phd in risk management and insurance

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PHD, Business Administration: Risk Management & Insurance

The Risk Management and Insurance PhD program is designed to give students an understanding of both theoretical and applied aspects of insurance and risk management.

Degree Type: Doctoral

Degree Program Summary:

The Ph.D. program in risk management and insurance is designed to prepare students for teaching and research at universities and colleges and for positions in government and business. The program is individualized to allow for specializing in various areas within the field of risk management and insurance. By supplementing courses with other programs in the Terry College of Business Administration, the student has choices in the direction and concentration of his or her desired specialty. For example, graduate students can combine their insurance program with law, economics, quantitative methods, finance, management, marketing, or accounting. This flexibility gives the student a wide degree of latitude in choosing a program that corresponds with a specific career path.

Student enrolling in the PhD Program in Business Administration select a major field of study from one of the following business areas: Accounting, Finance, Management, Management Information Systems, Marketing, Real Estate, and Risk Management & Insurance. Students are also required to select a minor field and obtain a competency in research methodology. The minor field and research methodology courses may be chosen from inside or outside the Terry College of Business. The research apprenticeship, composed of 3 hours of coursework, is also taken under the guidance of a major professor and involves research-oriented activities that help the student develop skills needed to undertake a dissertation.

Following the completion of the coursework, comprehensive preliminary examinations, both written and oral, are required. These examinations are administered by the graduate faculty in each area of the student’s program of study. The written exam tends to focus on the student’s knowledge of the major field and research methods. The oral examination assesses the integration of the technical competencies in the foundation, the major and minor fields, and the research methodology. A dissertation completes the program. The PhD Dissertation Advisory committee works with the student on all aspects of the dissertation study.

Please use the links provided above if you would like to learn more about the PhD program structure and plan of study for a particular area. These links also serve as a portal to information provided by the individual areas.

Locations Offered:

Athens (Main Campus)

College / School:

Terry College of Business

600 S. Lumpkin Street Athens, GA 30605

Department:

Risk Management & Insurance

Graduate Coordinator(s):

David Eckles

Phone Number:

706-542-3578

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Bulletin 2024-2025, business administration/risk management and insurance phd.

FOX SCHOOL OF BUSINESS AND MANAGEMENT

Learn more about the Doctor of Philosophy in Business Administration .

About the Program

The PhD in Business Administration program, with a concentration in Risk Management and Insurance, prepares individuals for advanced research and scholarship. The primary emphasis of the program is to prepare future faculty members for successful academic careers.

Time Limit for Degree Completion: 7 years

Campus Location: Main

Full-Time/Part-Time Status: Full-time study is required.

Accreditation: The PhD in Business Administration program, with a concentration in Risk Management and Insurance, is accredited by the Association to Advance Collegiate Schools of Business (AACSB International).

Job Prospects: The program is primarily dedicated to producing well-trained researchers who will work in academic positions.

Non-Matriculated Student Policy: Non-matriculated students are not permitted to take doctoral courses.

Financing Opportunities: Typically, all PhD students receive financial assistantship in the form of full tuition remission and a stipend in return for offering services as a Research Assistant (RA) or Teaching Assistant (TA). The level of support is based on the concentration, the applicant’s qualifications, and other competitive considerations. 

Admission Requirements and Deadlines

Application Deadline:

Fall: December 5

Applications must be submitted AND complete (i.e., all required materials must be received and verified by Fox Staff) by Dec. 5 to be considered.    Applications received after this deadline are reviewed on a case-by-case basis and dependent on availability. 

APPLY ONLINE to this Fox graduate program .

Letters of Reference: Number Required:  2

From Whom:  Letters of recommendation should be obtained from evaluators, typically college/university faculty or an immediate work supervisor, who can provide insight into your abilities and talents, as well as comment on your aptitude for graduate study.

Master's Degree in Discipline/Related Discipline:  A master's degree is not required, but preferred.

Bachelor's Degree in Discipline/Related Discipline:  The equivalent of a four-year U.S. baccalaureate degree from an accredited university or college is required. For three-year degrees, mark sheets must be evaluated by WES or another NACES organization.

Statement of Goals:  In 500 to 1,000 words, describe your specific interest in Temple's program, research goals, career goals, and academic and research achievements.

Standardized Test Scores: GMAT/GRE: Required. GMAT scores are preferred. Test results cannot be more than five years old. Although the applicant’s test score is an important factor in the admissions process, other factors, such as the ability to conduct research as demonstrated by academic research publications and whether your indicated research interests match with those of our faculty, are also taken into consideration.

Applicants who earned their baccalaureate degree from an institution where the language of instruction was other than English, with the exception of those who subsequently earned a master’s degree in a country where the language of instruction is English, must report scores for a standardized test of English that meet these minimums:

• TOEFL iBT: 90
• IELTS Academic: 7.0
• Duolingo: 110
• PTE Academic: 68

Resume:  Current resume or CV required.

Program Requirements

General Program Requirements: Number of Credits Required to Earn the Degree:  48

Required Courses: 1

Students require approval from their mentor and the Concentration Director for all course selections, including those dropped and/or added.

The program of study may be individualized to a significant degree for the student's best professional and scholarly development. With approval from the Concentration Director, students may take other electives to match their research interests. Suggested focus areas and courses may be chosen with approval from the Concentration Director.

This is a theory-focused course.

This is a finance-focused course.

This is an economics-focused course.

Of the 6 required research credits, a minimum of 2 credits of BA 9999 must be taken. The other 4 credits may be taken in any combination of  BA 9994 ,  BA 9998 , and  BA 9999 . Given that 6 credits constitute the minimum requirement, additional credits may be needed to fulfill the degree program's culminating experiences. Doctoral students must maintain continuous enrollment from matriculation to graduation.

Culminating Events: Preliminary Examination: The purpose of the preliminary examination is to demonstrate critical and interpretive knowledge of current research. The subject areas are determined, in advance, by the faculty of the department. The preliminary exam should be completed no more than one term after the student completes the coursework component of the program. Students who are preparing to write their preliminary examinations should confirm a time and date with their departmental advisor.

The members of the student's department write the questions for the preliminary exam. The student must answer every question on the examination in order to be evaluated by the Department Committee. The evaluators look for a breadth and depth of understanding of specific research areas, a critical application of that knowledge to specific phenomena, and an ability to write technical prose. Each member votes to pass or fail the student. In order to pass, a majority of the committee members must agree that the exam has been satisfactorily completed.

Proposal: The dissertation proposal demonstrates the student's knowledge of and ability to conduct the proposed research. The proposal should consist of the following:

• the context and background surrounding a particular research problem;
• an exhaustive survey and review of literature related to the problem; and
• a detailed methodological plan for investigating the problem.

The proposal should be completed and approved no more than one year after completing coursework. Upon approval, a timeline for completing the investigation and writing process is established.

Dissertation: The doctoral dissertation is an original empirical study that makes a significant contribution to the field. It should expand the existing knowledge and demonstrate the student's knowledge of both research methods and a mastery of their primary area of interest. Dissertations should be rigorously investigated; uphold the ethics and standard of the field; demonstrate an understanding of the relationship between the primary area of interest and the broader field of business; and be prepared for publication in an academic journal.

The Doctoral Advisory Committee is formed to oversee the student's doctoral research and is comprised of at least three Graduate Faculty members. Two members, including the Chair, must be from the student's department. The Chair is responsible for overseeing and guiding the student's progress, coordinating the responses of the committee members, and informing the student of her/his academic progress.

The Dissertation Examining Committee evaluates the student's dissertation and oral defense, including the student's ability to express verbally their research question, methodological approach, primary findings and implications. The Dissertation Examining Committee votes to pass or fail the dissertation and the defense at the conclusion of the public presentation. This committee is comprised of the Doctoral Advisory Committee and at least one additional faculty member from outside the department.

