Aditi Chaurasia
Table of Contents
MBA in Risk Management
What is MBA Risk Management?
MBA in Risk Management has gained a lot of popularity amongst candidates who want to foray into the insurance, banking and finance sector. This Master of Business Administration concentration is a two-year curriculum that covers a variety of insurance as well as other core business disciplines.
The Master of Business Administration in Risk Management program has a focus on enterprise-wide risk management in addition to the insurance industry. Education in a variety of fields, such as financial management, actuarial sciences, and strategic planning are all included in the curriculum for this course. Aspirants will emerge from the program with a solid foundation in insurance and risk management thanks to the curriculum’s design.
With an MBA in Risk Management degree, you can work in sectors where mitigating risk is a high priority. The financial services industry represents the vast bulk of positions needed. You will be given preference when it comes to jobs in significant organizations including audits, analysis, and consulting. In the event that your organization suffers a setback, you will be able to put the information you obtained from your coursework to use in developing methods for disaster prevention and recovery.
MBA in Risk Management Highlights
Given below are some of the important highlights of the MBA in Risk Management course.
| Course Name | MBA in Risk Management |
|---|---|
| MBA in Risk Management Short Name | MBA RM |
| MBA in Risk Management Course Level | Post Graduate |
| MBA in Risk Management Course Type | Degree Course |
| MBA in Risk Management Course Duration | 2 years |
| MBA in Risk Management Internship | Mandatory |
| MBA in Risk Management Course Mode | Full Time / Distance |
MBA in Risk Management Quick Questions:
Q. How long does it take to complete the MBA in Risk and Insurance degree program?
Ans. It is a professional full-time postgraduate degree program that lasts for two years and is divided into four semesters.
Q. What are the prerequisites for taking the Risk and Insurance course for the MBA?
Ans. Students who are interested in pursuing the Bachelor of Business Administration in Computer Application course must first earn a Bachelor of Arts degree from an accredited institution in any field with an aggregate mark of at least 45%.
MBA Eligibility Criteria for Risk Management
Check out the information below for more information about MBA in Risk Management course eligibility.
- The applicant must have completed graduate-level study in any field from a recognized institution.
- Most institutions need a minimum of 50% aggregate marks (45% for SC/ST students) at the graduate level.
- Students awaiting final year results are eligible for temporary admission until they fulfil the standards listed above once the results are announced.
Admission Procedure for an MBA in Risk Management
The MBA in Risk Management admissions procedure is as follows:
For MBA admissions, the applicant takes an entrance test, which might be at the national, state, or university levels.
- Check out the MBA entrance test schedule in India.
- Colleges provide cutoffs and choose qualified students based on their admission test results.
- Individual colleges will conduct a GD/ PI round for shortlisted applicants.
- Some institutions also provide direct admission to the MBA in Risk Management program based on UG results.
- Examine the direct MBA admission procedure in India.
- Students who make the final shortlist must complete the document verification and fee payment process in order to be admitted.
- Examine the papers needed for MBA admission.
People Also Ask:
Q. Which MBA course is valuable?
Ans. Traditionally, finance, marketing, Human Resource, operations, and entrepreneurship are some of the most sought-after and best MBA specializations and are considered the safest by many students.
Q. Is risk management a stable career?
Ans. Yes, being a risk manager is a good career.
On average, risk managers make $121,000 yearly (about $10,110 monthly or $58 hourly). Although factors like location, industry, and experience can determine your exact pay, on the lower end of the salary range, they can make about $86,000, typically for entry-level positions.
What are the popular MBA Risk and Insurance Entrance Exams?
Aspirants for the Master of Business Administration in Risk and Insurance must prepare for a series of arduous tests in order to demonstrate their qualifications and win admission to the India’s top MBA institutions and universities on merit:
- The Indian Institute of Management(s) (IIMs) conducts the most significant entrance test, the CAT, which is chosen as the qualifying exam by the majority of top management institutions and B-schools in India.
- XAT: Final-year students and students with Bachelor’s degrees are eligible to take the XAT test, which is administered by the Xavier School of Management.
- The All India Management Association (AIMA) conducts the Management Aptitude Test 2022, which is a national organization for the management profession in India. The MAT test is held four times a year, in February, May, September, and December.
- CMAT: The CMAT test, administered by the All India Council for Technical Education [AICTE], is generally recognised as a qualifying exam by a vast number of government-sponsored management and business colleges in India.
The table below lists some of the most significant admission examinations and their crucial dates:
How to Prepare for the MBA Risk and Insurance Entrance Exam?
To do well on MBA Risk and Insurance admission tests such as MAT, CAT, and CMAT, candidates need to study for at least six months. For effective preparation, individuals should concentrate on honing their problem-solving abilities via the use of the previous year’s question papers and online sample examinations, among other resources. Entrance test preparation tactics should be properly thought out and in accordance with the exam structure and curriculum. The following are some helpful hints for preparing for the MBA Risk and Insurance entrance exams:
Read excellent books for MBA entrance exams preparation, periodicals, newspapers, and online blogs on a regular basis to enhance reading and comprehension abilities, as well as to stay current on national and worldwide issues.
- Practice previous year’s question papers, sample papers, and online mock exams to increase speed and accuracy while also becoming acquainted with the exam format.
- Analyze your preparation level on a regular basis to cross-check your strengths and weaknesses in each subject of the MBA Risk and Insurance entrance exam curriculum.
- To easily pass the MBA Risk and Insurance Entrance Exam, focus on the areas that have the most weightage in each part.
- Time management is the key to answering as many questions as possible in any test, therefore don’t spend time on tough questions and aim to answer each question in a few seconds.
