About MBA in Risk Management Course

MBA in Risk Management has gained a lot of popularity amongst candidates who want to foray into the insurance, banking, and finance sectors. A two-year program, this MBA specialization covers various types of insurance and other fundamental business disciplines. The objective of the program is to impart training in managing organizational risk.

Apart from the insurance sector, an MBA in Risk Management also emphasizes enterprise-wide risk management. The course comprises education in the field of various subjects including strategic planning, actuarial sciences, and financial management. The curriculum is designed to provide aspirants with a strong insurance and risk management base.

With an MBA in Risk Management degree, you can work in sectors where mitigating risk is a high priority. The majority requirement is in the financial services sector. You will be preferred for roles auditing, analysis, and consulting roles in major organizations. The knowledge gained in your coursework will be utilized when forming disaster mitigation and recovery strategies for business in case of failure. 

MBA in Risk Management Eligibility Criteria

1. Check the following details about the eligibility of MBA in Risk Management courses.
2. The candidate must have completed graduate-level studies from a recognized university in any stream.
3. A minimum of 50% aggregate marks (45% for SC/ST candidates) at the graduate level are required by most colleges.
4. Students awaiting final year results are eligible for provisional admission until they meet the above-mentioned conditions after the declaration of results.

What is the MBA in Risk Management Admission Process

MBA in Risk Management has become very difficult in today’s era. Candidates can follow a few steps to make the admission process less tiring and stressful. In most colleges or universities, admission is done based on entrance exams and counseling sessions. Candidates can get admission to a good college if they follow these steps:

Step 1: A candidate should apply for various entrance exams such as CAT, MAT, GMAT, XAT, etc. online.

Step 2: After applying for such entrance exams candidates must appear for those as their marks obtained in these exams are very partly important for admission to the course.

Step 3: Once the results are declared the candidates must make a list of preferable colleges and fill in the admission form online.

Step 4: After the admission forms are filled, the university releases a list of short-listed candidates based on the cut-off marks and their merit in the entrance exams.

Step 5: Once a candidate is short-listed, they get a call from the institute for the procedure of the internal selection that includes one of these: Written Ability Test (WAT), Group Discussions (GD), and Personal Interviews (PI).

Step 6: Based on the overall performance, candidates are selected and they are required to deposit the mentioned admission fees which confirms the admission of the candidate.

Document Required For MBA in Risk Management

• 10th and 12th certificates
• Date of birth proof
• Entrance exam scorecard
• Caste certificate
• Domicile proof
• Work experience documents
• Graduation certificate
• Migration certificate
• Scanned copy of photograph and signature

What is the popular MBA in Risk Management Entrance Exams? 

The aspirants of Master of Business Administration in Risk Management have to prepare for a series of grueling examinations to prove their credentials and gain admission into the top MBA colleges and universities in the nation by dint of merit:

CAT: is the most important entrance exam conducted by the Indian Institute of Management(s) (IIMs) and it is preferred as the qualifying exam by most top management institutes and B-schools in India.

XAT: Final year students and students with Bachelor's degrees can apply for the XAT exam, conducted by the Xavier School of Management.

MAT: The Management Aptitude Test is conducted by the All India Management Association (AIMA), which is a national body for the management profession in India MAT exam takes place 4 times in a year, i.e. in February, May, September, and December.

CMAT: Conducted by the All India Council for Technical Education [AICTE], the CMAT exam is widely accepted as a qualifying exam by many government-sponsored management and business institutes in India.

What is the MBA in Risk Management Job Syllabus

MBA in Risk Management Year I Syllabus

1. Principles and Practice of Life and General Insurance
2. Risk Management
3. Life Insurance I
4. Fire Insurance
5. Marine Insurance

MBA in Risk Management Year II Syllabus

1. Liability Insurance
2. Life Insurance II
3. Motor Insurance and Agricultural and Mis. Insurance
4. Investment Planning and Management
5. Marketing Financial Services

How to prepare for the MBA in Risk Management Entrance Exam

Candidates need at least six months to prepare for an MBA in Risk Management entrance exams like MAT, CAT, and CMAT, etc. to score well. For a fruitful preparation, they should focus on improving their problem-solving skills with the help of previous years’ question papers and online mock tests, etc. The entrance exam preparation strategies should be well planned and according to the exam pattern and syllabus. Below are some useful tips to prepare for the MBA in Risk Management entrance exams:

Read the best books for the MBA entrance exams preparation, magazines, newspapers, and online blogs daily to improve reading skills, understanding skills as well as to keep track of current affairs at the national and international level

Practice previous years’ question papers, sample papers, and online mock tests to improve speed and accuracy as well as to develop familiarity with the exam pattern.