If any member decides to withdraw from the committee, the student shall notify the Chair of the Dissertation Examining Committee and the PhD Managing Director. The student is responsible for finding a replacement, in consultation with the Chair. Inability to find a replacement shall constitute evidence that the student is unable to complete the dissertation. In such a case, the student may petition the PhD Managing Director for a review. Once review of the facts and circumstances is completed, the Director will rule on the student's progress. If the Director rules that the student is not capable of completing the dissertation, the student will be dismissed from the program. This decision may be appealed to the Senior Associate Dean. If dismissed, the student may appeal to the Graduate School.

Students who are preparing to defend their dissertation should confirm a time and date with their Dissertation Examining Committee and register with the Graduate Secretary at least 15 days before the defense is to be scheduled. The Graduate Secretary arranges the time, date and room within two working days, and forwards to the student the appropriate forms. After the Graduate Secretary has scheduled the defense, the student must send to the Graduate School a completed "Announcement of Dissertation Defense" form, found in TUportal under the Tools tab within "University Forms," at least 10 days before the defense. The department posts flyers announcing the defense, and the Graduate School announces the defense on its website.

Program Web Address:

https://www.temple.edu/academics/degree-programs/business-administration-phd-bu-ba-phd

Department Information:

Fox School of Business and Management

1801 Liacouras Walk

701 Alter Hall (006-22)

Philadelphia, PA 19122

[email protected]

215-204-5890

215-204-7678

Fax: 215-204-1632

Submission Address for Application Materials:

https://apply.temple.edu/FOX/Account/Login

Department Contacts:

Admissions:

Fox PhD Admissions

[email protected]

Concentration Director:

Benjamin Collier

[email protected]

215-204-8155

PhD Managing Director:

Vinod Venkatraman, PhD

Associate Professor, Marketing

[email protected]

215-204-1409

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Florida State University

FSU | College of Business

College of Business

Ph.d. in business administration with a major in risk management and insurance,    request information,    deadline to apply.

Begin your application today by entering the Graduate Admissions Portal .

Submit your application by: January 15  –  Application review begins  and will continue until positions are filled. March 1 – Application submission deadline. All supporting materials must be received by March 15.

  Contact Us

• Contact  Dr. Patricia Born , program director, for more information on the RMI major, its content and curriculum.
• Email Elizabeth Kistner , Ph.D. graduate advising director, for more information about the admissions process.

Graduate Programs Office   850-644-6458   877-587-5540 (toll free)   [email protected]

Join us for a virtual info session at 5:30 p.m., Wednesday, April 3!

Risk Management and Insurance  is one of seven majors offered through FSU’s College of Business’ Ph.D. in Business Administration. Housed in the Dr. William T. Hold/The Alliance's Program in Risk Management and Insurance , the RMI major admits one candidate each fall (on average), and the program takes four to five years to complete.

• Offers faculty with research expertise in insurer operations, insurance market performance and regulation, catastrophe risk management and the economics of risk and uncertainty
• Includes primary courses covering the fundamentals of risk management/insurance and research courses in mathematical economics and applied quantitative methods
• Encourages support area studies in finance econometrics, real estate and statistics
• Includes two to three years of coursework culminating in a comprehensive exam, followed by two years of research and teaching, culminating with a dissertation

For an overview of FSU’s Ph.D. in Business Administration and its seven majors, download the brochure .

   Student Accomplishments

East Carolina University; University of Akron; University of Connecticut; Illinois State University; Troy University

Courtney Bass,  2013-14 Spencer Educational Foundation Pre-Dissertation Award Jill Bisco,  Best Student Paper Award, Southern Risk and Insurance Association Annual Meeting Dana Telljohann , 2022 Spencer Scholarship award recipient

Defended Dissertation

• "Value and Strategy: An Analysis of the Surplus Line Insurance Market" by  Courtney Bass Baggett ; Dr. Cassandra Cole, major professor
• “The Role of Asymmetric Information in the U.S. Health Insurance Market,” by E. Tice Sirmans ; Dr. Patricia Born, major professor

  Program Requirements

The RMI doctoral program emphasizes current research topics in Risk Management, Insurance Operations and Performance, Insurance Regulation, and Risk Theory. In addition, students are taught a variety of theoretical and empirical research methods and tools using statistics, econometrics, and mathematical economics.

Prerequisites

All Risk Management and Insurance Doctoral students must have completed undergraduate level courses in Calculus I, Calculus II, and Linear Algebra.

Major  Requirements

All RMI doctoral students must complete courses in three areas: Tools for Analytical Research (TAR), Primary RMI and Support.

I. Tools for Analytical Research (TAR) Area

Students must take the following three courses:

• ECO 5403 Static Optimization
• ECO 5416 Econometrics I
• ECO 5423 Econometric Theory

Students must also take three additional quantitative courses in Statistics, or Economics numbered 5000 and above with the approval of the doctoral program adviser. Examples include:

• ECO 5424 Econometrics/Panel Data
• ECO 5427 Limited Dependent Variables
• STA 5440 Probability Theory
• STA 5206 Analysis of Variance
• STA 5207 Applied Regression Methods

RMI doctoral students are expected to have or acquire computer literacy through coursework or self-study

II. Primary RMI Coursework

The primary area courses and seminars provide opportunities for in-depth study. RMI doctoral students must take the following doctoral seminars and courses:

• RMI 6195 Seminar in Life and Health Insurance
• RMI 6296 Seminar in Property and Liability Insurance
• RMI 6395 Seminar in the Theory of Risk and Insurance

Students must take an additional three RMI elective courses approved by the doctoral adviser. Examples include RMI 5136 (Employee Benefit Plans), RMI 5345 (Risk Management in the Business Enterprise).

Students will take at least two additional doctoral-level economics courses that are not included in the Tools and Research area above. The two economics courses will be chosen in consultation with the program director. RMI doctoral students also are expected to have or acquire computer literacy through course work or self-study.

In addition to these courses, first-year and second-year students will participate in a professional development series that will be an additional registered course in each semester of the first two years of the program. The development series is designed to introduce doctoral students to the roles and responsibilities of faculty, including research ethics, communication with faculty at other universities, the research review process, balancing research, teaching and service, among other topics.

In addition to the regularly scheduled seminars, the RMI faculty and doctoral students meet periodically to share the results of recent research conducted by FSU faculty and doctoral students and by invited scholars from other universities. RMI doctoral students are required to attend these RMI brown bag seminars and invited lectures.

III. Support Area Coursework

RMI doctoral students typically choose a support area in Finance. The courses for this support area include:

• FIN 6804 Foundations of Financial Theory
• FIN 6809 Markets and Institutions
• FIN 6842 Empirical Methods
• FIN 6527 Seminar: Corporate Finance/Investments

Normally, three or four courses are required in the support area. In addition, at least two of the courses required in the support area cannot be used to satisfy other requirements. The support area is chosen in consultation with the RMI doctoral program adviser.

There is also a required research paper that must be completed by the end of the second year. The paper is directed by the RMI faculty and is designed to prepare the student for the dissertation and subsequent research.

Sample Course Sequence*

*Actual schedule subject to course offerings and availability.

  Application Process

Admission decisions are made by the college’s Doctoral Admissions Committee and are based on a combination of factors, including prior academic record from accepted universities; GRE or Graduate Management Admission Test (GMAT) scores taken within the past five years; letters of recommendation; experience; record of accomplishments. Admission is competitive and focused on students with grade-point averages of 3.5 or higher and GMAT scores of at least 600 or GRE scores of at least 155 on each section of the revised GRE.

