Professionals working in risk management, or considering a career change into the field, may want to look past a bachelor’s degree. Getting a bachelor’s degree in risk management helps you get your career started and earning the salary of your dreams. As a result, you may feel that your career trajectory is solid with your current education. In risk management, you may find jobs in insurance, finance, cybersecurity, Homeland Security, and much more.
What you’re overlooking is the fact that getting a master’s degree in risk management can enhance your career and give your income a boost that a bachelor’s simply can’t deliver. But if the decision was made to go into the workforce instead of spending more time in school to get a master’s degree in risk management, finding the time to go back to school on campus is difficult. Online risk management masters programs offer the opportunity to earn a master’s degree that’s respected by employers and gives you an edge over other candidates when it comes to finding gainful employment.
How We Ranked the Best Risk Management Master’s Programs
To put together an authoritative list of the best online master’s in risk management, Security Degree Hub editors sought out accredited, legitimate colleges and universities offering online and hybrid risk management specializations. The ranking is based on factors that indicate value for a prospective student, including cost, graduate salaries, and student reviews, using data from Niche, IPEDS, and College Scorecard.
1. University of Washington
The University of Washington’s Department of Applied Mathematics offers a Master of Science (MS) in Computational Finance and Risk Management (CFRM) that is recognized as one of the best risk management masters programs in the nation. Most online students complete U Wash’s online risk management program as part-time students, taking one class each semester. The University of Washington’s risk management graduate degree allows working learners the flexibility to schedule around work and family commitments.
The University of Washington (UW) was established in 1861. The University of Washington operates several campuses in the greater Seattle area, including Bothell and Tacoma. The school’s Puget Sound location covers more than 650 acres and serves about 45,700 students. The library system at U Wash is recognized among the most extensive system with more than 25 libraries.
Degree: MS in Computational Finance and Risk Management
2. Georgetown University
Georgetown University offers a Master of Professional Studies (MPS) in Cybersecurity Risk Management that is available 100% online. Georgetown University’s best risk management masters programs require degree candidates to complete 33 credit units as part-time or full-time students -typically during two to five years. The curriculum for Georgetown’s graduate risk management program is derived from the NIST standards, the National Institute of Standards & Technology. Coursework includes information security, security design, regulatory compliance, disruptive technology, and information assurance, to name a few.
Georgetown University was established as Georgetown College in 1789. The school’s campus is situated above the Potomac River cover 100+ acres and serves more 7,500 undergraduate students and more than 11,500 graduate students, for a total of more than 18,000 students. Students attending Georgetown University hail from more than 125 countries across the globe.
Degree: MPS in Cybersecurity Risk Management Online
3. Columbia University
Columbia University offers an MS in Enterprise Risk Management (ERM) that is ranked among the best risk management masters programs in New York and across the country. Coursework for Columbia University’s graduate risk management degree includes indemnity, strategy, operations, risk mitigation, and finance, to name a few. Full-time students complete this online graduate degree at risk in three semesters, while part-time students complete the degree in six semesters, both concluding with a capstone project.
Columbia University was established as King’s College in 1754 and is recognized as the oldest of all universities in the Empire State of New York, and as one of the country’s colonial colleges. This ivy league university in the Morningside Heights section of New York City is home to more than 33,300 students. Five signers of the American founding fathers are honored alumni of Columbia University – including three presidents.
Degree: MS in Enterprise Risk Management
4. Texas A&M University
Texas A&M University’s School of Law offers two of the best risk management masters programs in Texas and in the nation. The LLM – the Master of Laws or the Master of Jurisprudence (MJ) degree in Risk Management, are both available entirely online. The difference between these graduate risk degree programs is that applicants for the LLM degree must already hold a law degree, whereas non-lawyers can complete the MJ degree program.
Texas A&M University was established under the Morrill Land Grant Act in 1871. The school’s main campus is considered one of the largest in the nation and serves more than 69,600 students. Texas A&M University is recognized as the only institution of higher education in Texas that holds all three certifications as a sea grant, land grant, and space grant school.
