. Graduates from these programs have gone on to become:
- Insurance Agents
- Risk Analysts and Managers
- Claims Professionals
- Loss Prevention Consultants
What are the requirements for a Risk Management degree?
These 10 programs are all full undergraduate degrees. That means you’ll spend two years completing your general education core, which will consist of classes in the humanities, sciences, and business foundations.
Then in your second two years you’ll take core classes in finance and economics as well as in risk management. Your risk management classes will cover a range of subjects, from health insurance to commercial property liability.
You should also expect to fulfill an internship requirement during your junior or senior year. Additionally, some schools require portfolios, theses, or capstone projects. We’ve been sure to note these.
What are the best Risk Management degrees?
Though some of these programs are offered by huge research universities and others by small liberal arts schools, all share one thing in common: they offer, hands down, the best risk management programs.
To find the best undergraduate programs in risk management and insurance we thoroughly scanned the nation, looking at every business school that offers the degree. From there we brought in determining factors such as retention rate, academic reputation, tuition costs, and the return on investment.
What we found after such extensive research are the country’s 10 Best Risk Management degrees.
St. John's University
College Choice Score: 100
Average Net Price: $26,582
St. John’s University is located in Queens in New York City. It is a private school and affiliated with the Roman Catholic Church. More than 20,000 students attend St. John’s and are enrolled in one of its 11 schools and colleges.
St. John’s Tobin College of Business offers a BS in Risk Management and Insurance degree. This is an ideal program for those specifically interested in insurance risk and analysis. With a global emphasis, the curriculum at St. John’s covers the spectrum of risk management. For example, some of the classes you’ll take include:
- Commercial Property RMI
- Risk Control
- Insurance and Alternative Risk Transfer
- Insurance Industry Operations
Though strong in many academic and professional areas, St. John’s is perhaps best known for its elite business and law programs. It boasts a high placement rate for students and is called a “Best Northeastern College” by The Princeton Review. Plus, Forbes calls St. John’s one of “America’s Top Colleges.”
College Choice Score: 97.18
Average Net Price: $21,237
Temple University is located in Philadelphia, PA. It is a research-driven institution with over 40,000 combined undergraduate and graduate students. Temple impressively offers more than 500 academic and professional degree programs.
Temple’s renowned Fox School of Business allows students to major in Risk Management and Insurance. Through this program students come to understand global economic uncertainties and associated financial liabilities and risks. Temple fully equips its students to become managers in a range of fields and settings. Graduates, for example, have secured careers with:
- Consulting Firms
- Brokerage Firms
- Insurance Companies
- Large Businesses
Temple University is nationally and globally ranked, as are many of its individual degree programs and academic departments. The Fox School of Business, for example, is one of the biggest and best business schools in the country.
University of Minnesota-Twin Cities
College Choice Score: 96.81
Average Net Price: $16,242
The University of Minnesota in the Twin Cities is a public research university. It is both the oldest and largest member within the greater UM System with its 51,000 students. Organized into nearly 20 schools and colleges, UMN offers hundreds of professional and academic degrees.
UMN’s School of Management provides a BS in Business degree with specialization in Finance and Risk Management Insurance. This broad-based program covers everything from finance theory to law, risk reduction, and government involvement. At UMN you can study abroad through the Carlson School business program. And you can take an array of interesting classes, such as:
- Theory of Interest
- International Finance
- The Law of Contracts and Agency
- The Global Economy
UMN is a flagship university and a recognized Public Ivy. Being a Public Ivy means its academic programs are on par with those of the private Ivy Leagues. Indeed, UMN is ranked among the top 75 best universities in the nation by U.S. News & World Report.
Florida State University
College Choice Score: 96.23
Average Net Price: $16,506
Florida State University is a huge research institution located in Tallahassee, Florida. As a space and sea-grant university, FSU is known for its research contributions in the areas of physics, biology, bioengineering, materials science, and much more. FSU also has a renowned College of Business, which offers some of the most popular undergraduate majors.
When you earn a degree in Risk Management from FSU you will build a foundation in insurance operations and products. You will also gain hands-on experience through internships and career center “Insurance Days.” In addition to exploring areas of insurance risk such as employee benefits, legal perspectives, and control, you’ll also take core classes in:
- Life and Health Insurance Products
- Property and Casualty Insurance Products
- Commercial Risk Management
- Plus an internship
The FSU College of Business is ranked among the top 30 best undergraduate business programs in the nation. Likewise, the university as a whole is nationally ranked by Forbes, U.S. News & World Report, The Princeton Review, and much more.
University of Georgia
College Choice Score: 94.97
Average Net Price: $14,956
The University of Georgia is located in Athens, GA and is home to more than 37,000 students. It is a major site of ongoing research development and is classified by Carnegie as a top research institution. UGA is comprised of 17 schools and colleges, including the Terry College of Business.