Application Checklist

• Login to admissions.fsu.edu/gradapp (applications will only be accepted through this portal).
• Begin your application by logging in with your FSUID or clicking the link to register to get one.
• Complete your online application form and submit.
• This will generate automated email sent to your references by our system to request that they submit a recommendation for you and answer a series of standardized questions.
• Submit your Statement of Purpose (2-3 pages).
• Submit a current resume or C.V.
• Pay the nonrefundable $30 application fee.
• Request that each college or university you have attended submit an official transcript to FSU (see below for email/address).
• Transcripts are considered official if they are sent directly to FSU (either through the U.S. mail or electronically) by your undergraduate or graduate institution.
• Request that official GMAT or GRE scores (and TOEFL/IELTS/PTE/DuoLingo/Cambridge C1 Advanced/Michigan Language, if applicable) be submitted to FSU (see below for email/address)
• Test scores will only be considered official if sent directly from the testing service. The code for ETS to send (GRE and TOEFL) scores to FSU is 5219. The code to send GMAT scores to FSU is PN8K567.
• An English proficiency exam score (TOEFL/IELTS/PTE) must be submitted for international applicants whose native language is not English or who have not received a college degree from an institution where the instruction is primarily in English.

Have transcripts and test scores sent to [email protected] or:

Graduate Admissions Office 222 S. Copeland St. 314 Westcott Building Florida State University Tallahassee, FL 32306-1410 USA

International Applicants

International applicants should visit gradschool.fsu.edu/admissions/international-admissions for information concerning financial responsibilities, degree equivalency, etc.

English Language Proficiency Exam International applicants whose native language is not English or who have not completed an undergraduate or graduate degree in an English-speaking country are required to take either the Test of English as a Foreign Language (TOEFL,) the International English Language Testing System (IELTS,) the Pearson Test of English (PTE,) Duolingo, Cambridge C1 Advanced Level, or Michigan Language Assessment and submit official test results in order to be admitted to Florida State University. The College of Business requires a minimum TOEFL score of 100 on the internet-based test, a minimum of 7.0 on the IELTS exam , or a minimum of 66 on the PTE , a minimum score of 120 on Duolingo , a minimum score of 180 on Cambridge C1 Advanced Level , or a minimum score of 55 on the Michigan Language Assessment taken within the past two (2) years.

  Program Costs

Ph.D. students typically take 27-33 credit hours each year. Here are the estimated program costs for the 2023-2024 academic year:

• Florida residents: $479.32 (tuition plus fees) per credit hour.  Total estimated program cost is $12,941.64 - $15,817.56 per year.
• Non-Florida residents: $1,110.72 (tuition plus fees) per credit hour.  Total estimated program cost is $29,989.44 - $36,653.76 per year.

Note: These costs do not include required books, supplies for courses, or required health insurance. Costs are subject to change. Fees above do not include some per-term flat fees for FSUCard and facilities use. For a breakdown of on-campus student fees and their explanations, visit the university’s  Tuition Rates  page.

  Residency Information

The doctoral program is a full-time program that lasts four to five years. Students should plan to live in the Tallahassee area year-round, including summers. Our program is not set up for individuals who wish to take courses part time or online.

  Financial Assistance

The College of Business awards financial assistance to applicants based on academic criteria and performance. The goal of the college is to provide assistantships and/or fellowships to all of our admitted doctoral students, subject to overall enrollment and fiscal limitations. Most doctoral students who request funding, who maintain a satisfactory level of academic and work performance, and who are in residence receive financial assistance from the college. Annual stipends and supplementary assistance such as travel expenses for conference attendance will vary among cohorts and programs. Students who are not Florida residents should note that tuition waivers associated with assistantships only cover the out-of-state portion of their tuition for year one of the program. Out-of-state tuition waivers are generally not available for years two through five.   Doctoral students on assistantship are supported for four full academic years, contingent upon satisfactory performance in the program. Eligibility for fifth-year support is considered for a student having made substantial progress toward placement at a research-oriented university. For a full list of Florida State University funding and awards, visit gradschool.fsu.edu . Applicants are strongly encouraged to submit all completed application materials before January 15 to be eligible for additional funding opportunities at the university level.

Awards/Scholarships

The College of Business awards financial assistance to applicants based on academic criteria and performance. There are various scholarships available for graduate students. Visit our graduate scholarships page to learn more.

(Applicants are strongly encouraged to submit all completed application materials before January 15 to be eligible for additional funding opportunities at the university level.)

• For a full list of Florida State University funding and awards, visit  gradschool.fsu.edu
• For more information on Florida State University's research and research funding, visit  research.fsu.edu
• For more information on Florida State University's graduate fellowships and awards, visit  ogfa.fsu.edu

Risk Management Faculty   

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Address 821 Academic Way, Tallahassee, FL 32306-1110 | Phone 850-644-3090 | Fax 850-644-0915 Copyright © 2023, Florida State University - College of Business , All Rights Reserved. Accredited by AACSB International.

Tippie College of Business

Risk management & insurance track.

PhD Track in Risk Management & Insurance

Risk is part of every business decision.

Finding the right balance between risk and reward, and a cost-effective way to mitigate risk, is as important for businesses as it is for individuals and our society. 

Does marijuana legalization increase the number of car accidents? Does enterprise risk management adoption improve investment efficiency? Are genetic tests beneficials or is it better to not know? Does Medicaid expansion increase or decrease emergency department utilization? Do capitalization levels constrain insurance companies’ ability to meet demand during recessions? 

Your research can inform business decisions as well as public policy.

In the PhD program at Iowa, you’ll work closely with our world-renowned faculty, perfecting your research, writing, and teaching skills. By the time you hold that PhD in your hand, you’ll have everything you need for a successful academic career in risk management and insurance (RMI).

Request Info

Work with experts in the industry

Tippie faculty lead the way in both teaching and research. You’ll work alongside Thomas Berry-Stoelzle , who’s published a breadth of research into enterprise risk management and insurer operations. Or dive into topics like insurance economics and household finance with Cameron Ellis , health economics and public policy analysis with Meghan Esson , or economic analysis of prevention and precaution and risk preferences with Richard Peter . You’ll work closely with our respected faculty to identify your own area of focus within the RMI field.

"Insurance does no good if insurance companies don’t have the money to cover the policy, so I look at insurance markets along with public policy to figure out how to alleviate these problems." Richard Peter, TriStar Research Fellow and Associate Professor Read Richard's story

While still a relatively young program, all of Tippie’s PhD graduates focusing on risk management and insurance to date have accepted tenure-track faculty positions. Initial placements:

• University of New Hampshire
• Southern Illinois University Edwardsville

First, you need to meet the minimum PhD admission requirements . Other criteria for admission include:

Academic record

An undergrad concentration in risk management and insurance isn't required to be admitted. The minimum GPA is 3.0 on a 4.0 scale. We also consider the rigor of your undergrad or master's institution(s), and grades you earned in relevant coursework, including risk management and insurance (if applicable), actuarial science (if applicable), finance, economics, statistics, and mathematics courses. The recommended background is coursework in risk management and insurance, finance and economics through intermediate micro and macro, math through one year of calculus, and introductory mathematical statistics.

GMAT or GRE score

Our admitted students average around 700 on the GMAT. The quantitative scores in particular are considered.

Letters of recommendation

We're interested in an assessment of your strengths, weaknesses, motivations, and ability to succeed.

English proficiency

This requirement applies only to international applicants whose native language is not English. We follow the Graduate College's  English proficiency requirements .

Statement of purpose

Content and overall seriousness are considered.

Thomas Berry-Stoelzle

[email protected]

When you’re ready, submit your application through the admissions portal . Select the “Finance” program and type in “Risk Management and Insurance” in the area of interest text field.

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• Business: Insurance Economics and Actuarial Analytics, PhD

The Business: Insurance Economics and Actuarial Analytics PhD is offered by the Risk and Insurance Department at the School of Business. We aim to train students to produce scholarship advancing the frontier of insurance economics and actuarial analytics.

Our faculty are leaders in their fields. Within our four core fields of actuarial science, insurance, risk management, and decision making under uncertainty, our specific areas of expertise include the regulation and financial management of insurance, corporate risk management, behavioral economics, predictive modeling and statistical methods development, and the analytics and economics of the health care sector, among other areas. More information about faculty research contributions is available here .

We are a nationally recognized Center of Actuarial Excellence . We maintain close contact with industry which is reflected, among other ways, in grant support for industry-related research projects, as well as our leadership in the Creative Destruction Lab Risk Stream. 

