MBA Risk and Insurance is a 2 year postgraduate course focusing on the insurance industry. This course is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.
This course provides knowledge of actuary science, strategic planning and other topics essential to effective management in the insurance industry. Students acquire the fundamental knowledge and the analytic skills to be able to deal with the problems of the insurance businesses.
MBA Risk and Insurance admissions depends on the performance in the entrance exams, like- CAT, MAT, XAT, GMAT, etc. The college or the university admission authority also conducts group discussions and personal interview rounds to check the communication skills and personality traits of the candidates. The eligibility criteria for this MBA Risk and Insurance is an aggregate of 50-60% marks in the Bachelor’s degree from a recognized institute.
There are a large number of government and private colleges/universities that offer thisMBA Risk and Insurance. The average course fees for the program ranges between INR 80,000 to 1,50,000. Check MBA Full Form
MBA Risk and Insurance equips a student with the skills necessary to make a career in a sector that deals with the risk and insurance of the company. Graduates of this course can join public offices or non-profit organizations.
The course also opens career opportunities in private organizations and consultancies working in the fields of Risk and Insurance and governance. The course is also a good choice for a student who wishes to take on research projects and stick to the academic line of work.
The average salary for jobs after the completion of MBA in Risk and Insurance degree program ranges between INR 1 Lakh to 6 Lakhs. The salary may vary; it is totally based on the experience and the skills of the candidate in the workplace.
MBA in Risk and Insurance: Course Highlights
The table below gives highlights of the MBA Risk and Insurance course. Get to know eligibility, course fees, average salary, and top recruiting companies for candidates completing the MBA Risk and Insurance course.
| Course | MBA (Risk and Insurance) |
| Full form | Master of Business Administration in Risk and Insurance |
| Level | Post graduate |
| Duration | 2 years |
| Admission Process | Entrance test or direct admission |
| Average tuition fee | INR 80,000 to 10 Lakhs |
| Job Positions | Insurance Underwriter, Risk Manager, Insurance Regulator, Insurance Representative, Actuary, Insurance Broker, Employee Benefits Manager, Insurance Claim Adjuster, Surveyor & Claim Settler, Consultant etc |
| Top recruiting areas | Insurance Companies, Academic Institutions, Research & Consultancy Firms, Corporate Banking, Banks, Finance Institutions, Corporate Finance, Credit Risk Management, Derivatives Structuring etc. |
| Average salary | INR 4 Lakh – 6 Lakhs |
What is about MBA Risk and Insurance?
- MBA in Risk and Insurance is a two-year postgraduate program that prepares students for issues related to Risk and Insurance in business practices.
- MBA in Risk and Insurance degree program involves teaching & research in the fields of Risk and Insurance, public management, and governance in the organisations.
- The program trains the students in skills that can be employed to influence legislators and for forming Risk and Insurance policies that can be served for the better purpose of the organisation.
- MBA Risk and Insurance 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 and Insurance, 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.
Find out: Job Offers, Placement, Job Abroad after MBA Course
Why study MBA in Risk and Insurance?
MBA in Risk and Insurance is a 2-year post-graduate program especially for the candidates interested in the field of Risk and Insurance. In this course a student can learn a lot and can enhance their skills which will help them in their career and benefit the organisation. The candidates can benefit from MBA Risk and Insurance in various ways:
- MBA Risk and Insurance is specially designed to teach students about everything marketing.
- This course focuses on the financial risk and insurance aspect of business and management aims to train students on how to make sound financial decisions for companies or organizations.
- Risk and Insurance helps in enhancing the professional as well as the personal growth of a student.
- MBA in Risk and Insurance will help the candidate gain in-depth knowledge of Risk and insurance of finance and related fields while also developing skills like data analysis and financial accounting.
- The candidates are required to have some raw talent of their own as well. Through this course, they can enhance those skills and acquire the necessary ones to have a start-up or a business of their own.
What is the MBA Risk and Insurance Admission Process?
MBA Risk and Insurance has become very difficult in today’s era. Candidates can follow a few steps in order to make the admission process less tiring and stressful. In most of the colleges or universities, admission is done on the basis of entrance exam and counseling sessions. Candidates can get admission in a good college if he follows 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 the 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.