UGA’s Terry College of Business offers a Bachelor’s in Business Administration degree in Risk Management and Insurance. You’ll gain crucial skills in and knowledge of employee benefits, life insurance, corporate risk management, and more. Graduates from UGA have gone on to acquire a diverse selection of jobs, such as:
- Claims Adjusters
- Risk Analysts
- Insurance Underwriters
Kiplinger’s, The Princeton Review, and U.S. News & World Report are just some of the sources that heap praise on UGA. The university is considered a Public Ivy and is a flagship institution. It is ranked among the top 60 best schools in the nation.
Eastern Kentucky University
College Choice Score: 93.82
Average Net Price: $12,255
Eastern Kentucky University is located in Richmond, though it has campuses throughout the state. Around 16,000 students attend EKU and are enrolled in one of the six colleges comprising the University. EKU is a public school.
At EKU you can earn a Bachelor of Business Administration in Insurance either on campus or online. Both will introduce you to the roles and functions of risk-bearing institutions. And both will give you working knowledge of how to manage economic risk. Some of the classes you’ll take at EKU include:
- Legal and Ethical Environments of Business
- Principles of Risk and Insurance
- Risk Management
- Business Strategy
EKU is regionally ranked as a whole with a number of its programs equally earning a solid reputation in their respective fields. Forbes lists EKU among “America’s Top Colleges.” And EKU is a known military friendly university.
College Choice Score: 92.67
Average Net Price: $33,290
Butler University is a private school located in Indianapolis, IN. Organized into six colleges, Butler offers an array of programs in business, health, communication, and the sciences and arts. Around 4,500 students attend Butler.
Butler’s Risk Management and Insurance program boasts a 100 percent placement rate for graduates. That’s hard to beat. Plus, at Butler you will have the opportunity for scholarships, internships, conference attendance, and more. In addition to a business core, at Butler you will take classes such as:
- Insurance Company Operations
- Employee Benefits and Retirement Planning
- Derivatives Securities and Risk Management
- Commercial Property Liability Insurance
Butler is ranked second in its region by U.S. News & World Report. One reason, among many, for its strong rankings is the university’s commitment to small classes and an emphasis on student-teacher mentorship. Butler also provides students with research opportunities, such as the Butler Summer Institute.
Indiana State University
College Choice Score: 91.11
Average Net Price: $10,681
Located in Terre Haute, IN, Indiana State University is one of the best schools in the Midwest. It is classified an active research institution by Carnegie. And it offers nearly 200 academic programs to its 12,000 students.
When you earn a BS in Insurance and Risk Management degree from Indiana State you will graduate fully equipped to thrive in the financial services industry. This is an ideal program for those who hope to acquire leadership roles. You will have the opportunity to participate in paid internships, mentoring relationships with industry leaders, and networking events. Classes include:
- Life Insurance
- Commercial Liability Risk Management and Insurance
- Employee Benefits
- Principles of Investments
Named the “Best in the Midwest” by The Princeton Review, Indiana State has a reputation for its emphasis on public service. Indeed, it was named the national “Nonprofit Leadership Campus of the Year” a few years ago.
College Choice Score: 89.94
Average Net Price: $20,973
Olivet College is located in Olivet, MI. It is small, private, liberal arts school with only around 1,000 students. Olivet is also religiously affiliated, connected to the United Church of Christ, the National Association of Congregational Christian Churches, and the Reformed Church.
At Olivet when you earn a degree in business administration and risk management you will have the option to enroll in one of two tracks. One covers insurance licensing and agency operations, and the other covers strategic management of insurance enterprises. Both require you to complete a common core, however. Classes in the core include:
- Negotiation and Persuasive Presentations
- Principles of Insurance and Risk Management
- Personal Insurance
- Commercial Insurance
Olivet was chartered by the same founder as Oberlin and was, in fact, founded in order to be the “New Oberlin.” Today Olivet is in the middle of the “Olivet College 2020 and Beyond” program, which includes a huge expansion of campus services, resources, and endowments.
Ball State University
College Choice Score: 88.09
Average Net Price: $13,369
Ball State University is located in Muncie, IN, with additional campuses in Indianapolis and around the state. Carnegie classifies it as a high research university. Offering nearly 200 academic programs, Ball State is organized into eight academic colleges with 22,000 enrolled students.
At Ball State you will learn the ins and outs of identifying risk for both individuals and businesses. This risk management program helps students determine insurable and uninsurable policies and it teaches students how to reduce risk. Some of the classes you can expect to take at Ball State include:
- Employee Benefits and Retirement Planning
- Operations of Insurance Entreprises
- Commercial Risk Management and Insurance
- Corporate Risk Management
Ball State’s Miller College of Business is one of the nation’s top ranked business schools. In addition to its research reputation and its academic excellence, Ball State is known for its active student population. Campus is home to over 400 student organizations and clubs.