Admission consideration requires a four-year undergraduate degree or the equivalent, in any discipline, from an accredited institution. Work experience is not required. Applicants should have an undergraduate minimum grade point average (GPA) of 3.0 or higher on a 4.0 scale. In addition to academic credentials, test scores, personal achievements, motivation, communication skills (written and oral) and recommendation letters are considered in the admission process at both the master's and doctoral levels.

Please note:  The Graduate Management Admission Test (GMAT) or the Graduate Record Exam (GRE), taken within five years of the starting term, is required of all applicants to the School of Business PhD and MS programs.

To learn more about the application and admissions process, visit  PhD Admission Requirements . 

How to Apply

Students interested in business degrees do not apply through the Graduate School application system and should instead refer to the  School of Business Admissions page.

Minimum Graduate School Requirements

Major requirements.

Review the Graduate School minimum academic progress and degree requirements , in addition to the program requirements listed below.

Mode of Instruction

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 UW–Madison 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

Required Courses

The course sequence is customized to fit each student's unique research interests and background.  During your first two years of study, you will work with a PhD faculty advisor to set an appropriate course sequence, consisting of a combination of courses within the School of Business and a set of advanced courses that form a coherent package and enhance your research skills from outside of the School of Business.  In addition to the required courses listed below, all PhD students are required to participate in the Teaching Improvement Program and Graduate Assistant Equity Workshop.  

This could include the following courses: R M I 990 Risk & Insurance Independent Research PhD Thesis , R M I 999 Reading and Research-Risk Management and Insurance PhD  and other non-research coursework decided with their advisor.  

Breadth Requirement

During your first two years of study, you will work with a PhD faculty advisor to set an appropriate course sequence, consisting of a combination of courses within the School of Business and a set of advanced courses that form a coherent package and enhance your research skills from outside of the School of Business. 

Graduate School Policies

The  Graduate School’s Academic Policies and Procedures  provide essential information regarding general university policies. Program authority to set degree policies beyond the minimum required by the Graduate School lies with the degree program faculty. Policies set by the academic degree program can be found below.

Major-Specific Policies

Prior coursework, graduate credits earned at other institutions.

With program approval, students are allowed to transfer no more than 9 credits of graduate coursework from other institutions. Coursework earned ten years or more prior to admission to a doctoral degree is not allowed to satisfy requirements.

Undergraduate Credits Earned at Other Institutions or UW-Madison

No credits from a UW–Madison undergraduate degree are allowed to transfer toward the degree.

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 UW–Madison

With program approval students are allowed to transfer no more than 9 credits of coursework numbered 300 or above taken as a UW–Madison University Special student. Coursework earned ten or more years prior to admission to a doctoral degree is not allowed to satisfy requirements.

Refer to the Graduate School: Probation policy.

Advisor / Committee

Refer to the Graduate School: Advisor and Graduate School: Committees (Doctoral/Master’s/MFA) policies.

Credits Per Term Allowed

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
• 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)

Any student who feels that they have been mistreated by a faculty or staff member has the right to lodge a complaint. Complaints may concern course grades, classroom treatment, program admission, or other issues. To ensure a prompt and fair hearing of any complaint and to protect both the student's rights and the person at whom the complaint is addressed, the grievance procedures below are used in the School of Business.

The person against whom the complaint is directed must be an employee of the School of Business. Any student or potential student may use these procedures unless other campus rules or contracts cover the complaint:

• If the student feels comfortable/safe doing so, the student should first talk with the person against whom the grievance is directed. Most issues can be settled at this level. If the complaint is directed against a teaching assistant (TA) and the student is not satisfied after discussion of the grievance with the TA, the next step would be to talk to the TA's supervisor, who is usually the course professor. If the complaint is still not resolved satisfactorily, the student may continue to step 2.
• If the complaint does not involve an academic department, the procedure outlined in Step 4 below should be followed.
• On receipt of a written complaint, the chair will refer the matter to a departmental committee, which will obtain a written response from the person at whom the complaint is directed. This response shall be shared with the person filing the grievance. The chair will provide a written decision within 30 days to the student on the action taken by the committee.
• If either party is not satisfied with the decision, they have five working days from receipt of the decision to contact the dean's office (at the number below), indicating the intention to appeal. If the complaint does not involve an academic department in the school, the student must contact the dean's office within 60 calendar days of the alleged unfair treatment.
• In either case, there will be an attempt to resolve the issue informally by the appropriate associate dean. If this cannot be done, the complaint can be filed in writing with the Office of the Dean. This must be done within 10 working days of the time the appealing party was notified that informal resolution was unsuccessful.
• On receipt of such a written complaint, the Chief Diversity and Inclusion Officer will convene a subcommittee of relevant stakeholders pending the nature of the issue. This subcommittee may ask for additional information from the parties involved and may hold a hearing at which both parties will be asked to speak separately. The subcommittee will then make a written recommendation to the dean of the School of Business who will render a decision. Unless a longer time is negotiated, this written decision shall be made within 20 working days from when the grievance was filed with the Office of the Dean.

Questions about these procedures can be directed to the School of Business, Office of the Dean, 4339 Grainger, 975 University Avenue, 608-262-7867.

State law contains additional provisions regarding discrimination and harassment. Wisconsin Statutes 36.12 reads, in part: "No student may be denied admission to, participation in or the benefits of, or be discriminated against in any service, program, course or facility of the system or its institutions or center because of the student's race, color, creed, religion, sex, national origin, disability, ancestry, age, sexual orientation, pregnancy, marital status or parental status." In addition, the UW System prohibits discrimination based on gender identity or gender expression. Students have the right to file discrimination and harassment complaints with the Office of Compliance , 361 Bascom Hall, 608-265-6018, [email protected] .

The Graduate School has procedures for students wishing to appeal a grievance decision at the school/college level. These policies are described in the Graduate School’s Academic Policies and Procedures: https://grad.wisc.edu/documents/grievances-and-appeals/

Virtually all PhD students in business are funded at a level that guarantees a minimum of five years of the following: full tuition remission; scholarship funding; a monthly stipend; comprehensive family health insurance plan, travel funding for students presenting at academic conferences.

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• Ph.D. Risk Management and Insurance Major

How to Get a PhD or DBA in Insurance & Risk Management

Risk is at the core of business profitability. The ability to evaluate risk and create strategies to mitigate its effects has broad applications–in insurance, business, manufacturing, and public policy. Factors such as the mortgage and credit crisis, environmental regulation, mass torts, health care reform, and natural disaster are creating an urgent need for advanced scholarship and visionary leadership. The International Risk Management Institute (IRMI) estimates that about half of the insurance and risk management (IRM) workforce will retire within fifteen years, fueling demand for actuarial science and risk management experts at all levels.

A doctorate in insurance and risk management qualifies you to reinvent the field for the twenty-first century, either by advancing scholarship and training the next generation of IRM workers, or by working as a senior-level financial professional. A PhD in business in Insurance and Risk Management can open doors to a career as a university professor, researcher, business school instructor, or as a senior risk analyst, actuary, financial analyst, or expert consultant.

Earning an online or campus-based PhD in Insurance and Risk Management requires discipline and planning. The degree is the highest qualification in the field and involves four to six years of graduate-level work. This guide to a PhD in Insurance and Risk Management takes you through the process of researching and applying to doctorate programs.

A Guide to the PhD in Insurance and Risk Management

The field of insurance and risk management (sometimes referred to as IRM or RMI) originated in the latter half of the twentieth century as a subset of business and finance disciplines. The field assumed a higher profile in the 1980s, reflecting a rise in the importance of business risk management. Academic insurance and risk management researchers point to executive liability, medical malpractice, product liability, and natural catastrophes to explain the rise of IRM in the past twenty years.

Today’s IRM programs incorporate elements of economics, finance, psychology, human resources, law, and even engineering and chaos theory to shed light on effective risk management. Most recently, the field has embraced high-level mathematical modeling (econometrics) to assess and manage risk

PhD or DBA?

