MBA Insurance Colleges, Syllabus, Scope and Salary 

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Sakshi Gupta

Content Curator | Updated on - Sep 17, 2021

MBA Insurance is a 2- year full- time program spread over 4 semesters. The program focuses on professionals and aspiring professionals interested and proficient in the insurance industry.

Top Institutes offering MBA Insurance are:

The average tuition fee charged for this course in India ranges between INR 1 to 16 Lacs.

The curriculum of MBA Insurance course involves advanced concepts of liability, property and corporate risk. Students enrolled to the course are required to prepare a relevant thesis each. Aspiring candidates need to have a Bachelor’s degree from a regionally accredited college and submit both high school and college transcripts and letters of recommendation for admission.

The program typically involves the requirement of an internship, aside from classes on the following:

  • Commercial property insurance
  • Commercial liability insurance
  • Life insurance
  • Advanced practices in property insurance
  • Advanced practices in liability insurance

Successful graduates of the course in the country are offered an annual average salary in the range of INR 2 to 17 Lacs.

MBA Insurance: Course Highlights

Tabulated below are some of the major highlights of the course.

Course Level Postgraduate
Duration 2 years (Full time)
Examination Type Semester System
Eligibility Bachelor’s degree in any specialization
Admission Process  Entrance test or direct admission
Course Fee INR 1,00,000 to 16,00,000
Average Starting salary INR 2,00,000 to 17,00,000

MBA Insurance: What is it About?

MBA in Insurance is a postgraduate banking- based course which covers fundamentals and concepts of banking and insurance, and also basic concepts of management with specialized training in subjects such as international banking and insurance, treasury operations, risk management, investment banking, project, and infrastructure etc.

The course consists of 4 semesters in which 2 semesters are common between all MBA programs and the last 2 focus on specialized subjects and topics related to the fields of banking and insurance.

MBA Insurance course prepares students for solving conflicts and negotiating with others, the ability for establishing and maintaining interpersonal relationships, etc. By the end of the degree, students have successfully acquired fundamental and conceptual knowledge and skills to deal with insurance-related problems.

MBA Insurance: Top Institutes 

Compiled here is a list of the top institutes in India offering the course along with their respective locations and fees charged by each.

Name of Institute City  Average Fees
Pondicherry University Pondicherry INR 37,200
Ambedkar Institute of management studies(AIMS) Vishakhapatnam INR 1,40,000 
SRM University Kanchipuram INR 3,05,000
Amity University Noida INR 1,70,000 
NIMS University Jaipur INR 1,13,000
Chandigarh University Chandigarh INR 1,59,000
ICFAI University Jaipur INR 80,500 
Symboisis University of Applied Science Indore INR 5,05,000
ISBM University Raipur INR 48,000
ICFAI Business School Hyderabad INR 6,25,000

MBA Insurance: Eligibility

As a minimum criterion of eligibility for admission to the course, the candidate needs to have attained a bachelor’s degree in any stream from a recognized institute. Additionally, some universities conduct entrance test like GMAT, CAT, XAT, MAT, SNAP etc. for admissions to management courses, however, there is no different entrance exam conducted for MBA in Insurance particularly.

The entrance test includes topics for evaluation such as general English, problem-solving, data analysis and interpretation, numerical ability, quantitative aptitude, logical reasoning and general awareness.

MBA Insurance: Admission Process

Candidates applying for admission to this course are selected based on the following

CATEGORY 1: consisting of MET, MCT, Group Discussion, Personal Interview, Work Experience, and Academics- Psychometric Test, all in this order., or, 

CATEGORY 2: consisting of the CAT Score, Group Discussion, Personal Interview, Work Experience, and Academics- Psychometric Test, all in this order.

MBA Insurance: Syllabus and Course Description

The course is designed to prepare students for advanced work in insurance and risk management. The course covers the nature of risk and risk fundamentals, insurer- operations and insurance regulation. Also, covered in the curriculum are the principal techniques of managing risk exposure and basis of decision- making in business- management and personal risk management.

Given below is a semester- wise breakup of the course’s syllabus.

