Risk Management Major: Information and Requirements

Oct 20, 2021

Essential Information

A bachelor's degree in risk management is a math-focused program that incorporates broader studies of economic theory, global issues in insurance and business law. Students explore risk management theory and techniques for understanding loss and its effects. Some programs include specialization options in corporate risk management, property risk, and life insurance. Some programs require an internship for graduation. Applicants must possess at least a high school diploma and submit ACT or SAT scores. A strong background in mathematics is helpful in a risk management program.

Bachelor's Degree in Risk Management

While pursuing a risk management major, students take a variety of theoretical courses covering risk management, insurance, business and law topics. Students learn how to forecast and manage risks as well as limit exposure during financial downturns. Common courses include the following:

  • Principles of risk management
  • Property and liability insurance
  • Corporate risk management
  • Individual financial planning
  • Analyzing financial markets
  • Legal issues in risk management

Employment Outlook and Salary Info

Risk managers are a kind of financial manager, a field also including credit managers, treasurers and finance officers. More than 653,080 financial managers were employed in the U.S. in 2020, according to the U.S. Bureau of Labor Statistics (BLS). Employment is expected to grow by 15% across the field between 2019 and 2029, as stated by the BLS. Though salaries vary due to many factors, including the size of the organization, the BLS listed the median annual wage for risk managers and other financial managers as $134,180 in May 2020.

Continuing Education Information

A wide variety of certifications and licensing options are available in the field of risk management; though they are typically not required, they are often desired by employers. Among the organizations offering risk management certification are the American Risk and Insurance Association and the Public Risk Management Association. It is common for professionals in this field to pursue a master's degree in risk management or business administration, although some employers place a higher value on professional experience.

By majoring in risk management, students gain an essential understanding of the nature of risk, loss and overall financial management to prepare them for a career in what is projected to be a growing and profitable profession. Certification is not required to work but can almost certainly enhance employment opportunities.

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