A few colleges or universities offer direct admission to some candidates under two circumstances which are
- Candidates who have a bachelor’s degree from a reputed college or university of national importance.
- Candidates belonging from some categories like SC/ST/OBC or other NRI students.
What is the MBA Risk and Insurance Eligibility?
All the candidates applying for the MBA Risk and Insurance program need to comply with the eligibility criteria prescribed by the college. The basic eligibility criteria are mentioned below:
- The candidates have to complete Bachelor Degree like, Bachelor of Commerce (B.Com), Bachelor of Business Administration (BBA) or any other Bachelor Degree with relevant subjects or equivalent stream oe examination.
- Candidates scored minimum aggregate 50% marks (45% for SC/ST/PWD candidates, such candidates are eligible to take admission to the MBA Risk and Insurance program.
- To pursue this degree program, the candidates need to appear for the college or university level entrance examination too, which is further followed by the group discussion (GD) and personal interview (PI) round.
- The eligibility criterion for international applicants is to score at least 50% marks aggregate in the qualifying examination and having studied the prerequisite subjects for admission into the MBA Risk and Insurance course.
Read more: MBA Admission Process 2024
What is the popular MBA Risk and Insurance Entrance Exams?
The aspirants of Master of Business Administration in Risk and Insurance 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 and 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 a large number of government-sponsored management and business institutes in India.
Some of the top entrance exams with their important dates are mentioned in the table below:
| Exam Name | Exam Details |
|---|---|
| CAT | Check CAT Exam Dates |
| MAT | Check MAT Exam Dates |
| SNAP | Check SNAP Exam Dates |
| IIFT | Check IIFT Exam Dates |
| IBSAT | Check IBSAT Exam Dates |
| CMAT | Check CMAT Exam Dates |
| MAH CET | Check MAH CET Exam Dates |
| NMAT | Check NMAT Exam Dates |
| ATMA | Check ATMA Exam Dates |
| XAT | Check XAT Exam Dates |
| TISSNET | Check TISSNET Exam Dates |
| TANCET | Check TANCET Exam Dates |
How to prepare for the MBA Risk and Insurance Entrance Exam?
Candidates need at least six months to prepare for an MBA Risk and Insurance 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 Risk and Insurance entrance exams:
- Read best books for the MBA entrance exams preparation, magazines, newspapers, and online blogs on a daily basis to improve reading skills, understanding skills as well as for keeping track of current affairs of 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 Risk and Insurance entrance test.
- Target those topics which carrying more weightage in each section to score easily in the MBA Risk and Insurance Entrance Exam
- Time management is the key to attempting maximum questions in any exam i.e. don’t waste the time on tricky questions and try to solve each question within a few seconds.
How to get Admission in a Reputed MBA Risk and Insurance College?
All the students want to take admission in the top MBA Risk and Insurance colleges, so here are some important points that all the students should keep in mind while applying for a top college:
- Your score and GPA need to be exceptionally good, an application with GPA above 4 will be given good consideration at top colleges and universities, and you need to be academically inclined in order to cope with the program. Just getting admission to a top college isn’t enough; performing best should be your main goal.
- The admissions officers of the MBA (Risk and Insurance) course take into account your involvement in activities surrounding the classroom whether it is sports, theatre, Olympiads, contests, etc., these activities show growth patterns of your personality and overall development. A student involved in all activities around the classroom is what top colleges and universities look for.
- You will have to seriously prepare for MBA (Risk and Insurance) entrance exams, take at least two months to prepare for the exams conducted for the MBA course, you may have to shortlist your colleges or universities based on your entrance exams scores, top colleges accept only high scores.
- All applicants have to write an essay about why they want to do a MBA course from a university, this is the main part that makes or breaks your application. You need to come up with a very convincing piece of the essay that makes a good impression on the admission officer.
- You need to prepare yourself for the interview round (PI), as it will be your first major interview so prepare accordingly. Interviews are not difficult to clear at all if you have the right attitude and confidence.
MBA Risk and Insurance vs. MBA Financial Management: Which one to choose?
