PhD in Risk Management

Risk management is fast becoming a popular area for graduate and postgraduate studies. Risk management essentially caters to the identification, analysis and prioritization of risks and designing mechanisms to minimize risks as much as possible. These risks can be in terms of finance or risks associated with the economy at large, natural disasters, or occupational risks. The list is never-ending. But primarily it deals with managing financial risks and liabilities. Indeed, managing risks has become very important for running a successful and profitable venture.

PhD in risk management is especially gaining popularity in the United States. Various reasons have contributed to it. Firstly, there is a growing perception in the country (and rightly so) that risk managers in the States are amongst the most highly paid working professionals. This is because companies invest heavily in people who can help the company avoid risks itself. Thus by hiring individuals like these, companies are actually offsetting future losses due to bad risks. Skills acquired in a PhD degree in risk management assure that there are minimal risks associated with the working of a business.

There are many institutions that provide a PhD in risk management. The Institute of Risk Management (IRM) and the Risk Management Society (RIMS) are amongst the top organizations that train and facilitate people on how to reduce risks. The PhD program is designed so as to educate the students in theoretical concepts and analytical skills which help them assess a given risk situation. Risk managers are good team players and are good at decision making. The PhD program polishes these skills so that they can be applied in the professional world. The job opportunities for PhDs in risk management are plenteous. From working in banks to having senior positions in global organizations like the World Bank, risk managers have plenty of options to choose from. However, like all PhDs, one in this field may also lead to careers in the academic world as professors and researchers.

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Therefore, pursuing a PhD in risk management is ideal for those aiming to build a career in the financial sector or who have an interest in analysis and research.

How long does it take to get a PhD in Risk Management?

Typically, it takes five to six years to get a PhD but the exact length varies depending on the time you take with your courses, exams and dissertation. Depending on the program, as a full-time student, you could get your PhD in 2 years. However, most students at that level are only able to study part-time. If you are a part-time student, a PhD in risk management could take five to eight years.

What are the requirements to get a PhD in Risk Management?

The requirements to get a PhD in risk management are listed below. To apply for a PhD, students must:

•    Have a bachelor’s degree

•    Submit transcripts from their bachelor's degree

•    Submit their standardized testing score (GMAT or GRE)

•    Get letters of recommendation from their faculty or employers

•    Write a personal statement

•    Send an updated C.V or resume

•    Have some experience in the field

How much can I make with a PhD in Risk Management?

After a PhD in risk management, you could make a career as a management analyst or financial analyst. The job description includes being a consultant for businesses to manage risky business decisions, increase efficiency with employers and increase an organizations’ margin of profit. The annual median pay for management analysts as of May 2018 was $83,610, while the annual hourly pay was $40.20 according to the US Bureau of Labor Statistics.