MBA Risk and Insurance Course, Admission, Eligibility, Entrance Exams, Top Colleges, Jobs, Salary, Syllabus 2021

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Pranjal Singhal

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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. 

Note: Students who wish to pursue their education in Management field or get a career boost, can check MBA course.

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. 

Below given is a list of few colleges offering MBA Risk and Insurance. 

College Name Location Admission Process Annual Fee
IILM University  Gurgaon Entrance Based INR 7,50,000
Rakshpal Bahadur Management Institute  Bareilly Entrance Based INR 95,000
IMR College Ghaziabad Entrance Based INR 90,000
Attitude Business School Bhubaneshwar Merit Based INR 3,00,000
All India Institute of Management Studies  Chennai Merit Based INR 60,000

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.

Checkout: Top Colleges offering MBA Risk and Insurance Course in India

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.

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.

What is the MBA Risk and Insurance Admission Process?

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.

Readmore: MBA Admission Process 2021

What is the popular MBA Risk and Insurance Entrance Exams?

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 2021 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 Application Period Exam Date Result date
CAT August 5, 2021 – September 23, 2021 November 29, 2021 Likely January 2021
XAT September 12, 2021 - November 30, 2021 January 3, 2021 Second week of January 2021
MAT March 6-June 7, 2021; IBT: March 6-June 15, 2021 October 3, 2021; September 23, 2021 -
CMAT November 1, 2019 – December 10, 2019 January 28, 2021 February 4, 2021

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.
What is about MBA Risk and Insurance?

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

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
Eligibility Bachelor’s degree in any discipline
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
Why study MBA in Risk and Insurance?

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.

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).

Also check out : top MBA Financial Management colleges available in India.  

What are the top MBA Risk and Insurance Colleges in India

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.

Read More: PhD Course after MBA

What is the MBA Risk and Insurance Job Syllabus?

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?

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?

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

MBA Risk and Insurance FAQs 

Ques. What is the duration of MBA Risk and Insurance degree program? 

Ans. It is a 2-year long professional full-time postgraduate degree course comprising 4 semesters. 

Ques. What is MBA Risk and Insurance course eligibility? 

Ans. Students who are interested to pursue BBA Computer Application course should complete their Bachelor’s degree in any stream with minimum 45% aggregate marks from any recognized university. 

Ques. What is the admission procedure applicable for this course? 

Ans. The top-most management colleges and B-Schools in India grant admission of the eligible candidates in this course study on the basis of their performance in the entrance exam followed by the personal interview or GD+PI round. 

Ques. What is the MBA Risk and Insurance course fee? 

Ans. The tuition fee for this course may differ from one college to another. However, the average course fee charged by the reputed management universities in India ranges between INR 50,000 - 5,00,000. 

Ques. What are the career opportunities available for MBA Risk and Insurance postgraduates? 

Ans. After completing this course successfully, the postgraduates 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  and more in various major IT industries, business firms, security organizations etc. 

Ques. What is the average salary package of MBA Risk and Insurance postgraduates? 

Ans. The average starting salary of an MBA Risk and Insurance  degree holder ranges between INR 4,00,000- INR 12,00,000 per annum. 

Ques. Name some entrance exam that you will have to give to join MBA Risk and Insurance?

Ans: Common Admission Test (CAT), Management Aptitude Test (MAT), Common Management Admission Test (CMAT), Xavier’s Aptitude Test (XAT),  and Graduate Management Admission Test (GMAT).

Ques. Name some prominent companies where you can join after completing the course?

Ans: Tata Mahindra, Technosys, RBS (Royal Bank of Scotland), Biocon, HCL, J.P. Morgan & Chase, Goldman Sachs, Northern Trust, and many more.

Ques. What are the skills that you will gain after completing MBA Risk and Insurance ?

Ans: You will gain skills like language proficiency, Risk taking endurance, communication skills, management skills, business-related skills, and accounting skills.

Ques. What are the areas of employment for MBA Risk and Insurance graduates?

Ans. They can get jobs in Government Agencies, Non-Government Organizations, Consultancies, Environment Protection Agencies, Public Health Administration, Educational Institutions, etc.

Master of Business Administration [MBA] (Risk and Insurance) Fee Structure in India


64K (Minimum Fee)PUBLIC COLLEGES64K  (Maximum Fee)
64K (Average Fee)
54K (Minimum Fee)Private COLLEGES1.4M (Maximum Fee)
240K (Average Fee)

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

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Banaras Hindu University - [BHU]
Varanasi, Uttar Pradesh
UGC
50 K first year fees
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2.64 L first year fees
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IILM University
Gurgaon, Haryana
NBA
7.5 L first year fees
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3 L Total fees
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Arunodaya University
Itanagar, Arunachal Pradesh
Himalayan University - [HU]
Itanagar, Arunachal Pradesh
RCI
95.4 K first year fees
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90 K first year fees
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