The course comparison between MBA in Risk and Insurance and MBA in Financial Management course is tabulated below:
| Parameter | MBA Risk and Insurance | MBA Financial Management |
|---|---|---|
| Overview | MBA Risk and Insurance generates professionals who can transform the impending risks into business opportunities through strategic implementation of solutions. | MBA Financial Management helps the students to learn about the financial planning, economics, accounting related operations in an organization. |
| Duration | 2 Years | 2 Years |
| Eligibility Criteria | Bachelor’s degree with 45% aggregate marks in any discipline | Completed graduation in any stream from any recognized university |
| Admission Procedure | Entrance Exam Based | Entrance Exam + Personal Interview |
| Job Roles | Insurance Underwriter, Risk Manager, Insurance Regulator, Insurance Representative, Actuary, Insurance Broker, Employee Benefits Manager, Insurance Claim Adjuster, Surveyor & Claim Settler, Consultant etc | Account Manager, Finance Manager, Business Analyst, Finance Officer, Account Executive, Equity Research Analyst and much more. |
| Top Recruiting Companies | Amazon, Uflex Limited, Hi Impact Consultants, HIL Limited, Home Credit India, Cross Tab IT Consulting, HCL Technologies, Zycus Infotech, Honda Cars, Ginesys and more. | Goldman Sachs, Boston Consulting Group, JP Morgan, McKinsey, Lehman Brothers, Barclays, Deutsche Bank, Merrill Lynch, Bain & Co, Morgan Stanley etc. |
| Average Fees | INR 50,000- 10,00,000 | INR 10,000-15,00,000 |
| Average Starting Salary | INR 4,00,000-12,00,000 (per annum) | INR 2,50,000-24,00,000 (per annum). |
What are the top MBA Risk and Insurance Colleges in India
The table below gives a list of top colleges and universities in India, where one can take admission for MBA Risk and Insurance course. Find the details related to fees, admission process, accreditation and location for these colleges and average annual package offered by the institute:
| College Name | Admission Process | Annual Fee | Average Salary Offered |
|---|---|---|---|
| IILM University, Gurgaon | Entrance Based | INR 7,50,000 | INR 10 LPA |
| Rakshpal Bahadur Management Institute, Bareilly | Entrance Based | INR 95,000 | INR 8 LPA |
| IMR College, Ghaziabad | Entrance Based | INR 90,000 | INR 7.5 LPA |
| Attitude Business School, Bhubaneshwar | Merit Based | INR 3,00,000 | INR 4 LPA |
| All India Institute of Management Studies, Chennai | Merit Based | INR 60,000 | INR 8.5 LPA |
| Kalka Business School Meerut | Entrance Based | INR 59,700 | INR 5 LPA |
| BHU Varanasi | Entrance Based | INR 50,000 | INR 8 LPA |
| Saraswati Institute of Engineering and Technology, New Delhi | Merit Based | INR 44,000 | INR 4.5 LPA |
| Thiruvalluvar University, Vellore | Merit Based | INR 32,500 | INR 4 LPA |
| SRT Group of Institutions, Ettawah | Merit Based | INR 70,000 | INR 5 LPA |
MBA Risk and Insurance: College Comparison
As you can see from the tables above, there are so many top colleges in India that offer this MBA Risk and Insurance. Below we have compared a few of them with college highlights, salary, and ranking and placement companies:
| Parameter | Institute of Management and Research | Saraswati Institute of Engineering and Technology (SIET) |
|---|---|---|
| Location | Ghaziabad | New Delhi |
| Overview | IMR Ghaziabad is one of the best upcoming B-Schools in the NCR region. It offers various PGDM/ MBA programs in the discipline of Management, Science, Business Administration, etc. | SIET Delhi was established in the year 2008. It is affiliated to AKTU Lucknow. This colleges offers various management and computer science courses |
| Average Fee | INR 90,000 | INR 44,000 |
| Average Salary Offered | INR 7.5 LPA | INR 4.5 LPA |
| Recruitment Companies | Amazon, Uflex Limited, Consulting, HCL Technologies, Zycus Infotech, Honda Cars, Ginesys and more. | Hi Impact Consultants, HIL Limited, Home Credit India, Cross Tab IT etc. |
What is the MBA Risk and Insurance Job Syllabus?
