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Studies & Degrees in Risk Management

Risk management is the discipline of identifying what could go wrong, or unexpectedly right, in an organisation, measuring it and deciding what to do about it. The Institute of Risk Management (IRM) in the United Kingdom defines it as understanding, analysing and addressing risk to make sure people and organisations achieve their objectives. When this is done for the whole organisation rather than department by department, it is called enterprise risk management (ERM).

University programmes usually sort risks into a few families. The Pennsylvania State University (Penn State) names four: hazard risk, such as lawsuits or damage from natural disasters; operational risk, from failed systems, poor design or worker error; financial risk, such as changes in commodity prices or currencies; and strategic risk, from changes in consumer demand. Students learn to identify and evaluate these risks and then to control them, through insurance and through other ways of transferring or financing risk. The tools include statistics, finance, insurance law and contracts, and practical instruments such as key risk indicators, risk maps and risk registers.

Qualifications and levels

  • Bachelor's degrees. In the United States, risk management is usually a major inside a business degree, often combined with insurance. Penn State awards a Bachelor of Science in Risk Management with a minimum of 120 credits and options in enterprise risk management and real estate. Temple University offers a Bachelor of Business Administration in Risk Management and Insurance of 124 credit hours, with concentrations in healthcare risk management, managing corporate risk and managing human capital risk. The University of Wisconsin-Madison teaches a BBA in Risk Management and Insurance that requires 120 degree credits.
  • Master's degrees. In Europe the subject is more often taken at postgraduate level, as a master's degree in risk management, finance, insurance or actuarial science. Official master's degrees in Spain have 60, 90 or 120 ECTS credits. Business schools also teach their own master's programmes and short courses, which are not official university degrees.
  • Professional certificates. Much of the profession is certified by industry bodies. The Financial Risk Manager (FRM) certification of the Global Association of Risk Professionals (GARP) requires passing two multiple-choice exams, Part I with 100 questions and Part II with 80, and at least two years of relevant work experience. IRM offers, among others, a Level 5 International Certificate in Enterprise Risk Management and a Level 4 International Certificate in Operational Risk Management.

In Spanish, a related but different field is the prevention of occupational risks (prevención de riesgos laborales), which deals with health and safety at work. Acedis Formación, for example, lists basic-level courses in this area. It should not be confused with financial or enterprise risk management.

Where to study risk management

SpainExchange lists 20 active schools for risk management. Half of them, 10, are in the United States, 5 are in Spain, and Denmark, Germany, Italy, the United Kingdom and Zimbabwe have one each. The schools in the United States include The Pennsylvania State University, Temple University, the University of Wisconsin-Madison, Florida State University, The Ohio State University and the University of North Texas. Teaching there is in English.

The five schools in Spain are CUNEF Universidad and CIFF, Centro Internacional de Formación Financiera, in Madrid; the IEF - Institut d'Estudis Financers in Barcelona, which lists risk management (gestión del riesgo) among its subject areas; the Escuela Internacional de Gerencia - EIG in Granada; and Acedis Formación in Las Rozas. Elsewhere in Europe the list includes the University of Copenhagen, the Bauhaus-Universität Weimar, Cass Business School in London and the Swiss School of Management in Rome.

Before choosing, check whether the programme is an official degree or the school's own qualification, how much quantitative work it involves, whether it concentrates on finance, on insurance or on the whole enterprise, and whether it prepares for a professional certificate.

Careers

According to IRM, the roles of risk professionals are very diverse: insurance, business continuity, health and safety, corporate governance, engineering, planning and financial services. Banks, insurers, large companies, consultancies and public bodies all employ them.

The US Bureau of Labor Statistics (BLS) gives figures for several of these occupations. Financial risk specialists, who assess and measure exposure to credit and market risk, held about 66,000 jobs in 2025, 35 percent of them in credit intermediation. They are counted among financial analysts, whose employment is projected to grow 7 percent from 2025 to 2035. Risk managers belong to the group of financial managers, with projected growth of 10 percent. For actuaries, most of whom work for insurance companies, BLS projects growth of 9 percent.

Frequently asked questions

What is the difference between risk management and insurance?

Insurance is one way of dealing with risk. Risk management is wider: it covers identifying and measuring all kinds of risk and choosing how to control them, through insurance or through other means.

Do I need a master's degree to work in risk management?

Not necessarily. In the United States the subject is taught as a bachelor's major of 120 to 124 credits. Professional certificates such as the FRM add to a degree and require work experience as well as exams.

What is the FRM?

The Financial Risk Manager certification is awarded by GARP. Candidates pass two multiple-choice exams and submit evidence of at least two years of relevant work experience.