Regularly analyze your preparation level to cross-check your strengths and weaknesses in each section from the syllabus of the MBA in Risk Management entrance test.

Target those topics that carry more weightage in each section to score easily in the MBA in Risk Management Entrance Exam

Time management is the key to attempting maximum questions in any exam i.e. don’t waste time on tricky questions and try to solve each question within a few seconds.

What is an MBA in Risk Management

MBA in Risk Management is a two-year postgraduate program that prepares students for issues related to Risk Management in business practices.

MBA in Risk Management degree program involves teaching & research in the fields of Risk Management, public management, and governance in organizations.

The program trains the students in skills that can be employed to influence legislators and form Risk Management policies that can be served for the better purpose of the organization.

MBA in Risk Management aims to build skills that can be used in business, quantitative analyses, economics, finance, and management-related and social problems.

The program aims to build skills that can be used in Risk Management, business, quantitative analyses, economics, finance, and management-related fields and social problems.

This course builds enhanced sensibility and capability skills in the students necessary to manage the risks and systems better and familiarises them with the global trends and practices to allow exploration of innovative options and choices.

Career Options After an MBA in Risk Management

In recent times, there has been an increase in the demand for managers who can predict the potential risk in an organization and minimize its impact. The following are various career options for students after graduation:

1. Risk Managers
2. Insurance Managers
3. Insurance Underwriters
4. Strategy Managers
5. Consultants

Skills to Excel as an MBA Risk Management Graduate

An MBA in Risk Management is an excellent course for students who want to boost their corporate awareness, decision-making skills, etc. Through this program, students will not only understand the theoretical concepts but also develop the most in-demand and industry-oriented skills. 

Below is a list of top skills that can be acquired by the students.

1. Problem-Solving skills
2. Communication skills 
3. Analytical skills
4. Leadership skills
5. Interpersonal skills
6. Team Management skills
7. Networking skills

What are the MBA in Risk Management Jobs and Career Prospects

On successful completion of an MBA in Risk Management, the postgraduates may have lots of prospective career opportunities in several reputed National and International companies. 

MBA in Risk Management graduates can find jobs in mid-level positions in any IT or ITES sector for technical and managerial functions. 

They are hired as Insurance Underwriter, Risk Managers, Insurance Regulators, Insurance Representative, actuaries, Insurance Brokers, Employee Benefits Managers, Insurance Claim Adjuster, Surveyor and claim Settler, Consultants etc

Some of the most popular professional job profiles offered to successful MBA in Risk Management postgraduates are listed below along with job descriptions and average annual salary: 

• Insurance Underwriters
• Risk Managers
• Financial Manager
• Financial Adviser
• Benefit Manager

What is the MBA in Risk Management Future Scope

Students who have completed the MBA in Risk Management program have numerous career options. The future scopes for students of MBA in Risk Management are given below:

Students, after completing their post-graduation in Risk Management, can appear in different competitive examinations for government jobs, including UPSC CSE, IFS, and PSC of different states.

After completion of the MBA, Risk Management course students will be able to choose a career as per their skills and area of interest. You can go for higher education or you can also opt for a decent job and it all depends on you whether you want to do the job after completing this course or you wish to do research for the betterment of the world.

MBA Post-graduate students can opt to pursue an MPhil in Risk Management. This will present candidates with a scope to gain more thorough and intense knowledge of the subject and will provide them with opportunities for academic research.

Students can also appear for NTA-UGC NET-JRF which will grant them eligibility for employment as Assistant Professors in colleges and universities, and also open up research avenues in top universities and colleges.