As the discipline evolves, advanced education options are steadily expanding. In 1995, there were an estimated 80 doctoral students specializing in insurance and risk management at 11 universities nationwide. Five years later, an additional 22 schools added graduate-level IRM courses and degrees. At the doctorate level, you find two options: the Doctor of Philosophy (PhD) and the Doctor of Business Administration (DBA). These terminal doctoral degrees are considered equal in rigor, but divergent in purpose.

• The PhD in Insurance and Risk Management follows in the tradition of social science doctorates, which prepare students for advanced scholarship and college-level teaching careers. The degree culminates in a dissertation, which presents an original contribution to IRM scholarship. The research-oriented academic doctorate emphasizes quantitative methods and financial theory in risk management.
• The DBA in insurance and risk management is a professional practice doctorate, designed to prepare graduates for leadership positions in industry. The doctoral project applies existing scholarship to a particular real-world problem.

In practice, the distinction between the two doctorates has become blurred–in particular, many PhD graduates go on to high-level professional careers in the private sector. Find more information about the distinctions among doctorates at WorldWideLearn.com’s Online PhD Degrees and Doctoral Programs page.

Career Track

The two doctorates suggest the division in doctoral-level career paths–graduates can choose to pursue either an academic or a professional track.

Academic careers focus on original scholarship and teaching roles. Academics serve as university professors and researchers. Some lend their expertise as consultants to public and private sector clients or as expert legal witnesses.

Professional careers include senior-level positions as a:

• Risk management advisor
• Quantitative specialist or econometrician
• Public policy analyst
• Insurance executive
• Bank manager

Specializations

Both the PhD and DBA in Insurance and Risk Management offer a vast range of specialization options. In many cases, IRM is already a concentration within the business department. In any case, the opportunity to create your own independent project enables you to focus on a particular application or area of interest.

Some examples of academic and theoretical risk management specializations are:

• Econometrics
• Financial Intermediaries
• Risk and Crisis Management

Insurance-specific academic and applied specializations include:

• Empirical Modeling for Risk and Insurance
• Insurance Distribution and Compensation
• Insurance Capital Structure
• Insurance Market Structure
• Asset/Liability Management for Insurers

Applied insurance and risk management specializations include:

• Health/Retirement Analysis and Policy
• Public Finance
• Social Insurance Programs
• Corporate or Enterprise Risk Management
• Liability Insurance
• Corporate Hedging and Securitization

Each program emphasizes a particular set of specializations. Determining which area suits your interests helps you determine which PhD or DBA program in insurance and risk management is right for you.

How to Apply for the Doctoral Degree in Insurance and Risk Management

Once you’ve gained insight into your own academic interests and career ambitions, you’re in a good position to identify the PhD or DBA program that matches your needs.

Find the Right PhD or DBA Program

Given the highly specialized nature of doctoral education, it’s crucial to find the perfect fit. Each program offers a unique mix of resources and opportunities. The following four steps take you through the process of researching doctoral programs. You can find links to useful online resources for each step.

Step One: Develop a List of Accredited Programs

Goal: Create a comprehensive list of accredited programs that offer a PhD or DBA program in insurance and risk management.

Begin your research by compiling a list of accredited PhD or DBA programs. Accreditation is the baseline criterion of any higher education institution. Regular evaluation by an independent nationally recognized accrediting agency ensures the quality of your education and the value of your degree–not to mention your eligibility for some federal financial aid programs. The Association to Advance Collegiate Schools of Business (AACSB) is the major national accrediting agency of business graduate schools. The U.S. Department of Education maintains a comprehensive database of approved national and regional accreditation agencies.

Online PhD directories and accrediting agency member lists can point you to accredited doctoral programs in insurance and risk management. Check out the following sites:

• AACSB maintains an online database of 600 or so member institutions worldwide. Search this list by factors such as online delivery format, campus location, program of study, and degree level.
• IRMI (The International Risk Management Institute) publishes the IRMI Directory of Risk Management and Insurance Programs at U.S. Colleges and Universities . Last updated in February 2009, the guide profiles and links to thirty dedicated university risk management and insurance (RMI) programs. The list doesn’t include business degrees with RMI specializations and emphasizes undergraduate programs, but it offers a useful starting point.
• The American Risk and Insurance Association (ARIA) maintains a more extensive list of university insurance and risk management programs.
• WorldWideLearn.com features a searchable database of accredited online PhD programs in insurance and risk management. Search Degrees by Subject to find an online or campus doctorate in IRM. The site maintains a high quality standard for all its education partners, taking into account accreditation and other factors. Learn more about the accreditation process or browse a list of university partners.

Step Two: Online or Campus PhD in Insurance and Risk Management?

Goal: Focus your list by deciding which program delivery format best suits your lifestyle and learning style.

Advances in distance learning technology have made online education a viable option for higher education, particularly professional practice doctorates such as the DBA. The PhD is also available online, but aspiring academics typically choose a campus or hybrid online/campus PhD in order to access on-site resources.

• Online PhD degrees in insurance and risk management offer scheduling flexibility, making them a popular choice for working professionals balancing education alongside work and family. Aside from convenience, online degrees offer the potential for a productive synergy between work and academic research. The online format is especially suitable for professional practice doctorates such as the online DBA in Insurance and Risk Management, which rely on the application of theory in a real-world business setting.
• Campus programs remain the preferred choice for the academic PhD in Insurance and Risk Management, which rely on access to campus resources. Aspiring professors and scholars depend on relationships with faculty mentors and peers, teaching and research assistantships, and access to library collections and computer labs.

Explore program format options at WorldWideLearn.com. The Online Degree Programs and Campus Education sections help you find PhD programs with the delivery format that best meets your circumstances and career goals.

Step Three: Explore Academic Programs

Goal: Research academic programs, prospecting for potential faculty mentors who share your academic interests.

In this stage, you match your academic interests and career ambitions with a suitable academic program. Because faculty mentorship is such an important feature of a doctoral program in insurance and risk management, it’s critical to find a professor whose research and theoretical approach match your own. Take into account the following factors:

• Faculty research
• Areas of concentration
• Curriculum and course requirements
• Special programs

WorldWideLearn.com facilitates your program research by automating the matching process. Fill out an online form indicating your academic program criteria and the system identifies schools that meet your specifications. An academic counselor will contact you to discuss the program and answer your questions.

School Web sites offer useful information about professor research interests, special programs and school publications, student research projects, and more.

Academic Journals can help you focus your research interests and identify leaders in your field. Major journals in insurance and risk management include: The Journal of Risk and Insurance , Risk Management and Insurance Review , and Risk Management magazine.

Step Four: Evaluate Program Quality

Goal: Create a final list of schools to which you want to apply, balancing factors such as program quality, selectivity, and cost.

In the final analysis, the right school for you depends on a range of practical considerations, including:

• Selectivity
• Graduation Rate
• Job Placement Statistics
• Career Support Resources
• Student Body Profile
• Cost and Financial Aid

Aim to create a list of about six doctoral programs, taking into account both program quality and your own competitiveness as an applicant. It’s a good idea to apply to both a ‘dream’ school and a ‘safety’ school.

Rankings can give you a sense of a doctoral program’s reputation and selectivity. Some to consider:

• U.S. News and World Report offers a general ranking of the best business schools. This ranking focuses on the MBA, but also offers a sense of a school’s general reputation.
• The National Research Council releases its Assessment of Research Doctorate Programs less frequently, but offers a more comprehensive evaluation of doctoral program quality. The Assessment covers economics PhDs, with specialized assessments of econometrics and economic theory.
• The Center for Measuring University Performance also offers a ranking of top American research universities.

School Data offers a picture of the typical doctoral candidate, including selectivity information, demographic data, and job placement statistics.

Campus Visits allow you to meet one-on-one with faculty and graduate students to develop a more holistic sense of the doctoral program experience.

