Business: Risk Management and Insurance, MBA
Program Overview
Business: Risk Management and Insurance, MBA
The MBA in Business: Risk Management and Insurance program has a long tradition of innovation and excellence, opening its doors more than 70 years ago, and consistently ranks in the top handful of programs in the country. Students who graduate from our risk management and insurance program do so with exceptionally strong critical thinking and analytical skills, aided by a vast array of experiences interacting with business professionals in risk management consulting, finance, and operations.
Admissions
Graduate Admissions Requirements:
- Fall Deadline: See program webpage
- Spring Deadline: This program does not admit in the spring
- Summer Deadline: This program does not admit in the summer
- GRE (Graduate Record Examinations): May be required in certain cases; consult program
- English Proficiency Test: All applicants whose native language is not English must submit scores from the Test of English as a Foreign Language (TOEFL), the Pearson Test of English (PTE), or the Intensive English as a Second Language (IELTS)
- Other Test(s) (e.g., GMAT, MCAT): GMAT may be required in certain cases; consult program
- Letters of Recommendation Required: 1 (Submission of a second letter of recommendation is optional)
Admission consideration for the MBA program requires a four-year undergraduate degree or the equivalent, in any discipline, from an accredited institution. The School of Business prefers a minimum of two years of professional work experience along with a strong undergraduate performance. In addition to academic credentials, a GMAT or GRE score, and work experience, personal achievements, motivation, communication skills (written and oral), and recommendation letters are all considered in the admission process at the master's and doctoral levels.
Funding
Graduate School Resources
The Bursars Office provides information about tuition and fees associated with being a graduate student. Resources to help you afford graduate study might include assistantships, fellowships, traineeships, and financial aid. Further funding information is available from the Graduate School. Be sure to check with your program for individual policies and restrictions related to funding.
Program Resources
Learn about costs and financial assistance on the program website.
Minimum Graduate School Requirements
Review the Graduate School minimum degree requirements and policies, in addition to the program requirements listed below.
Major Requirements
Mode of Instruction
- Face to Face: Yes
- Evening/Weekend: No
- Online: No
- Hybrid: No
- Accelerated: No
Mode of Instruction Definitions
- Accelerated: Accelerated programs are offered at a fast pace that condenses the time to completion. Students typically take enough credits aimed at completing the program in a year or two.
- Evening/Weekend: Courses meet on the UWMadison campus only in evenings and/or on weekends to accommodate typical business schedules. Students have the advantages of face-to-face courses with the flexibility to keep work and other life commitments.
- Face-to-Face: Courses typically meet during weekdays on the UW-Madison Campus.
- Hybrid: These programs combine face-to-face and online learning formats. Contact the program for more specific information.
- Online: These programs are offered 100% online. Some programs may require an on-campus orientation or residency experience, but the courses will be facilitated in an online format.
Curricular Requirements
- Minimum Credit Requirement: 52 credits
- Minimum Residence Credit Requirement: 46 credits
- Minimum Graduate Coursework Requirement: 26 credits must be graduate-level coursework
- Overall Graduate GPA Requirement: 3.00 GPA required
- Other Grade Requirements: Students may be required to retake a course in which they receive a grade lower than a C
- Assessments and Examinations: No required assessments or examinations beyond course requirements
- Language Requirements: No language requirements
Required Courses
Core Courses
- GEN BUS 704: Data to Decisions (2 credits)
- GEN BUS 710: Ethics, Integrity and Society (1 credit)
- GEN BUS 725: Consulting Practicum (1 credit)
- ACCT I S 700: Financial Accounting (2 credits)
- FINANCE 700: Introduction to Financial Management (2 credits)
- GEN BUS 732: Economics for Managers (2 credits)
- M H R 706: Leading and Working in Teams (1 credit)
- M H R 723: Business Strategy (2 credits)
- MARKETNG 700: Marketing Management (2 credits)
- OTM 700: Operations and Supply Chain Management (2 credits)
Specialization Courses
- R M I 640: Management of Insurance Enterprise (3 credits)
- R M I 645: Commercial Insurance (3 credits)
- R M I 650: Sustainability, Environmental and Social Risk Management (3 credits)
- R M I 655: Risk Financing Techniques (3 credits)
- R M I 660: Risk Analytics and Behavioral Science (3 credits)
- R M I 670: Cyber Risk & Regulations (3 credits)
- R M I 700: Principles of Risk Management (3 credits)
- R M I 765: Contemporary Topics (take twice for one credit) (2 credits)
- R M I 820: Advanced Topics in Risk Management (3 credits)
- R M I 875: Seminar-Risk Management and Insurance (3 credits)
Elective Courses
See details provided below (6 credits)
Total Credits
52 credits
Approved Electives
The Academic Director must approve all electives taken by each student.