Degree: LLM or MJ in Risk Management
5. Indiana University
Indiana University offers an online MS in Risk Management that integrates coursework from the School of law, the School of Informatics/Engineering, and the School of Business. These best risk management masters programs from Indiana University offer degree candidates three academic emphases – a law emphasis, a business emphasis, and a technology emphasis. Coursework for this program includes cybersecurity law, information privacy, IT risk management, network security systems, plus a capstone project and a technology boot camp.
Indiana University was established in 1920. IU’s student enrollment is one of the largest in the state and country – with more than 45,000 students attending classes in Bloomington and another 65,000 students studying at the university’s other eight facilities and/or online. The total budget for the nine academic centers at Indiana University exceeds $3 billion.
Degree: MS in Cybersecurity Risk Management
6. University of South Florida
The University of South Florida offers an online MS in Compliance, Risk Management & Anti‐Money Laundering that requires no campus visits. USF’s best risk management masters programs require degree candidates to complete specific coursework in legal compliance & risk mitigation, forensic accounting, auditing, database management, and decision processes during disaster recovery, to name a few. Additionally, students must complete a capstone project in cybersecurity and compliance to meet program requirements.
The University of South Florida was established as a space-grant university in 1956. AS the 4th largest university in the sunshine State, USF serves more than 50,000 students across its trio of Floridian campuses in St Petersburg, Sarasota, and Tampa. USF has been issued the tenth most patents of any school across the globe.
Degree: MS in Compliance, Risk Management & Anti‐Money Laundering
7. CUNY Queens College
CUNY Queens College offers a hybrid MS in Risk Management that is recognized among the best risk management masters programs available online. Students enrolled in CUNY Queens College’s graduate risk management program can select from three academic concentrations – the dynamic financial analysis concentration, the accounting concentration, and the finance concentration. Students attend the graduate online risk management program as both full-time and part-time students. The school offers interested students an opportunity to sit in a class to gain some experiential learning of the classes at Queens College.
CUNY Queens College was established in 1937 and is located to the east of Manhattan in the borough of Queens. CUNY Queens College operates under the auspices of the City University of New York and serves nearly 18,600 students on its 60+ acres in urban Kew Gardens. The site of Queens College is an early schoolhouse where Walt Whitman was once employed.
Degree: MS in Risk Management
8. Florida State University
Florida State University offers an online MS in Risk Management and Insurance (MS – RMI) that is recognized by US News and World Report among the best risk management masters programs available. Coursework for FSU’s graduate risk management program includes liability contract analysis, data analytics in risk management, insurance finance, personal and business planning, alternative risk financing, to name a few. Additionally, students can opt to earn a dual degree (BS/MS) in an accelerated path in five years.
Florida State University is a sea grant and space grant, state university that was established in 1851. The university’s campus in the state’s capital serves more than 41,300 students. Student-athletes compete as Seminoles. The Seminoles have won many national NCAA titles. The school is home to the Ringling Museum of Art, dedicated to the circus’s art.
Degree: MS in Risk Management and Insurance
9. University of Colorado
The University of Colorado Boulder offers an online MS in Finance and Risk Management that is considered the best risk management masters programs available in Colorado by TFE Times. UC Boulder’s graduate degree in risk management is available to part-time and full-time students as they complete the programs required 30 credit units. Students practice commodity and stock trading in a simulation lab and introduction to databases like Morningstar and CQG. Special topics include preparation to sit for the CFA 0 the Chartered Financial Analyst examination.
The University of Colorado was established as a space-grant institution of higher learning that was established in 1876. UC Boulder has a long-standing connection to the nation’s space program, with twenty astronauts affiliated with the University of Colorado at Boulder. UC Boulder was chartered months before the state was admitted to the union.
