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Guide to Master's Degree

How to Get a Master's Degree in Insurance & Risk Management

Risk is at the core of financial gain and loss. Managing risk effectively can create enormous value for an organization, tipping the balance toward profit and away from financial loss. Insurance, financial services, manufacturing, public agencies, and private corporations all rely on skilled actuarial science and risk management experts.

A master's degree in insurance and risk management prepares you to take on the challenge of managing financial risk. Graduate business schools accommodate working professionals with a range of one- to two-year MBA and MS programs. You can earn a master's degree online without taking time out from your career.

WorldWideLearn.com's step-by-step guide shows you how to get a master's degree in insurance & risk management. Start by focusing your professional ambitions and researching your graduate education options. This perspective will help you line up the academic resources you need to achieve an advanced leadership or consulting role in risk management.

Guide to Master's Degrees in Insurance & Risk Management

Risk management has been a top priority for business and public agencies since the 1980s. Phenomena such as executive and consumer product liability, medical malpractice, natural catastrophes, and the latest financial crisis have raised the profile of risk management. A graduate insurance & risk management program challenges you to build the necessary skills for managing risk, including quantitative and strategic analysis. According to the U.S. Department of Labor, a graduate degree offers crucial preparation for this technical business specialty: "A master's degree, particularly in business administration or a related field, is an asset for advancement into higher levels of management." Find out more about online insurance & risk management degree programs at WorldWideLearn.com.

Graduate Insurance & Risk Management Programs

Insurance and risk management professionals have two master's degrees to choose from: the MBA and Master of Science. Whether you choose the business administration (MBA) or social science (MS) credential depends on where you are in your career and where you want to go.

Master of Business Administration

The MBA focuses on applied risk management in the context of an organization--an insurance company, financial services firm, private business, or public agency. The program features a broad, course-driven curriculum touching on all the business fundamentals, from accounting to marketing. MBA and especially Executive MBA programs are geared toward mid-career professionals who bring some applied industry knowledge to the table. In this case, the MBA degree functions as a stepping stone to more responsibility and higher earnings.

Master of Science

The Master of Science hews more closely to the traditional academic master's degree, with an emphasis on building a conceptual framework for insurance work. The degree is an ideal segue from a business bachelor's degree to a professional risk management career. The MS in insurance & risk management also emphasizes specialized coursework and research, favoring risk managers who wish to focus their education on a specific issue or problem. Learn more about your master's degree options at WorldWideLearn.com's Online MBA Programs, Master's Degrees, and The Master's Degree Explained. Both MBA and Master of Science degrees are available through multiple formats, including online master's degrees, part-time, and weekend programs.

Specializations

Whether you earn a master's degree online or on campus, the program is bound to include opportunities to specialize. Graduate insurance & risk management education offers a range of applied and academic specializations, available either as elective courses or research projects guided by faculty experts.

Theory and fundamentals of risk management take you into the concepts, science, and applied mathematics underlying the assessment and mitigation of risk.

Applied risk management specializations allow you to focus on a specific issue or application of risk management such as corporate operations or liability.

Financial aspects of risk management include span financial strategies for mitigating risk (such as hedging) and financial planning.

Insurance specializations focus on the unique financial and business structure of insurance services, which rely on the reliable assessment, valuation, and mitigation of risk.

Not all master's programs feature the full spectrum of electives. Typically, schools focus their resources on a selection of specializations that match faculty expertise and local industry needs. These program emphases will help you determine which school aligns with your interests.

Career Track

Most graduates of MBA and MS programs head into the workforce, signing on with insurance companies, financial services firms, corporations, or government agencies. Career tracks include:

general manager, marketing, financial manager, research analyst

corporate risk analyst, management consultant, insurance brokerage risk analyst, risk manager at an insurance company

employee benefit consultant, corporate benefits manager, group insurance manager, deferred compensation expert

personal financial advisor, bank trust manager, pension fund management, insurance industry analyst and acquisitions expert

Social insurance agency director, insurance regulatory agent,

The career track you choose could influence which degree is best for you. Though there is considerable overlap between the MBA and MS in insurance and risk management, the MBA offers a broad education useful for financial sector and senior management roles. The MS' conceptual focus and research requirement produces strong risk analysts and management consultants.

Outlook

Even before the latest financial crisis, the insurance and risk management profession was set for growth. Increased regulation, insurance reform, and complicated financial instruments are driving demand for risk managers with advanced technical training. In addition, the International Risk Management Institute (IRMI) estimates that about half of the insurance and risk management workforce will retire within fifteen years, fueling demand for actuarial science and risk management experts.

If you're unsure which career path fits your ambitions, check out the career planning and assessment tools at WorldWideLearn.com's Career Pathways.