Semester I

Semester II

Management Concepts & Organizational Behaviour

Financial Management

Managerial Economics

Marketing Management

Accounting for Managers

Human Resources Management

Business Environment & Law

Operations Research and Management

Research Methodology

Strategic Management

Semester III

Semester IV

Principles and Practice of Life Insurance

Investment and Portfolio Management

Principles and Practice of General Insurance

Fire and Motor Insurance

Risk Management and Insurance

Actuarial Mathematics and Services

Insurance Law and Regulations

Reinsurance

Marine and Rural Insurance

Marketing of Insurance Services

MBA Insurance: Career prospects

Successful postgraduates of MBA Insurance are lucratively employed in banking and non-banking sectors, besides a range of areas in the corporate world. Every industry needs financial experts for maintaining the balance of capital.

Such postgraduates are offered job opportunities in both government and private sectors such as the stock market, leading financial organizations, the finance ministry, and related organizations, besides launching one’s on business.

Some of the capacities that they are hired in are:

  • Development Officer in insurance firms, with the responsibility to market and procure business
  • Assistant Administrative Officer upon clearing the relevant employment exam conducted by any of the insurance firms.

The major government organizations that employ successful postgraduates of MBA in Insurance are Postal Life Insurance, General Insurance Corporation (GIC) and Life Insurance Corporation of India (LIC). Huge privately- owned organizations that hire such postgraduates are Tata AIF Life, Reliance, ING Vysya Life, ICICI Prudential, HDFC Standard Life-Insurance Co., Birla Sun-Life, SBI Life Insurance, Om Kotak Mahindra, Max New York Life etc.

Some of the other roles offered to such postgraduates in the industry are listed below:

  • Asset Management
  • Corporate Finance
  • Corporate Banking
  • Credit Risk Management
  • Derivatives Structuring
  • Hedge Fund Management
  • Private Equity
  • Treasury

Areas such as financial institutions, banks, financial consultancies, colleges, and universities etc. as well hire such postgraduates.

Listed here are some of the popular job positions offered to successful postgraduates of the discipline with the corresponding job descriptions and salaries offered.

Salary Graph
Job title Job Description Average Salary
Financial Manager Responsible for working within public and private sectors for providing financial advice and undertaking related accounts administration.  INR 9,56,578 P. A
Financial Adviser Responsible for helping clients plan short and long-term financial goals. These goals may include retirement and education. And he/she may provide investment, tax and insurance advice. INR 3,03,833 P. A
Management Analyst Responsible for conducting organizational studies and evaluations, designing procedures, conducting work simplification and measurement studies and preparing operations and procedures manuals to assist management in operating efficiently and effectively. INR 7,20,780 P. A
Risk Manager Responsible for analysing and managing risk management issues by identifying, measuring, and making decisions on operational or enterprise risks for an organization. INR 9,88,324 P. A
Risk Management Consultant Responsible for accessing and identifying potential risks that may hinder the reputation, safety, security, and financial prosperity of an organization. INR 7,14,357 P. A
Senior Risk Manager Responsible for identifying risks to which a business is exposed and finding ways to eliminate such risks. INR 15,37,041 P. A
Strategy Manager Responsible for planning and directing an organization's strategic and long-range goals, conducting organizational reviews to identify strengths, weaknesses, and opportunities and evaluating operational effectiveness. INR 17,77,785 P. A
IT Manager Information systems managers, or IT managers, are responsible for the secure and effective operation of all computer systems, related applications, hardware and software that is used within a wide range of public and private sector organisations. INR 10,47,559 P. A
HR Manager Responsible for staffing by recruiting, selecting, orienting, and training employees. INR 6,13,085 P. A

Master of Business Administration [MBA] (Insurance) : 4 answered questions

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Ques. Which stream should my sister opt for in BIMTECH Noida for MBA international business or insurance?

● Top Answer By Aaditya Hari Nair on 17 Sept 21

Ans. First, you should ask her which steam is more of her interest, international business or insurance management. Both programs come with many benefits. So, help her figure out her interest and let her choose according to that.  BIMTECH, Greater Noida is one of the best colleges in the country for management. A PGDM in International Business (PGDM-IB) from BIMTECH will make her proficient in handling international affairs, conducting business across every boundary. She will learn new ways of doing business and more. When it’s about pursuing PGDM in Insurance Business Management (PGDM-IBM) she will learn insights on finance management, be capable enough to plan and control the financial resources of any industry, and will handle more of such responsibilities. BIMTECH offers good placement opportunities for all its programs. According to the recent placement highlights the average and highest CTC offered at the institute was 8 LPA and 16 LPA.  Considering these factors help her make the right choice.Read more
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Ques. I am selected in bimtech for pgdm-ibm. Should I go for it?