Degree: MS in Finance and Risk Management
10. Boston University
Boston University offers an. MS in Enterprise Risk Management (MSERM) that requires degree candidates to complete 40 semester units (over ten risk management dedicated classes) to meet program requirements. These best risk management masters programs from Boston University are finished, on average, in 1.5 to 2 years. BU’s graduate program in risk management is accredited by AACSB and recognized by US News as a top ten risk management online degree program.
Boston University was established in 1839. The school operates as a nonsectarian institution of higher education and one of Beantown’s largest employers. BU operates two campuses – one along the Charles River (across from MIT and next to Fenway Park!) and the medical campus in the city’s South End section.
Degree: MS in Enterprise Risk Management
11. University of Wisconsin – Stout
The University of Wisconsin-Stout offers an MS in Risk Control and Safety Management that is available 100% online. UW Stout’s best risk management masters programs requires degree candidates to finish 29 credit units to meet program guidelines. Coursework includes applied research and technical classes in hazard management, toxicological effects, emergency preparedness, fire protection, and occupational safety, to name a few. Foundational classes include loss control, risk control, and environmental leadership.
The University of Wisconsin – Stout (UW Stout) was established in 1891. UW Stout’s 120+acre rural campus is home to more than 9,300 students. UW Stout is recognized as one of only two ‘special mission’ schools in Wisconsin dedicated to education for working learners and professional career seekers. UW Stout is named to honor James Stout, the lumber magnate who is responsible for the founding of the University of Wisconsin.
Degree: MS in Risk Control and Safety Management
12. University of New Hampshire
The University of New Hampshire offers an online MS in Cybersecurity Policy and Risk Management (CPRM) that is considered one of New England’s best risk management masters programs. The University of New Hampshire’s graduate degree program in risk management can be completed in about one year, with 30 semester units required by the graduate degree criteria. Students graduate to find rewarding careers as a cyber risk manager, a strategy planner, a security architect, and risk analyst, among others.
The University of New Hampshire (UNH) was chartered in 1866 under the Morrill Land Grant Act. UNH was originally connected to Dartmouth College. UNH’s rural campus covers more than 2,500 acres and serves more than 15,000 students vying for degrees provided by the six colleges/schools that comprise UNH. The University of New Hampshire is the state’s flagship institution of higher education, plus a space grant and sea grant school.
Degree: MS in Cybersecurity Policy and Risk Management
13. New York University
The Stern School of Business at NYU offers an MS in Risk Management (MSRM) that is ranked among the top and best risk management masters programs in New York and in the United States. NYU’s MS in Risk Management degree is generally completed in twelve months with the executive program offering rotating global learning opportunities and a hybrid delivery. Degree candidates average typically about 18-20 hours of distance learning work on a weekly basis. It is noted that many NYU capstone projects are published in professionals’ journals and magazines.
New York University was established in 1831 that operates campuses throughout the world. More than 51,000 students attend classes online and on-campus in the school’s iconic Greenwich Village campus location in lower Manhattan sandwiched between midtown and the financial districts. Researchers at New York University established the American Chemical Society.
Degree: MS in Risk Management
14. St John’s University
St John’s University’s Greenberg School of Risk Management, Insurance, and Actuarial Science offers an online Master of Business Administration (MBA) with an emphasis on Risk Management. SJU’s graduate risk management degree is ranked as one of the best risk management masters programs in New York and the US east coast. This 36 credit unit MBA degree program specialty includes classes like risk management, global management, business analytics, game theory, marketing decisions, and industrial economics, plus a 3-credit capstone project prior to graduation.
St John’s University (JSU’s) was established in 1870 in the adjoining borough of Brooklyn in the service of underprivileged children in nearby communities. The university is administered by the Vincentian Fathers Catholic church. More than 21,000 students attend classes on St John’s University’s campuses in NYC’s other boroughs and in Italy. St John’s University’s mission is to correct social injustices in the world.