Preparing for a PhD in Insurance and Risk Management

Once you’ve developed your final list of campus or online PhD programs in insurance and risk management, the application process becomes a matter of connecting the dots. Steps to take include:

• Satisfying prerequisites
• Collecting and submitting application materials
• Lining up financial aid

The following resources can help you navigate the logistics of applying to a campus or online PhD in Insurance and Risk Management.

• WorldWideLearn.com’s Education Resources Guide can help you with the application logistics, with information on standardized test preparation, prerequisite courses, financial aid, and more
• The Insider’s College Guide for Working Adults offers an overview of resources and strategies for returning students
• Financial aid information is available on WorldWideLearn.com’s graduate education funding resource page

Joining the Academic Community

Your application to a doctoral program in insurance and risk management signifies your entrance into an elite academic community. Start building relationships now by attending conferences, subscribing to IRM publications, and joining professional organizations. Academic and industry associations include the University Risk Management and Insurance Association (URMIA) and the American Risk and Insurance Association (ARIA).

An online PhD or DBA in Insurance and Risk Management offers a stepping stone into the upper echelons of academic scholarship and professional risk assessment. Reaching this lofty goal requires planning and discipline. Develop a vision of your academic path now, and you can set yourself up to take full advantage of the opportunities that come your way through the IRM doctoral program.

• American Risk and Insurance Association (ARIA)
• The Association to Advance Collegiate Schools of Business (AACSB), AACSB Accredited Business Schools Database
• The Center for Measuring University Performance
• Columbia SIPA, Career Opportunities in Insurance and Risk Management
• International Risk Management Institute, IRMI Directory of Risk Management and Insurance Programs
• IRMI Insights, The Insurance Industry Talent Crisis: Investing in Risk Management and Insurance Graduates , by Brenda Wells
• Journal of Risk and Insurance, Collegiate Risk Management and Insurance Education , by Lisa A. Gardner and Joan T. Schmit
• National Research Council, Assessment of Research Doctorate Programs
• Risk Management and Insurance Review, Vol. 8, No. 1, Risk Management and Insurance-Related Journals: A Survey of Risk and Insurance Academics , by Tamela D. Ferguson et al.
• University of Georgia, Terry College of Business, Risk Management and Insurance Program
• University of Pennsylvania, The Wharton School, PhD in Applied Economics
• University of Wisconsin-Madison School of Business, Actuarial Science, Risk Management and Insurance
• U.S. Department of Education, Database of Accredited Postsecondary Institutions and Programs
• U.S. News and World Report, Best Business Schools
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Copyright © 2024 Worldwidelearn.com. All Rights Reserved.

The sources for school statistics and data is the U.S. Department of Education's National Center for Education Statistics and the Integrated Postsecondary Education Data System unless otherwise noted.

Disclosure: EducationDynamics receives compensation for many of the featured schools on our websites (see “Sponsored School(s)” or “Sponsored Listings” or “Sponsored Results” or “Featured Graduate School(s)”. So what does this mean for you? Compensation may impact where the Sponsored Schools appear on our websites, including whether they appear as a match through our education matching services tool, the order in which they appear in a listing, and/or their ranking. Our websites do not provide, nor are they intended to provide, a comprehensive list of all schools (a) in the United States (b) located in a specific geographic area or (c) that offer a particular program of study. By providing information or agreeing to be contacted by a Sponsored School, you are in no way obligated to apply to or enroll with the school.

This site does not provide a comprehensive list of all schools that offer a particular program of study.

This is an offer for educational opportunities that may lead to employment and not an offer for nor a guarantee of employment. Students should consult with a representative from the school they select to learn more about career opportunities in that field. Program outcomes vary according to each institution’s specific program curriculum. Financial aid may be available to those who qualify. The information on this page is for informational and research purposes only and is not an assurance of financial aid.

INFORMATION, RISK, AND OPERATIONS MANAGEMENT

The Texas McCombs doctoral program in IROM focuses on training future researchers in decision science, information systems, operations management, and statistics.

Quick Links

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AREAS OF STUDY

Shape your own program, academic life at mccombs, mentorship and practice, student progress, gaining mastery and experience, application deadline.

The application deadline for the IROM Doctoral Program is December 15th.

AREAS OF SPECIALIZATION

Faculty and students in one of the areas in IROM work closely with colleagues from other areas within IROM and from colleagues from other departments in the college and university, including computer engineering, computer science, economics, law, management, marketing, mathematics, operations research, psychology, sociology, statistics, and data science. 

Decision Science

Students in the Decision Science area focus on managing risk and developing "application-driven theory" to solve real-world problems. The faculty works on decision making under uncertainty, quantitative finance and numerical methods for solving financial models, risk management in the area of insurance, and on statistical models, machine learning, data analytics, and data mining.

Information Systems

Students in the Information Systems area focus on understanding the impact of information technology on individuals, organizations, and society. The faculty works in areas such as the economics of digital products, digital marketplaces, social media, strategic IT management, the business value of IT, virtual teams and collaboration technologies, healthcare IT, data mining and business analytics, artificial intelligence, blockchain, Internet of Things and design science using methods including econometric analysis, machine learning, experiments, qualitative research, and mathematical modeling.

Operations Management

Students in the Operations Management area learn how to develop and apply analytical and empirical models and methods to address strategic and operational issues in areas such as supply chains, manufacturing, services, healthcare, sustainability, not-for-profit operations, pricing, revenue management, project management, and product design. Students are trained in various methodologies to research these areas, including optimization, economics, stochastic models, statistics, econometrics, and simulation.

Students in the Statistics area focus on the theory and methods of statistics, emphasizing business applications. Students are exposed to both Bayesian and classical approaches to inference and modern computational statistical tools. Several of the courses students take in the area are shared with the Department of Statistics and Data Sciences. The main difference between the programs is the strong emphasis on business applications. 

IROM Faculty by Area

GET READY TO APPLY

Preparation and qualifications, career destinations.

The primary goal of the Texas McCombs Ph.D. program is to prepare students for exceptional academic careers. Over the last five years, McCombs IROM Ph.D. alumni have excelled at top institutions globally.

Recent Graduate Placements

Zijian (Jacob) Zeng | 2022 | Clinical Assistant Professor, UNC Chapel Hill

Jingyao Huang | 2022 | Assistant Professor, University of Missouri-Kansas City

Paola Martin | 2022 | Assistant Professor, Indiana University, Kelley School of Business 

Vasundhara | 2022 | Assistant Professor, Indian School of Business

Haoyuan Liu  |  2022  |  Assistant Professor, Nanyang Technological University 

Alek Dimitriev   |  2022  |  Google, Software Engineer

Rohit Arora   |  2022  |  Qontigo, Quant Researcher 

Junjie "Henry" Qian  |  2021  |  ByteDance

Cenying "Tracy" Yang   |  2021  |  City University of Hong Kong

Tan Wang   |  2021  |  Expedia Group, Machine Learning Scientist

Subrahmanyam "Aditya" Karanam   |  2021  |  Assistant Professor, National University of Singapore

Paul Cronin   |  2020  |  Senior Manager of Data Science, The Home Depot

Parshuram Hotkar  |  2020  |  Assistant Professor, Indian School of Business

Haris Krijestorac   |  2020  |  Assistant Professor, HEC Paris

Xiaofan Li  |  2020  |  Assistant Professor, National University of Singapore

Yixuan Liu   |  2020  |  Assistant Professor, Purdue University

Quan Zhang  |  2020  |  Assistant Professor, Michigan State University

Yuxin Zhang  |  2020  |  Assistant Professor, Wayne State University

Jared Fisher   |  2019  |  Postdoc, University of California, Berkeley

Sebastian Souyris  |  2019  |  Postdoc, University of Illinois Urbana-Champaign

Long Zhao   |  2019  |  Assistant Professor, Department of Analytics and Operations, National University of Singapore

Shi Ying Lim  |  2018  |  Assistant Professor, National University of Singapore

Vishwakant Malladi   |  2018  |  Assistant Professor Indian School of Business Chinmoy Mohapatra | 2018 | Operations Research and Analytics, BNSF Railways

David Puelz | 2018 | Postdoc, The University of Chicago Booth School of Business

Abhishek Roy | 2018 | Assistant Professor, Temple University 

Changseung Yoo | 2018 | Assistant Professor, McGill University 

Emre Yucel | 2018 | Data Insights Analyst, HomeAway 

Samuel Blazek | 2017 | Two Six Technologies, Director of Research & Development 

Yanzhen Chen | 2017 | Assistant Professor, HKUST 

Gorkem Turgut "G.T." Ozer | 2017 | University of Maryland, College Park 

ARE YOU READY TO CHANGE THE WORLD?

