How to Earn a Bachelor’s Degree in Risk Management Online
Businesses take risks every time they make decisions like issuing insurance policies, purchasing computer security software, or expanding into new markets. While risk is an inherent part of operating any business, companies must take special care to make the right choices. Students in online risk management school learn how to calculate risks in firms and advise other managers accordingly.
Candidates who feel comfortable with the idea of making these decisions should consider risk management careers. The following resource describes risk management career options and the average pay for these positions. Readers also learn about risk management bachelor’s degrees online, how to choose the right programs, and opportunities for funding this education.
How Much Can You Make in a Risk Management Career?
While no degree can guarantee graduates any one career, earning a bachelor’s degree in risk management online can help candidates land certain positions. Students in risk management bachelor’s degrees online can gain the skills necessary to work in information security, financial management, insurance, or business consulting.
The chart below details a few common jobs for risk management graduates and provides information about median salaries, projected job growth, and position descriptions.
Information Security Analysts
Candidates who specialize in information technology risk management can become information security analysts. These professionals study computer systems in organizations, determine security risks, and design plans to fix problems. In some roles, analysts also help implement cybersecurity risk management plans. Analysts generally work for consulting companies or as freelance consultants.
Median Annual Salary: $98,350
Job Growth (2016-2026): 32%
Graduates who study financial risk management can qualify for these positions. Financial analysts help organizations manage their investments and assets. They look over each client’s financial information, find areas in which the client may be vulnerable, and make recommendations for financial products that can fill those gaps. These professionals can work for financial management companies or start their own consulting firms.
Median Annual Salary: $85,660
Job Growth (2016-2026): 6%
Loan officers work for financial institutions, including banks and credit unions. They evaluate loan applications and financial information from applicants to determine whether their employers should issue loans. They may also decide on the terms of the loans they ultimately grant. Candidates can use risk management strategies to make these decisions on behalf of the financial institutions.
Median Annual Salary: $63,040
Job Growth (2016-2026): 8%
Securities, Commodities, and Financial Services Sales Agents
These financial services professionals connect buyers and sellers for securities and commodities. Depending on their roles and employers, they may advise individuals on which assets help them meet their goals or help financial institutions decide what assets to sell. Financial risk management skills help them make these choices quickly. These positions often require candidates to work long hours in fast-paced environments.
Median Annual Salary: $64,120
Job Growth (2016-2026): 4%
Personal Financial Advisors
These financial professionals help individuals and families improve their financial standing through calculated risks and investments. They study their clients’ financial information, identify problematic areas, and make recommendations accordingly. For example, they may recommend increasing savings or diversifying investment portfolios. These professionals may work for advising companies or financial institutions, including banks or credit unions.
Median Annual Salary: $88,890
Job Growth (2016-2026): 7%
Several factors can influence how much risk management professionals earn on average. In addition to experience and education level, a candidate’s location can affect pay. Employers in some places pay more because of increased demand for well-trained professionals, while others must pay higher wages to compensate for higher costs of living. Risk management professionals should also consider job growth rate in various regions of the country, as some regions offer more potential than others.
What Courses Can Be Taken for an Online Risk Management Degree?
Schools structure their degrees in risk management in several different ways. Some offer bachelor’s degrees with risk management majors, while others provide the topic as a concentration within other majors.
Although details vary in each program, the table below features five courses that many risk management students take. Prospective students should research the curricula at their chosen schools before enrolling.
Foundations of Risk Management and Insurance:This introductory course teaches learners about important governmental regulations that affect risk and insurance policies that help individuals and companies manage risk.
Financial Risk Management:Investing in financial markets can present significant risks for both companies and individuals. This course teaches students to evaluate investments and advise clients on the best options.
Insurance Company Operations:Insurance companies hire many new graduates from online risk management schools. This course teaches learners about how insurance companies function and the roles employees may play in these organizations.
Information Technology Security:In today’s world, one of the biggest threats to companies of all kinds is cybercrime. This course help degree candidates identify strategies to minimize this threat.
Fraud Prevention and Identification:Fraud can seriously damage companies. In this course, students learn to detect fraud in business settings and develop policies to prevent such crimes from affecting their clients.
How to Choose the Best Online Risk Management Program
Prospective students need to take their time in selecting the best bachelor’s in risk management programs. Candidates should weigh factors such as each school’s national reputation, degree requirements, and faculty expertise. Students should only consider accredited risk management schools, as accreditation ensures high-quality, respected degrees. Finally, learners must also think about practical considerations like the cost of each degree, delivery method, and how long each program lasts.