Degree: MBA in Risk Management
15. Butler University
Butler University’s Lacy School of Business offers a Master of Science (MS) degree program in Risk and Insurance (MSRI) that is available to be completed entirely online over approximately 24 months. Butler University’s best risk management masters programs include coursework like fundamentals of insurance risk, leadership, risk financing, data mining, plus a capstone project. Students graduate prepared for careers as senior executives in larges corporations and the federal government.
Butler University was established in 1855. The school’s campus is situated only a few miles from Indianapolis’ downtown. Butler University’s campus is home to more 5,000 students and covers nearly 300 urban acres. Butler University operates two campuses – the Irvington Campus and Fairview Campus. BU’s library was designed by the same architect who designed the WTC – the World Trade Center, Minoru Yamasaki.
Degree: MS in Risk and Insurance
16. Seattle University
Seattle University’s School of Law offers a Compliance and Risk Management Master of Legal Studies (MLS) degree program that is available entirely online. Coursework for Seattle University’s best risk management masters programs can be completed within two years as full-time students over three semesters that last 14 week terms. The MLS degree program (Master of Legal Studies) degree program from Seattle University offers recording lectures and live classroom sessions by synchronously or asynchronously. The Seattle School of Law manages several justice centers for Indian law and the Korematsu Center.
Seattle University was established in 1898 as Immaculate Conception School. Seattle University is affiliated with the Jesuit, Roman Catholic Church, with nearly 7,300 students. Seattle University is recognized as the largest institution of higher education that operates independently in the northwestern United States.
Degree: MLS in Compliance and Risk Management
17. Loyola University Chicago
Loyola University Chicago’s School of Law offers a Compliance and Enterprise Risk Management Master of Jurisprudence (MJ) degree program that is delivered through the university’s distance learning arm. LUC’s best risk management masters programs are some of the few programs that have received accreditation by the compliance certification board. Coursework for the 24 credit units over six semesters (totaling two years including both summers) includes legal study, legal research, risk management, corporate compliance, plus a master’s thesis project dedicated to risk management and compliance.
The Loyola University of Chicago was established in 1870. This private Jesuit institution of higher learning is considered among the largest of all Catholic schools in the nation. The school’s six urban campuses across the Chicago metropolitan area serves more than 17,000 students. Alumni form LUC are winners of Pulitzer, Peabody, Emmy, and Grammy awards.
Degree: MJ in Compliance and Enterprise Risk Management
18. Concordia University Wisconsin
Concordia University, Wisconsin offers an MBA in Risk Assessment & Management degree program that is available entirely through the school’s distance learning extension. Concordia University Wisconsin’s best risk management masters programs require degree candidates to complete 36 credit units in classes like managerial economics, corporate finance, management science, loss prevention, corporate risk management, intellectual property and regulatory issues, strategic management, fraud management, and legal aspects, to name a few. Degree candidates are also required to participate in an internship within the Master of Business Administration (MBA) curriculum requirements.
Concordia University Wisconsin was established in 1881 and a member school of the LCMS – the Lutheran Church. The University’s campus in Mequon serves more than 7,600 students. Concordia University Wisconsin offers one of the only three pharmacy programs in the state of Wisconsin.
Degree: MBA in Risk Assessment Management
19. Utica College
Utica College offers a Master of Professional Studies (MPS) in Cyber Policy and Risk Management degree program that is available 100% online. Coursework for Utica College’s 30 credit unit best risk management masters programs includes cyberspace, cyber ethics, complex organizations, risk management, legal foundations for privacy and information, and international relations, to name a few. Degree candidates finish the graduate risk management degree program, on average, in two years. Students graduate to find rewarding careers as overwatch officers, cyber policy analysts, cyber fraud investigation experts, compliance officers, and incident managers.
Utica College was established in 1946 as an educational outreach program at nearby Syracuse University. The school is recognized as a center of excellence in the education of cyber-defense. Utica College holds the distinction of offering the first graduate-level degree in the management of economic crime.