The Texas McCombs Doctoral Program is seeking individuals who are interested in transforming the global marketplace. Are you one of these future thought leaders?

Current Students and *Job Market Candidates

John-patrick "jp" akinyemi, fiorentia anglou, lizhang chen, tianqi chen, wanxue dong*, hale erkan*, pedro filipini dos santos, ruijiang gao*, tianjian guo, yizhe huang, ankur jaiswal, zhuoran jiang, firat kilci, terrence neumann, fangchen song, nicholas wolczynski, shentao yang, minghong yuan.

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Risk Management in United States

Why Study Risk Management in United States

• Studying Risk Management in United States is a great choice, as there are 5 universities that offer PhD degrees on our portal.
• Over 957,000 international students choose United States for their studies, which suggests you’ll enjoy a vibrant and culturally diverse learning experience and make friends from all over the world.
• We counted 120 affordable PhD degrees in United States , allowing you to access quality higher education without breaking the bank. Moreover, there are 293 available scholarships you can apply to.

4  Risk Management PhDs in United States

Business Administration - Risk Management and Insurance The Business Administration - Risk Management and Insurance is one of seven majors offered through Florida... Florida State University Tallahassee, Florida, United States

Communicating Science, Health, Environment and Risk The Communicating Science, Health, Environment and Risk program at University of Utah provides rigorous... University of Utah Salt Lake City, Utah, United States

Business Administration - Risk Management and Insurance The Business Administration - Risk Management and Insurance PhD program from University of Georgia is designed... Terry College of Business Athens, Georgia, United States

DRO The DRO program in the division at Columbia Business School from the Columbia University is designed... Columbia University Manhattan, New York, United States

Study in United States

The United States is home to some of the most prestigious universities and colleges in the world. With over 150 universities featured in international rankings, the U.S. has some of the best business schools, medical schools, and engineering schools. Universities and colleges in the U.S. are well known for academic flexibility and ways to customize your study experience with optional studies and extracurricular activities. Depending on where you will be studying, you will be able to visit iconic places like the Statue of Liberty, Empire State Building, Goldengate Bridge, The Grand Canyon, Mount Rushmore, Disney's Magic Kingdom Park, and much more.

Is United States the right place for you?

Take the test and find out which country is your best fit.

Explore your Risk Management degree

Risk Management degrees teach students how to forecast and evaluate financial risks for organisations. After identifying potential threats, risk managers create and implement procedures meant to minimise negative impacts. Examples of major financial risks are management errors, accidents, or cyber-attacks. Risk Management careers include claims investigators, risk analysts, underwriting, and more.

Is Risk Management the best for you?

Take the test and find out if Risk Management is the right path for you.

Risk Management Scholarships and Financial Aid in United States

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Doctor of Philosophy (PhD) Risk and Actuarial Studies

How to apply.

If you are interested in pursuing a PhD with the School of Risk and Actuarial Studies (UNSW Business), then you will need to receive an Invitation to Apply from the school’s Postgraduate Research Coordinator .

To receive an Invitation to Apply, you should 1) self-assess your eligibility, and 2) then submit an Expression of Interest (EOI) by 31 st July 2024 . Only selected applications will be invited to apply via the UNSW central portal. Details of what to include in your EOI can be found here .

About the Doctor of Philosophy (PhD) Risk & Actuarial Studies

UNSW’s Doctor of Philosophy (PhD) Risk & Actuarial Studies will prepare you to become a globally focused and socially engaged research leader. You’ll join a cohort of high-achieving research students working at the forefront of research in actuarial studies, risk analytics, superannuation and population ageing, alongside leaders in the field (ranked 1st in the UNL Global Research Rankings of Actuarial Science and Risk Management & Insurance TM ). This is your opportunity to become integrated into the UNSW Business School’s community of scholars.

Most admitted students will enter the pathway program, the Master of Pre-Doctoral Business Studies (MPDBS). If you are invited to apply for Direct Entry into a PhD, either before or after successful completion of the MPDBS, then the minimum time commitment is 35-40 hours per week for 3-4 years (full time) or 15 hours a week (part time).

You’ll first undertake rigorous coursework covering risk theory, multivariate models for risks, longevity risk management, data analytics, economic and regulatory capital and investment and asset liability modelling. As part of your PhD program, you’ll also be involved in research projects from an early stage. This training will equip you with the skills required to identify, analyse and solve problems in the field.

You’ll then pursue full-time research under the supervision of high-profile UNSW academics, culminating in a doctoral thesis. There will also be exciting opportunities throughout to interact with industry leaders, and to develop your teaching portfolio. The training is geared toward preparing you for a career in academia, although other career paths (e.g., consulting, government, industry, non-profit) are also enabled.

Your PhD thesis will showcase your research skills and enable you to make an original contribution to your field.

Linked Master of Pre-Doctoral Business Studies (MPDBS) + PhD

Although a few students may be invited to apply for Direct Entry into our PhD program, most applicants are invited to first complete our Master of Pre-Doctoral Business Studies (MPDBS).

The MPDBS is a one-year pathway for students wanting to undertake a PhD in the UNSW Business School. The MPDBS is a fully funded program, which includes a tuition waiver and stipend (of ~A$37K) for all accepted applicants. This degree constitutes one year of advanced coursework including a research project. Upon completion of the MPDBS, the vast majority of students have historically gone on to our PhD with a scholarship covering tuition and a stipend (~ A$47K).

The MPDBS gives students an extra year to develop their research skills and to find a match with appropriate supervisors. 

The application processes for both the PhD and the Linked MPDBS + PhD are identical as shown in How to Apply.  

PhD Program Structure

Year one: master of pre-doctoral business studies (mpdbs).

Your first year of study is designed to provide a rigorous foundation to conduct independent research. You’ll learn a range of methodologies and build your communication and presentation skills.

Your first year of coursework study will cover fundamental research methods. You’ll also start developing key research skills such as identifying, framing, presenting, and writing academic contributions. You’ll work as a research assistant on faculty research projects and start working on your own research as your skills develop.

The first year will help you identify your potential thesis supervisor for the PhD component of the program. Upon successful completion of the first year, you’ll be awarded a Master of Pre-Doctoral Business Studies. A brief overview of the first year is presented below. Please visit the  UNSW Handbook  for full course structure details. 

• Program Core Course:  COMM8100
• Two Elective Courses
• Program Core Course:  COMM8101  or  COMM8102
• Stream Core Course: Research Assistance Work
• One Elective Course
• Program Core Course:  COMM8103

Year Two: Specialised Coursework & Identification of Thesis Topic

During the second year, you’ll continue in the Risk & Actuarial Studies stream with a further year of advanced coursework.

You’ll choose up to eight additional research courses from a range of electives in consultation with your supervisor, with an opportunity to take at least one subject outside of your specialised discipline.

Your second year is also when you’ll identify your thesis topic with your supervisor. You’ll engage in literature review and research design and present your research proposal to the School at the end of the year.

Year Three – Four: Original Research & Your Doctoral Thesis

The final two years of the program are focused on conducting full-time research and completing your doctoral thesis. This is your opportunity to address some of the biggest challenges in Risk & Actuarial Studies and make a significant contribution to knowledge in your field. Your research will offer new critical thinking and withstand critical analysis from expert researchers in the area.