MBA Risk and Insurance course syllabus may vary from colleges to colleges but the overall subjects will remain the same for the entire 2-year course duration. The Year-wise course breakup of this course syllabus is tabulated below:
| Year I | Year II |
|---|---|
| Principles and Practice of Life and General Insurance | Liability Insurance |
| Risk Management | Life Insurance II |
| Life Insurance I | Motor Insurance and Agricultural and Mis. Insurance |
| Fire Insurance | Investment Planning and Management |
| Marine Insurance | Marketing Financial Services |
Which are the MBA Risk and Insurance Recommended Books?
The students who are pursuing MBA Risk and Insurance course can follow the below-mentioned reference books for effective study:
| Book Name | Author |
|---|---|
| Tolley's Handbook of Disaster and Emergency Management: Principles and Practice | Tony Moore and Raj Lakha |
| Ensuring-Information-Assets-Protection | Davis Robert E. |
| Banking, Risk and Insurance Management | N.R. Mohan Prakash |
| Principles of Insurance and Risk Management | Mittal Alka |
| Risk Management and Insurance Planning | Jatinder Loomba |
What are the MBA Risk and Insurance Jobs and Career Prospects?
On successful completion of MBA Risk and Insurance, the postgraduates may have lots of prospective career opportunities in several reputed National and International companies.
- MBA Risk and Insurance graduates can find jobs in the mid-level positions in any IT or ITES sector for technical and managerial functions.
- They are hired as Insurance Underwriter, Risk Manager, Insurance Regulator, Insurance Representative, Actuary, Insurance Broker, Employee Benefits Manager, Insurance Claim Adjuster, Surveyor & Claim Settler, Consultant etc
Some of the most popular professional job profiles offered to the successful MBA Risk and Insurance postgraduates are listed below along with job description and average annual salary:
| Job Profile | Job Description | Average Salary |
|---|---|---|
| Insurance Underwriters | They are professionals who evaluate and analyze the risks involved in insuring people and assets. | INR 6 LPA |
| Risk Managers | Risk managers also known as analysts specialize in identifying potential causes of accidents or loss, recommending and implementing preventive measures, and devising plans to minimize costs and damage should a loss occur, including the purchase of insurance. | INR 8 LPA |
| Financial Manager | He or She is in charge of working within private and public sectors for providing financial advice and undertaking related accounts services. | INR 5 LPA |
| Financial Adviser | He or She is a professional who provides financial services to clients based on their financial situation. | INR 5.5 LPA |
| Benefit Manager | They are usually a member of the human resources department and will be responsible for managing everything from medical insurance and retirement plans to health and wellness benefits. | INR 4 LPA |
What is the MBA Risk and Insurance Future Scope?
Students who have completed the MBA Risk and Insurance program have numerous career options. The future scopes for students of MBA Risk and Insurance are given below:
- Students, after completing their post-graduation in Risk and Insurance, can appear in different competitive examinations for government jobs, including UPSC CSE, IFS, and PSC of different states.
- After completion of the MBA, Risk and Insurance 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 for pursuing an MPhil Risk and Insurance. This will present candidates with a scope to gain more thorough and intense knowledge over the subject and will provide them with opportunities for academic research.
- Students can also appear for NTA-UGC NET-JRF that will grant them eligibility for employment as Assistant Professor in colleges and universities, and also open up research avenues in top universities and colleges.
MBA Risk and Insurance FAQs
Ques. What is the duration of MBA Risk and Insurance degree program?
Ques. What is MBA Risk and Insurance course eligibility?
Ques. What is the admission procedure applicable for this course?
Ques. What is the MBA Risk and Insurance course fee?
Ques. What are the career opportunities available for MBA Risk and Insurance postgraduates?
Ques. What is the average salary package of MBA Risk and Insurance postgraduates?
Ques. Name some entrance exam that you will have to give to join MBA Risk and Insurance?
Ques. Name some prominent companies where you can join after completing the course?
Ques. What are the skills that you will gain after completing MBA Risk and Insurance ?
Ques. What are the areas of employment for MBA Risk and Insurance graduates?
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