Plan for a Master's Degree in Insurance & Risk Management

The most important steps in getting a master's degree take place before the program begins. Finding programs aligned with your ambitions and preparing a strong application will set you up for a successful graduate school experience.

Step One: Find the Right Graduate Insurance & Risk Management Program

With hundreds of graduate insurance & risk management programs to choose from, finding the right fit takes careful research. WorldWideLearn.com guides you through the process with online search tools and links to informational websites. Focus your research by answering the following questions:

1. Which Program Format Suits My Lifestyle?

Master's degree programs have evolved diverse formats to meet the scheduling needs of working adults. If you're like many business graduate students, the ability to earn a master's degree online, part time, or at your own pace offers the only access to higher education.

An estimated 75 percent of all MBA students and 61 percent of full-time MBA students work more than 35 hours a week while completing the master's degree. Flexible program formats make this schedule possible, allowing you to learn without putting your career on hold.

Resources

Explore your program format options at WorldWideLearn.com. The online degree programs and campus education sections help you find programs with the delivery format that best meets your needs. Search master's degrees by location for campus graduate programs near you.

2. Are the Programs on My List Accredited?

As you develop your list of schools offering your chosen program format, be sure to check their accreditation status. Accreditation is a baseline measure of educational quality and a crucial element in establishing the value of your degree. In addition, accreditation is a requirement for many financial aid programs. The U.S. Department of Education publishes a searchable online database of approved accreditation agencies.

Resources

WorldWideLearn.com allows you to search for accredited programs in your desired format. Or browse online business degrees, online MBA degrees, and, for nearby campus programs, master's degrees by location.
The Association to Advance Collegiate Schools of Business (AACSB International) is the most prestigious accreditation for graduate business programs. Search the online database of graduate management programs by degree level, field of study, location, and campus or online format.
The American Risk and Insurance Association (ARIA) maintains an extensive list of accredited university insurance and risk management programs.

Required courses and specialization options.

Lectures, case studies, group presentations, capstone research project, etc.

Especially in MBA programs, instructors may bring credentials as industry insiders or academics. Each offers a different value to students. Also look for faculty members with expertise in your area of interest.

Partnerships with local employers create valuable opportunities like internships, clinics, corporate-sponsored competitions.

Strong job search resources include recruitment events, resume and interviewing assistance, placement counseling, and more.

A collegial, supportive environment encourages networking, an important benefit of the master's degree in insurance and risk management.

Resources

WorldWideLearn.com features an automated system that puts you in touch with schools that match your essential program criteria. School representatives contact you to answer your questions about the program and connect you with faculty in your field.
School Web sites post detailed information about degree requirements, faculty areas of expertise, and campus facilities.
Informational interviews with faculty, alumni, and current graduate students give you a genuine perspective both the academic experience and the long-range value of the degree. An in-person campus visit also provides an inside look into school facilities, valuable even if you plan to earn a master's degree online.

4. Which Programs Offer the Best Balance Between Quality and Selectivity?

The most prestigious schools are also the most selective. At this stage, gauge your competitiveness as an applicant and look for schools admitting applicants with your background. Then rank those schools by quality metrics such as:

Resources

Admissions Counselors typically supply selectivity information, job placement statistics, and student demographic information upon request.

Rankings give you a general sense of the program's reputation. The most influential rankings are:

Also ask faculty in your field for their impression of the program's quality, taking into consideration your insurance or risk management specialization interest.

Step Two: Apply to MBA or Master's Programs in Insurance & Risk Management

Applications to master's programs follow a standard protocol, varying only in some details. Expect to encounter the following steps:

1. Complete Prerequisites

MBA and MS programs both set eligibility requirements for applying to graduate school. They include:

WorldWideLearn.com's Education Resources Guide features test preparation resources, prerequisite courses, and online learning tools to help you meet your application eligibility requirements.

2. Prepare Application Materials

Aside from completing an application form, you may need to prepare and submit:

3. Finance Your Insurance & Risk Management Degree

Most graduate students--even those who earn a master's degree online while they work--rely on some form of financial aid. Sources range from the university to private organizations to the federal government.

Step Three: Network, Network, Network

Finally, keep in mind that the expertise you build is only part of the degree's value. Just as important are the relationships you build with mentors and peers. Start building your network now by:

Academic and industry associations include the University Risk Management and Insurance Association (URMIA) and the American Risk and Insurance Association (ARIA).

in your field, such as The Journal of Risk and Insurance, Risk Management & Insurance Review, and Risk Management.

The connections you make in graduate school not only enhance your educational experience now, but pay dividends throughout your career.

Conclusion

Your success as a graduate student starts now, well before you enter the (real or virtual) classroom. Prepare for the master's degree in insurance and risk management by defining your career objectives and lining up the academic resources to achieve them. The right educational context will help you take full advantage of the opportunities that come your way in graduate school.

Sources

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