● Top Answer By Komal Chawla on 14 Sept 21

Ans. You should go for BIMTECH IBM (Insurance Business Management) program. It is well-known across India and one of the very few colleges in India offering a course in Insurance. The faculty is highly experienced and the program has a 100% placement rate. You will be placed first among all others on the campus as the majority of the recruiters are Insurance Firms. The average salary package offered for PGDM IBM at BIMTECH lies between the range of 6-7 LPA. Go for it if you are looking forward to a career in the Insurance industry. Read more
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Ques. How good is bimtech for PGDM in IBM?

● Top Answer By Debdeep Majumder on 01 Jul 21

Ans. You should join the course at IBM without any second thoughts. Try to do a bit more research about the PGDM course that you want to pursue. 117 companies offered placement opportunities to the students enrolled in the PGDM course at IBM. The institute also has witnessed involvement from international recruiters like RAK Ceramics, Landmark (Home Centre), and a few more who offered job roles and opportunities across Sales, Marketing, Retail, and Operations. Placements at BIMTECH have been seeing an improvement in the domestic package offered by 12.50% with the highest package offered to be INR 18 Lakhs per annum and international packages by 15% with the highest package offered to be INR 23.00 Lakhs per annum. In BIMTECH, you will get a good ROI and will surely be recruited by a good company before the course gets over.Read more
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Ques. How is the insurance business management from the BIMTECH Noida?

● Top Answer By Admin on 19 Apr 21

Ans. The Insurance Business Management (IBM) from BIMTECH Noida is a very high-demand course, especially for those who want to build their career in the financial and the banking sector. It is one of the 4 full-time PGDM courses offered by the institute apart from an executive PGDM course.  Talking about the institute, it has a rich legacy of 30 years of excellence in academics where the faculty are known to be really hardworking. They are very well qualified, many of them have lots of industrial exposure and they bring in their collective knowledge in the classroom studies. Some of the reasons why PGDM in Insurance Business Management from BIMTECH Noida will be beneficial for you are – There are various career paths one can take after doing this course. The students can work as a broker in banks, insurance companies or any financial institution for that matter. The institute is also very popular and is visited by many insurance and banking companies along with financial institutions. BIMTECH is also known for its collaborations with many international organizations, so there won’t be any dearth of opportunities here. You could also try yourself as a financial analyst after doing this course. This course will equip students with knowledge about financial markets, risk management along with the core banking and insurance subjects. Many of the graduates go on to work as consultants in the insurance and banking sector. Apart from that, with its rich academic and research-oriented pedagogy, the institute imparts the necessary skills and training to the students for becoming successful professionals. Thus, without a doubt, this is a very good course with a focused approach towards the sector. The institute, pedagogy, faculty, and facilities are all top-notch and it will help you propel your professional career.Read more
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Master of Business Administration [MBA] (Insurance) Fee Structure in India


33.03 K (Minimum Fee)PUBLIC COLLEGES4.99 L  (Maximum Fee)
1.76 L (Average Fee)
28 K (Minimum Fee)Private COLLEGES10.15 L (Maximum Fee)
2.54 L (Average Fee)

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Master of Business Administration [MBA] (Insurance) Colleges IN INDIA

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2.64 L first year fees
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Pondicherry University - [PU]
Pondicherry, Puducherry
NCTE
74.72 K first year fees
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Amity University
Mumbai, Maharashtra
UGC
5.15 L first year fees
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Arunodaya University
Itanagar, Arunachal Pradesh
Pacific University
Udaipur, Rajasthan
UGC
37.5 K first year fees
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Himalayan University - [HU]
Itanagar, Arunachal Pradesh
RCI
Jamia Hamdard University
New Delhi, Delhi NCR
MCI
2.45 L first year fees
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