Degree: MPS in Cyber Policy and Risk Management
20. Mercyhurst University
Mercyhurst University offers an online MS in Cyber Risk Management that is recognized among the best risk management masters programs in Pennsylvania and beyond. Degree candidates enrolled in Mercyhurst University’s graduate risk management degree program must complete 26 semester credits, which can be completed in a minimum of two years of study. Coursework for Mercyhurst University’s risk management degree includes enterprise risk management, cyber law, cyber risk, probability & statistics, and accounting for insurance experts, plus a research project. Graduates find careers in the areas of risk management, banking, finance, insurance, and the government sector, among others.
Mercyhurst University was established by the Sisters of Mercy in 1926. Mercyhurst University is organized into four schools/colleges that serve more than 4,000 students attending classes online and on the school’s 70+ acre campus in Western PA. Mercyhurst University operates five distinct campuses throughout the greater Erie, Pennsylvania area.
Degree: MS in Cyber Risk Management
21. Baker College
Baker College offers an MBA in Cloud Security Risk Management that is available online 100%. Baker College’s best risk management masters programs have been recognized by OnlineMBAToday.com. Students enrolled in Baker College’s risk management degree program may apply for an accelerated curriculum track, savings many months of study for those who are eligible. Degree candidates must complete 39 credit hours in cloud security, risk management, vulnerability management, human behavior in organizations, cloud policy, and review, plus statistics for managers, to name a few.
Baker College was established as a junior business college in 1911. The college operates several other satellite academic centers through Michigan’s lower peninsula. Baker College’s urban campus covers more than 50 acres and serves more than 34,000 students. Baker College operates the Midwest Culinary Institute of Michigan.
Degree: MBA in Cloud Security Risk Management
22. Cambridge College
Cambridge College offers an online MS in Risk Management and Insurance that is considered as one of the best risk management masters programs in New England and Massachusetts. Students must complete coursework to complete 30 credit units choosing from classes like risk management, financial markets, applied quantitative methods, health insurance, property risk assessment, retirement planning, plus a risk management/insurance capstone culminating project. Cambridge College’s online learning platform has received awards and accolades for its innovation and accessibility. Cambridge College offers rolling admission dates throughout the year.
Cambridge College was established in 1971. Cambridge College’s curriculum is dedicated to health care management, human services, psychology, education, and counseling. The school operates two campuses in western and eastern Massachusetts and another in California. Cambridge College is a member school of the servicemembers Opportunity Colleges consortium.
Degree: MS in Risk Management and Insurance
23. Drake University
Drake University offers a Master of Jurisprudence (MJ) degree with an emphasis on Compliance and Enterprise Risk Management that is available 100% online. These best risk management masters programs from Drake University include 24 hours of coursework, of which 18 credit hours include core curriculum like risk management and compliance, conflict resolution, intro to law and risk management, business organizations, and the regulator process, to name a few. Degree candidates enrolled in Drake University’s graduate risk management degree finish, on average, in eighteen months.
Drake University was established in 1881. Drake’s urban campus in Des Moines covers more than 100 acres and serves more than 5,000 students by providing academic degrees in law, pharmacy, and business. The law school at Drake University holds the distinction of being among the oldest in the nation.
Degree: MJ in Compliance and Risk Management
24. Concordia University Ann Arbor
Concordia University Ann Arbor offers an online MBA in Risk Assessment Management that prepares students to help manage internal business risks and financial potholes in what is often an unpredictable economy. This faith-based graduate program in risk management requires students to complete 36 credit hours. Students graduating from CUAA’s best risk management masters programs enter the job market as insurance underwriters, financial analysts, and credit analysts, to name a few.
Concordia University Ann Arbor was established in 1963 and a member school of the more extensive country-wide Concordia University system. More than 1,000 students attend CUAA’s campus, which is designed in mid-century modern by famed architect Vincent Kling, in Ann Arbor vying for more than 65 academic degrees. Concordia University Ann Arbor boasts a student-faculty ratio of only 11 to 1.