How to get Admission to a Reputed MBA Risk and Insurance College?
All students want to get admitted to the best MBA Risk and Insurance universities, therefore here are some crucial factors to bear in mind while applying to a top college:
- Your score and GPA must be extraordinary; an application with a GPA of 4 or above will be given serious attention by elite schools and institutions, and you must be intellectually oriented to succeed in the program. Getting into a prestigious institution isn’t enough; your primary objective should be to perform well.
- The MBA (Risk and Insurance) admissions officers consider your engagement in activities outside of the classroom, such as sports, theatre, Olympiads, competitions, and so on; these activities demonstrate growth patterns of your personality and general development. Top schools and universities want students who are interested in all activities outside of the classroom.
- You will need to properly study for MBA (Risk and Insurance) admission tests, which will take at least two months to prepare for. You may have to select your institutions or universities depending on your entrance exam results since elite colleges accept only high scores.
- All candidates must prepare an essay describing why they want to pursue an MBA at a university; this is the major component that makes or breaks your candidacy. You must write an essay that is really compelling and leaves a favourable impression on the admission officer.
- You must prepare for the interview round (PI), since it will be your first big interview, so plan appropriately. Interviews are not tough to pass if you approach them with the appropriate attitude and confidence.
What should you know about getting an MBA in Risk and Insurance?
- A Master of Business Administration (MBA) in Risk and Insurance is a postgraduate degree that lasts for two years and educates students about difficulties that are associated with Risk and Insurance in business operations.
- Teaching and research in the areas of risk and insurance, public management, and organizational governance are required components of the Master of Business Administration in Risk and Insurance degree program.
- The students participate in a training program that teaches them skills that may be used to exert influence on lawmakers and to formulate risk and insurance policies that can be used to serve the organization’s goals in a more positive light.
- The purpose of the MBA in Risk and Insurance is to provide students with abilities that may be used to solve business-related, quantitatively-based, economically-based, financially-related, and management-related issues.
- The goal of the curriculum is to develop abilities that may be used in a variety of management-related professions and social issues, including business, quantitative analysis, economics, and finance.
- Students will get expanded sensitivity and capability skills essential for better risk and system management as a result of taking this course. Additionally, they will become aware of worldwide trends and practices, which will enable them to explore new possibilities and choices.
Top MBA Risk and Insurance Colleges in India
The table below provides a list of top institutions and universities in India where MBA Risk and Insurance courses may be pursued.
| College Name | Annual Fee |
|---|---|
| IILM University, Gurgaon | INR 7,50,000 |
| Rakshpal Bahadur Management Institute, Bareilly | INR 95,000 |
| IMR College, Ghaziabad | INR 90,000 |
| Attitude Business School, Bhubaneshwar | INR 3,00,000 |
| All India Institute of Management Studies, Chennai | INR 60,000 |
| Kalka Business School Meerut | INR 59,700 |
| BHU Varanasi | INR 50,000 |
| Saraswati Institute of Engineering and Technology, New Delhi | INR 44,000 |
| Thiruvalluvar University, Vellore | INR 32,500 |
| SRT Group of Institutions, Ettawah | INR 70,000 |
Conclusion
Master Business Administration is another term for MBA in Risk Management. Candidates might turn approaching threats into business opportunities by strategically implementing solutions. This may be used to develop and execute operational risk management strategies. MBA in Risk Management will make you a valuable addition to your company by providing you with specialized expertise.
Career Options
- Product management
- Insurance Underwriting
- Financial analysis
- Business continuity
- Engineering
Pay Packages for MBA in Risk Management
- Risk Management Consultant: Rs. 714,357
- Risk Manager: Rs. 988,324
- Senior Risk Manager: Rs. 1,537,041
- Strategy Manager: Rs. 1,777,785
Frequently Asked Questions:
Q. How long does the MBA Risk and Insurance degree program last?
Ans. It is a two-year professional full-time postgraduate degree program divided into four semesters.
Q. What are the MBA Risk and Insurance course prerequisites?
Ans. Students who want to pursue the BBA Computer Application programme must have a Bachelor’s degree in any discipline with at least 45% aggregate marks from a recognized institution.
Q. What is the admissions process for this course?
Ans. The best management institutions and B-Schools in India admit qualified individuals to this programme of study based on their performance in the entrance test, followed by a personal interview or GD+PI round.
Q. What is the cost of the MBA Risk and Insurance course?
Ans. The pricing for this course may vary from one institution to the next. However, the average course cost paid by India’s prestigious management institutes is between INR 50,000 and INR 500,000.
Q. What are the employment options for MBA Risk and Insurance postgraduates?
Ans. After successfully completing this course, postgraduates are hired as Insurance Underwriters, Risk Managers, Insurance Regulators, Insurance Representatives, Actuaries, Insurance Brokers, Employee Benefits Managers, Insurance Claim Adjusters, Surveyors & Claim Settlers, Consultants, and others in various major IT industries, business firms, security organizations, and so on.
Q. What is the typical compensation for MBA Risk and Insurance postgraduates?
Ans. An MBA Risk and Insurance degree holder’s beginning pay varies between INR 4,00,000 to INR 12,00,000 per year.
Q. What are some of the entry exams required for MBA Risk and Insurance?
Ans. Management Aptitude Test (MAT), Common Management Admission Test (CMAT), Xavier’s Aptitude Test (XAT), and Graduate Management Admission Test (GMAT).
Q. What are some well-known firms where you may work after finishing the course?
Ans. Tata Mahindra, Technosys, RBS (Royal Bank of Scotland), Biocon, HCL, J.P. Morgan & Chase, Goldman Sachs, Northern Trust, and many more are among the companies represented.
