MBA in Risk and Insurance is a 2-year postgraduate Banking and Insurance course, the minimum eligibility is Graduation from a recognized college or its equivalent exam. Admission in this course depends on the student’s performance in a relevant entrance test and the consequent round of counseling.
Few of the entrance exams that are led for admission into top colleges and universities include:
Some of the top colleges and institutes which provide admission to (MBA) in Risk and Insurance are as follows:
- SRM University, Kanchipuram
- Amity University, Noida
- NIMS University, Jaipur
- Chandigarh University, Chandigarh
The average tuition fee charged for the course in India ranges between INR 10,000 to 10 lacs, for a span of 2 years.
MBA in Risk and Insurance consolidates solid central subjects in essential business disciplines with ability in overseeing authoritative risk. The concentration is given to the insurance industry, yet with an eye towards enterprise-wide risk management. A program gives the candidates knowledge of actuary science, strategic planning and other topics essential to effective management in the insurance industry. It is two years duration course and provides different types of jobs in various fields after its successful completion.
By the end of the degree, students have acquired the fundamental and conceptual knowledge and the analytic skills to be able to deal with the problems of the insurance business within the economic context and the necessary skills in the field of adequately communicating and reporting. The course is suitable to prepare students for the insurance industry with a curriculum of business courses. The degree's main goal is to offer students the necessary knowledge and skills to be able to understand the present and future problems in the financial and insurance world, allowing them to find solutions and to work from their specific scientific background. They can also go for further higher studies if having interest in research work.
Such graduates are hired in capacities such as Insurance Underwriter, Risk Manager, Insurance Representative, Actuary, Insurance Broker, Employee Benefits Manager, Insurance Claim Adjustor, Surveyor & Claim Settler, Insurance Regulator, Consultant etc. The average annual salary offered to such professionals ranges between INR 3 lacs to 20 lacs, increasing with students’ experience and expertise.
Top Colleges for Master of Business Administration [MBA] (Risk and Insurance)
MBA in Risk and Insurance: Course Highlights
Given below are some of the main highlights of the course
|Course Level||Post Graduate|
|Duration of the Course||2years|
|Examination Type||Semester and Annual|
|Admission Process||Entrance exam and Merit Based|
|Average Course Fee||INR 10,000 to 10 lacs|
|Average Starting Salary||INR 3 to 20 Lacs|
|Top Recruiting Companies||HDFC Standard Life-Insurance Co., Educational Institutions, SBI Life Insurance, ICICI Prudential, Tata AIF Life, Om Kotak Mahindra, Birla Sun-Life, ING Vysya Life, Reliance etc.|
|Top Job Areas||Insurance Companies, Academic Institutions, Research & Consultancy Firms, Banks, Finance Institutions, Corporate Finance, Corporate Banking, Credit Risk Management, Derivatives Structuring etc.|
|Top Job Positions||Insurance Underwriter, Risk Manager, Insurance Representative, Actuary, Insurance Broker, Employee Benefits Manager, Insurance Claim Adjustor, Surveyor & Claim Settler, Insurance Regulator, Consultant etc.|
MBA in Risk and Insurance: What is it all about?
MBA Risk and Insurance focus furnish the candidates with the aptitudes needed to contend in a worldwide economy where the convenient understanding of consistently changing money related data is basic to business achievement. Through this concentration, the candidate will pick up top to bottom financial knowledge and skills to help make those interpretations. MBA Risk and Insurance graduates work in Insurance, saving money, budgetary administrations, monetary supervision, corporate fund, counselling, venture administration and numerous different controls.
The main focus of this course is directed towards the enterprise-wide risk management and insurance industry. MBA in Risk management provides students with the essential knowledge regarding actuarial science and strategic planning.
This MBA degree will teach aspirants all about the relevant business practices and organizational liability. Topics that will be taught in the college will be inclusive of financial and corporate insurance risk, the general structure of the insurance market, significant aspects of this industry, Insurance Underwriting, the significance of risk management function within business organizations, and many more topics like these.
Individuals are provided with the in-depth knowledge of the financial impact of employee benefits and they study risk management as that would help in financial derivatives, speculative markets, and other strategies.
They should possess strong communication and leadership skills, decisiveness under pressure and an inherent curiosity, etc. They should have an excellent grounding in financial analysis, creative thinking and should possess good communicative and interpersonal skill. They should be up to date with the subject knowledge and the current global national financial scenario and its related areas. They should have a broad understanding of business which is essential for it. Proficiency in any foreign language is an added advantage in this profession.
MBA in Risk and Insurance: Top Institutes
Given below are some of the top institutes in India that offer the course
|NAME OF INSTITUTE||CITY||AVERAGE ANNUAL 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|
|Symbiosis University of Applied Science||Indore||INR 5,05,000|
|ISBM University||Raipur||INR 48,000|
|ICFAI Business School||Hyderabad||INR 6,25,000|
|Jawahar Lal Nehru Technological University||Kakinada||INR 30,000|
|Amity University||Mumbai||INR 3,44,000|
MBA in Risk and Insurance: Eligibility
A candidate should have passed Bachelor’s Degree or Master’s Degree from any recognized University with minimum 45% marks in aggregate or any other equivalent qualification.
MBA in Risk and Insurance: Admission Process
Generally, admission to an MBA program is through any one of the nationally conducted entrance exams like CAT, MAT etc.
For Admission to Risk and Insurance degree, students will have to appear in any one or more of the nationally conducted entrance exams. On the basis of performance in the entrance test, Group Discussion, and Personal Interview, management Institutes prepare a shortlist of students for admission. Some weight is also given to marks scored in Higher Secondary and Graduation level examination.
Below are the few entrance tests that are conducted by some of the Master of Business Administration Risk and Insurance colleges in India:
MBA in Risk and Insurance: Syllabus and Course Description
A year-wise breakup of the course’s 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|
MBA in Risk and Insurance: Career Prospects
Usually, graduates with knowledge in both finance and management are employed by banks for various posts based on All India Examination. Although finance and management graduates may have an edge over other applicants, any applicants from any stream are eligible to enter this field by qualifying the entrance exams which are being conducted by banks every year. At senior level banks opt for experienced bankers.
Generally, banks look for those students who have good communication skills and have the ability to handle customers and possess basic knowledge about the industry. One needs to specialize in certain specific areas such as credit appraisal, loan and foreign exchange to be eligible for joining an overseas bank or private sector bank at senior level positions.
|JOB POSITION||JOB DESCRIPTION||AVERAGE ANNUAL SALARY|
|Risk Manager||Risk Manager is in charge of managing and analyzing risk management problems by measuring, identifying, and making decisions on operational or enterprise risks for an organization.||INR 9 to 10 Lacs|
|Risk Management Consultant||Risk Management Consultant is in charge of accessing as well as identifying potential hazards that may hinder the safety, reputation, security, and financial prosperity of an organization.||INR 7 to 8 Lacs|
|Senior Risk Manager||Senior Risk Manager is in charge of identifying risks that a business is exposed and finding ways to eliminate such risks.||INR 10 to 12 Lacs|
|Financial Manager||Financial Manager is in charge of working within private and public sectors for providing financial advice and undertaking related accounts services.||INR 9 to 11 Lacs|
|Financial Adviser||Financial Adviser is in charge of helping customers plan short as well as long-term financial goals. These goals may involve retirement and education.||INR 3 to 4 Lacs|