Degree: MBA in Risk Assessment Management
25. Notre Dame of Maryland University
Notre Dame of Maryland University offers an online MS in Risk Management that is recognized as one of the best risk management masters programs, especially for veterans. Degree candidates must complete 30 semester units in classes like risk assessment, adaptive leadership, risk governance, ethics, uncertainty, and quantitative risk assessment, to name a few. Students graduate from Notre Dame of Maryland University’s graduate degree in risk management prepared for careers in the private sector, the government sector, or even internationally. It is noted that Notre Dame of Maryland University is the training preference for the US Army Corps of Engineers.
Notre Dame of Maryland University was established originally as a prep school in 1873. The School Sisters of Notre Dame, a Roman Catholic Church denomination, administer the school’s curriculum and programs. Nearly 3,000 students attend classes on the university’s Baltimore campus. Notre Dame of Maryland University provides a college dedicated to only women.
Degree: MS in Risk Management
Why Should I Get My Master’s in Risk Management Online?
The benefits that come with engaging in an online risk management master’s program are many. A master of risk management online program offers flexibility that an on-campus program can’t. Someone who’s working in the risk management field can find themselves working long hours that cut into class time. However, there’s no need to drive to a campus when taking a masters of risk management online program. The online risk management masters degree programs allow you to access classes and materials at your convenience. Students do have to keep up with the class work and make sure that they’re meeting all of the stated goals for each quarter or semester, but they’re not required to make an extraordinary effort to get to a class on campus by a given time.
The risk management masters degree programs typically take two years to complete, but accelerated masters of risk management online courses are available. An accelerated masters in risk management online program is going to demand more of your time and attention than a standard two-year degree. However, it’s an option for those who want to finish their schooling quickly and get into the field of risk management in less time. Always make sure to check that a risk management masters degree program is accredited by a reputable organization and is accepted by employers.
Is Risk Management a Good Career?
Risk management is a very good career that offers the ability to specialize in a particular sector, work as a generalist, or even work in fields related to risk management. In fact, the BLS is predicting job growth for the industry to be greater than the national average. The main source of careers in risk management are the financial and insurance industries, but many other industries seek out risk managers to protect their organizations from a variety of threats and compliance issues. Risk management careers involve managing business plans and making sure the organization is staying on track according to its internal plans, keeping a business in compliance with regulations, assess new and ongoing compliance issues, and even reputation management.
A career in risk management has the potential to be a rewarding one, especially for those who like problem solving and helping others do better. You have to be comfortable with managing people in an organization along with enforcing rules that you create and expect people to abide by. Risk management careers can be stressful due to its multifaceted nature that has an individual doing everything from research to writing, then disseminating the writing to an organization and making sure people follow the rules. Many organizations recognize the amount of work that is required of a risk manager and compensate accordingly.
How Much Can I Make with a Master’s in Risk Management?
Salaries in risk management range anywhere from $56,000 for entry-level managers and reach as high as $160,000 for those in specialized roles or bring a lot of experience to their position. The average is $118,000 for risk management salaries. The salary for risk management varies depending on the experience a candidate brings to the job, demand for a risk manager in any given part of the country, and the local cost of living. Areas with a higher cost of living typically pay more, even at the entry-level, in order to attract qualified candidates. These are all considerations you should keep in mind when looking at salaries in risk management and how much you’re expecting to earn.
Risk management salaries also vary by role. That is, a healthcare risk management salary averages around $76,000 whereas enterprise risk management salaries average $119,000. The salary for risk management in the healthcare industry skews lower due to the fact that a facility may have multiple risk managers on staff while there are fewer employed at the enterprise risk management level. Meanwhile, an insurance risk manager salary averages $119,000 a year, but can be much lower or higher depending on experience.
Overall, the risk management job salaries show that earning a master’s in risk management results in stronger earnings potential that increase with experience. Taking the time to earn a master’s degree in risk management is an investment into your future in terms of job satisfaction, better job prospects, improved chances at advancement, and higher compensation.