As with most other OECD countries, the number of PhD completions in Australia has grown dramatically – more than doubling in the last two decades.

An increasing number of PhD graduates find employment in business, government, and the non-profit sector. Nineteen of the largest ASX companies have PhD graduates on their senior executive teams.

Your PhD thesis will set you on the path to a career in a premier research institution, anywhere in the world. Throughout your research degree, you’ll also have many opportunities to develop your teaching portfolio.

Beyond academia, there is also significant demand in the private and public sectors for people with deep knowledge and sound research and analytical skills*.

Whether you’re looking to pursue a career in academia, or take your research skills out to industry, a PhD in Risk & Actuarial Studies from UNSW will get you there.

*Source:  2019 Advancing Australia’s Knowledge Economy Report

Degree type

Postgraduate Research

4 years full-time, 5-8 years part-time

Commencing terms

Term 1 – February

Program code

Delivery mode, domestic / international.

International

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MBA in Risk Management & Insurance

Gain innovative expertise managing risk.

Learn risk fundamentals, gain strong consulting skills, and prepare to impact business. Expert faculty span the spectrum of behavioral analytics, enterprise risk management, and decision-making under uncertainty. Our long history has deep industry connections for rich networking and meaningful hands-on applied learning experiences.

Develop exceptionally strong critical thinking and analytical skills

Interact with industry leaders in risk management and insurance, graduates land at leading firms, earning an average salary of six figures.

Risk and Insurance Program

— U.S. News & World Report , 2022-2023

Global Center of Insurance Excellence

One of only 20 institutions worldwide to receive this honor

—International Insurance Society

The Wisconsin MBA curriculum integrates a strong foundation in general management with highly focused preparation in your chosen career field, starting with your first semester. This immediate immersion prepares you for success in an internship.

First Semester

• Data to Decisions
• Financial Accounting
• Introduction to Financial Management
• Leading and Working in Teams
• Business Strategy
• Operations Management
• Principles of Risk Management
• Risk Management and Insurance Topics

Second Semester

• Ethics, Integrity and Society
• Consulting Practicum
• Marketing Management
• Economics for Managers
• Risk Analytics and Behavioral Science
• Advanced Topics in Risk Management
• Elective (optional)
• Sustainability Risk Management
• Management of the Insurance Enterprise or Commercial Insurance Contracts
• Risk Financing
• Cyber Risk Management
• Seminar in Risk Management and Insurance

The curriculum also includes specialization electives such as risk analytics and behavioral science; insurance company operations; risk financing techniques; and sustainability, environmental, and social risk management. You can also choose electives in other business topics for cross-functional career preparation.

Applied learning sessions with senior executives prepare you to tackle some of the industry’s most pressing challenges.

Build your résumé

Small program size means you get a lot of interaction and firsthand experience, including:

• Consulting projects to produce actionable plans for respected firms (beginning semester one)
• Classroom presentations by industry practitioners
• Site visits to leading businesses
• Regular participation in major industry conferences for direct exposure to cutting-edge practices and to leaders in the risk management and insurance fields

Learn from industry leaders

Projects are conducted with a corporate sponsor and offer opportunities to present and learn from leaders in the industry. Recent examples:

• Identified risk management opportunities to make small- and medium-sized organizations more resilient
• Helped a major insurer identify opportunities to enhance its digital offerings
• Conducted captive management, enterprise risk management, and construction risk management studies

Expert Support and Career Connections

Specialization leadership.

Joan Schmit

Faculty Director Joan Schmit is an expert in insurance operations and enterprise risk management and has a passion for developing the next generation of leaders in the field. A professor with the Wisconsin School of Business since 1988, Joan teaches and arranges applied learning classes in the risk management and insurance program. She is active with industry organizations.

Highly engaged advisory board members have deep ties to industry and consult on curriculum, projects, and networking.

Christy Kaufman

Christy Kaufman developed a ground-up Enterprise Risk Management (ERM) program and headed Insurance Services for Zillow. She led strategy, governance, and compliance for American Family Ventures, headed ERM, and served as chief of staff to the general counsel of Marsh & McLennan Companies. She was also formerly a consultant for Aon and Ernst & Young, assisting clients in the areas of ERM, compliance, governance, business continuity planning, crisis management, and strategic risk financing.

World-class Faculty

Our expert faculty offer a deep-dive risk and insurance program that sets you apart.

Justin Sydnor

Justin Sydnor’s research interests are in psychology and economics, applied microeconomics, (behavioral) industrial organization, insurance markets, and risk and decision-making.

Program Voices

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Lead Business and Social Change

Jenna Herr, MBA ’19

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Azucena Flores, MBA ’17

Develop a Breadth of Knowledge

David Olson, MBA ’17

Check out What’s New

Securing Success: Risk Management at the Paris Olympics

Attending National RIMS Meeting in San Diego, CA

Keeping an Open Mind Leads to Career Fit

Connect with top employers.

Connect with employers through classroom visits, networking events, and applied learning projects. Frequent recruiters:

Risk & Insurance Careers

Common career paths.

• Risk Management
• Venture Capital

Common job titles

• Insurance Leadership Development
• Risk Manager
• Risk Management and/or Financial Services Consultant
• Insurance Product Manager
• Analytics Consultant

Your MBA. Your Career Success.

High staff-to-student ratio means you get unlimited support—and exceptional connections—as you step into your ideal career.

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Risk Management and Insurance Major

The Terry College’s Risk Management and Insurance Program traces its formal beginning to 1965, and in a short period of time it has grown into the largest undergraduate program of its kind in the U.S.

Terry’s Risk Management and Insurance Program is one of the very best, consistently ranking among the top two programs in the country every year since 2006 by U.S. News and World Report.

Curriculum Overview

Our energetic, impassioned faculty members are adept at making textbook material come alive, and to supplement the classroom experience, faculty invite practitioners to serve as guest speakers, bringing real-world experiences and perspective to classroom lessons.

Topics Covered

• Commercial property and liability insurance
• Employee benefits
• Insurer operations and policy
• Corporate risk management
• Life insurance

Positions & Placements

Employers say they value our graduates for their strong analytic skills and for their ability to apply those skills in real business applications. We develop those capabilities in our students through an extensive internship program that typically involves more than 100 students and as many as 80 companies, as well as through applied group and individual projects in the classroom. Terry students are in such demand that the RMI department can require that internships be paid. This typically results in our students being asked to do real work on their internship assignments, where they learn critical professional skills before they even graduate.

Terry’s Risk Management and Insurance Program emphasizes the importance of career placement for its students, making it a top priority. Each year, the department hosts its own Risk & Insurance Careers Day featuring a variety of industry employers (typically more than 50 companies) looking to hire students for full-time and internship positions.

This is just a selection of possible job titles and employers of this major. The UGA Career Center provides a more extensive list .

Careers in Risk Management & Insurance

• Claims Adjuster
• Insurance Broker or Agent
• Risk Analyst
• Insurance Underwriter

Prospective Employers

• Turner Broadcasting
• Hilton Hotels
• Delta Air Lines
• Levi Strauss
• Dow Corning
• M&M Mars
• The Home Depot
• Wendy’s/Arby’s

Available Scholarships

• Hickman Scholar Program
• The Institutes CPCU Scholarship
• Southeastern Actuaries Conference Scholarship
• The Actuarial Foundation Scholarships
• Be An Actuary Scholarships
• RIMS Spencer Scholarship
• The ACE Charitable Foundation Scholarships
• William Duffy Scholarship
• The Association of Insurance Compliance Professionals (AICP)
• John T. Lockton Memorial Scholarship
• Southern Loss Association Scholarship
• The Hobbs Group
• The Georgia 1752 Club
• The Guy C. Brazell, Jr. Scholarship
• The Leverett Excellence Awards
• The Don Guin-Lindsey Morden Scholarship

• Department Advisor , Department of Insurance, Legal Studies and Real Estate

• College Advisor , Undergraduate Program in Athens

Departments and Program Offices

• Risk Management and Insurance Program
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