- ACT SCI 654: Regression and Time Series for Actuaries (2-3 credits)
- ACT SCI 655: Health Analytics (3 credits)
- FINANCE 725: Corporation Finance Theory and Practice (2-3 credits)
- FINANCE 757: Entrepreneurial Finance (2-3 credits)
- FINANCE 765: Contemporary Topics (Financial Modeling & Valuation) (1-4 credits)
- GEN BUS 656: Foundations of Statistical Learning for Business Analytics (3 credits)
- GEN BUS 740: Experiments and Causal Methods for Business Insights (2-3 credits)
- M H R 715: Strategic Management of Innovation (2-3 credits)
- M H R 728: Bargaining, Negotiating and Dispute Settlement for Managers (3 credits)
- Other approved courses numbered 600 and above
Professional Development
Graduate School Resources
Take advantage of the Graduate School's professional development resources to build skills, thrive academically, and launch your career.
Learning Outcomes
- Integrate a holistic risk management process (framework) across all dimensions of an organization, implementing RM decisions that add value.
- Apply fundamental insurance principles that support economic development through insurance markets.
- Use appropriate qualitative and quantitative analysis, including statistical and data techniques, to support risk management decisions.
- Demonstrate strong critical thinking skills as observed through their ability to debate various positions, ask skeptical questions, and probe underlying assumptions.
- Set objectives, define success, establish priorities, and implement strategies to achieve goals.
- Identify decision-making challenges, and implement strategies to address those challenges, in environments involving risk and uncertainty.
- Incorporate diverse perspectives, value opinions of others, and work collegially.
- Communicate effectively across diverse social and professional settings.
- Demonstrate leadership qualities in moving the profession forward.
- Build and develop teams and lead effectively at individual, group, and organizational level.
- Communicate effectively on paper, in conversation, and by presentation.
- Summarize complex problems, present results succinctly, and with logical flow, respond effectively to critical and skeptical questions, and listen to critiques.
Graduate School Policies
The Graduate Schools Academic Policies and Procedures serve as the official document of record for Graduate School academic and administrative policies and procedures and are updated continuously.
Major-Specific Policies
Prior Coursework
Graduate Credits Earned at Other Institutions
With program and department approval, students may transfer up to 6 credits of graduate coursework completed two years prior to admission at an AACSB accredited institution, in which a grade of B or better was earned.
Undergraduate Credits Earned at Other Institutions or UW-Madison
No credits from a UWMadison or other institution undergraduate degree may transfer.
Credits Earned as a Professional Student at UW-Madison (Law, Medicine, Pharmacy, and Veterinary careers)
Refer to the Graduate School: Transfer Credits for Prior Coursework policy.
Credits Earned as a University Special Student at UWMadison
No credits earned as a University Special Student at UW-Madison are allowed to transfer toward the degree.
Probation
Refer to the Graduate School: Probation policy.
Advisor / Committee
Refer to the Graduate School: Advisor policy.
Credits Per Term Allowed
15 credit maximum. Refer to the Graduate School: Maximum Credit Loads and Overload Requests policy.
Time Limits
Refer to the Graduate School: Time Limits policy.
Grievances and Appeals
These resources may be helpful in addressing your concerns:
- Bias or Hate Reporting
- Graduate Assistantship Policies and Procedures
- Hostile and Intimidating Behavior Policies and Procedures
- Office of the Provost for Faculty and Staff Affairs
- Employee Assistance (for personal counseling and workplace consultation around communication and conflict involving graduate assistants and other employees, post-doctoral students, faculty and staff)
- Employee Disability Resource Office (for qualified employees or applicants with disabilities to have equal employment opportunities)
- Graduate School (for informal advice at any level of review and for official appeals of program/departmental or school/college grievance decisions)
- Office of Compliance (for class harassment and discrimination, including sexual harassment and sexual violence)
- Office Student Assistance and Support (OSAS) (for all students to seek grievance assistance and support)
- Office of Student Conduct and Community Standards (for conflicts involving students)
- Ombuds Office for Faculty and Staff (for employed graduate students and post-docs, as well as faculty and staff)
- Title IX (for concerns about discrimination)
Accreditation
AACSB InternationalThe Association to Advance Collegiate Schools of Business Accreditation status: Accredited. Next accreditation review: 20262027.