Q. What area of risk management should I pursue?
A. When considering an online bachelor’s degree in risk management, consider each school’s specialty. While some schools offer risk management as a specialization within business, others provide additional specificity in the types of courses they offer. Universities offer risk management degrees that concentrate on cybersecurity, financial, and insurance risks. Some schools also make room for electives in the curriculum. Electives allow learners to create their own specialties.
Q. Can I complete these programs entirely online?
A. Many degrees in risk management offer fully online classes. These programs may include courses in synchronous or asynchronous formats. Synchronous classes require distance learners to log on to video meetings at set times, while asynchronous courses allow students to complete coursework on their own schedules as long as they meet weekly deadlines. Some universities require distance learners to complete in-person components, which may include regular on-campus courses or internships in each student’s community.
Q. What strategies should I follow in choosing my elective courses?
A. Risk management bachelor’s degrees online require students to take some core classes like introduction to risk management and business principles. However, many programs allow learners to choose electives from either designated tracks or areas of their choosing. Students should choose electives and specializations based on their career goals. They should read course descriptions, determine which skills they would gain from each course, and then decide based on the skills they need for their dream jobs.
Q. Do my previous credits transfer?
A. Transfer students with previous college credits can often shorten the length of their bachelor’s in risk management programs. Before assuming that all credits transfer seamlessly, prospective students should check with their chosen schools. Many universities only accept credits from accredited schools.
Q. Will I complete an internship, practicum, or capstone course?
A. Some universities require candidates to complete hands-on experience hours or capstone courses, but other risk management schools only present these courses as options. Degree candidates should consider completing practica or internships even if their programs do not require them to do so. These opportunities allow them to bolster their resumes and create professional networks. Capstone courses can also offer several benefits, such as projects to add to professional portfolios.
Q. Will I take general business classes?
A. Many degrees in risk management are actually specializations within business administration degrees, and others take place in the university’s business school. As such, many of these degrees require candidates to take business courses that may seem unrelated to risk management. However, these classes help round out each student’s education. Furthermore, a broad understanding of business practices can give candidates more useful skills that employers appreciate.
Q. How do I choose a program that suits my career goals?
A. First, students should define their career goals. To do this, they must learn about different career paths in risk management. Then, degree candidates should understand what skills they need to perform well in their desired positions. Finally, prospective students can read the curriculum for each risk management degree they consider. Course listings help students understand what skills they can gain and what jobs they can fill.
Scholarships and Financial Aid for Risk Management Programs
Students can pursue several options to pay for college, including grants, loans, tuition reimbursement, and scholarships. While all of these programs can help, scholarships remain the best method for paying for college. Students never need to repay these awards, and they can use the money toward tuition and other school-related expenses.
Below are five scholarships for online risk management school.
Spencer Undergraduate Scholarship
The Spencer Educational Foundation began offering scholarships in 1979. The foundation awards five undergraduate students with scholarships of $7,500 each. To qualify, learners must enroll in undergraduate risk management programs, which can include subjects like business, finance, and information technology. They must also take full-time courses at accredited colleges in the United States or Canada. Spencer chooses applicants with a minimum 3.3 GPA who demonstrates leadership skills.
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IASA Insurance Industry Collegiate Scholarship Program
The Insurance Accounting & Systems Association (IASA) awards undergraduate students with scholarships of $1,000-$5,000. Applicants must be sophomores at universities in the United States. They should also work toward insurance-related degrees, including those in accounting, risk management, finance, and information technology. The IASA does not set any other specific criteria for these awards. Instead, they evaluate each candidate based on need and merit.
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Paul S. Mills Scholarship
The Foundation for Financial Service Professionals offers this scholarship to undergraduate students who pursue degrees in financial services or related fields. Applicants must be legal citizens of the United States and demonstrate financial need through the FAFSA application. Candidates can enroll in full-time or part-time courses. Applicants must submit a 500-word essay that explains why they want to pursue education in financial services. The foundation awards approximately 20 scholarships worth $1,000 each.
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SILA Post Secondary College Scholarship
The SILA Foundation supports financial services education, specifically in securities and insurance. The foundation awards 10 scholarships to undergraduate students each year. Each scholarship awards $2,500. Applicants must be United States citizens with GPAs of at least 3.0. Candidates should pursue degrees in areas such as business administration, finance, accounting, or insurance. Applicants should either enroll in full-time courses or work full time while taking part-time classes.
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