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Risk Management and Risk Analytics, Master of Science

The 30-credit Master of Science in Risk Management and Risk Analytics program prepares graduates to thrive in professional positions in the insurance industry.

The M.S. in Risk Management and Risk Analytics will prepare graduates to:

  • Understand the process of how to identify, measure, and manage risk
  • Understand how to mitigate and finance loss exposures using alternative risk management techniques
  • Understand insurance products and corporate risk management strategies
  • Understand decision making for the operation of insurance and related financial service sector firms
  • Demonstrate skill producing quality independent research using advanced statistical and simulation tools

The curriculum provides students with the tools to identify, analyze, and manage risks, with particular focus on commercial risks that are traditionally insured, including property, liability, and human resource exposures.Students develop an understanding of the economics of risk transfer, including the role of reinsurers and captive insurance and risk transfer; study the legal and regulatory environment that governs risk transfer in the United States and internationally; and study the contractual forms commonly used by insurers to perfect risk transfer, as well as the strategic and operational management of insurance companies.

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Degree Type
Area of Interest
Associated Colleges or Schools
Program Location
  • Manhattan Campus
  • Online
Required Credit Hours

Applicants to The Tobin College of Business Graduate programs will automatically be considered for GMAT/GRE waivers. Applications with a GPA below 3.25 may be strengthened by submitting a GMAT/GRE score. 

Career Outcomes

The Ellen Thrower Center for Apprenticeship and Career Services at The School of Risk Management, Insurance and Actuarial Science in Manhattan is dedicated solely to supporting the career objectives of students enrolled in the risk, insurance and actuarial science degree programs.  With personalized career advising and referrals, a strong alumni network, speaker panels, networking events and two specialized career fairs each year, our students successfully connect with internship and job opportunities. 

Our graduates are working in the fields of enterprise risk management, corporate risk management, commercial underwriting, claims and brokerage, consulting and actuarial.

The following employers work with the Thrower Center and recently hired graduate students as interns or in professional positions:

  • AIG
  • AON
  • Aspen Insurance
  • AXA XL
  • Berkshire Hathaway Specialty
  • CNA Insurance
  • Chubb
  • Citigroup
  • Con Edison
  • EY
  • Hub International
  • JP Morgan Chase
  • Marsh
  • OneBeacon
  • PepsiCo
  • Starr Insurance Companies
  • Swiss Re
  • Validus Group

Department Faculty

Please see a list of our School of Risk Management, Insurance and Actuarial Science faculty.


Core (18 credits)

  • RMI 601 Risk Management
  • ERM 601 Foundations of Enterprise Risk Management
  • RMI 602 Risk Research Methods
  • RMI 622 Dimensions of Risk Leadership: Executive Perspectives
  • RMI 688 Applications of Analytics and Technology to Insurance
  • RMI 700 Risk Management and Risk Analytics Capstone Seminar

Electives (12 credits)

Students in the RMRA program must take 4 elective courses offered by The Peter J. Tobin College of Business at the 600 level or higher. 2 of the 4 electives must be from any of the RMI, ERM, ACT courses, or from three of the BUA courses in analytics.

Below is a list of the possible elective courses, where DL refers to Distance Learning:

  • RMI 609 Property and Liability (RE) Insurance [DL]
  • RMI 610 Life-Health Insurance and Employee Benefits [DL]
  • RMI 614 Risk Funding Tools for Insurers
  • RMI 650 (Re)Insurance Leadership
  • RMI 660 Finance for Actuarial Science
  • RMI 661 Trading Risk in the Global Reinsurance Market
  • RMI 690 Insurance Industry Operations [DL]
  • ACT 601 Financial Mathematics
  • ACT 602 Financial Mathematics II
  • ACT 603 Actuarial Modeling
  • BUA 632 Bayesian Statistics for Business Decision Making
  • BUA 633 Predictive Analytics and Business Forecasting
  • BUA 635 Big Data and Data Mining
  • ERM 602 Operational Risk Management
  • ERM 603 Governance Risk
  • ERM 705 Strategic Risk Analysis

Academic Scholarships 

Applicants accepted to this program are automatically considered for scholarship based on their academic qualifications. Scholarships range in amount from $5,000 to full tuition. Additionally, students in this program are eligible to apply for the ILOTY fellowship, a full tuition fellowship designed for high-achieving students. Learn more about the application.


Application Requirements

All applicants must possess a baccalaureate degree from an accredited institution or the international equivalent prior to enrollment at the graduate level. In addition to the application form and non-refundable application fee candidates should submit the following:

  • Statement of professional goals and resume which can be uploaded as part of the  application for admission
  • Official transcripts from all undergraduate, graduate, and professional schools attended. 
  • Two letters of recommendation, obtained from professional or academic references.
  • Official TOEFL, IELTS, or Duolingo scores are required for applicants whose native language is not English.
  • Students with international credits must also submit a course-by-course foreign credit evaluation with GPA calculation from a NACES member.
  • Applicants to The Tobin College of Business Graduate programs will automatically be considered for GMAT/GRE waivers. Applications with a GPA below 3.25 may be strengthened by submitting a GMAT/GRE score.  

For additional information, please contact:
Office of Graduate Admission
The Peter J. Tobin College of Business
8000 Utopia Parkway
Suite 114
Queens, NY 11439
[email protected]


STEM Visa Extension for International Students

The Master of Science in Risk Management and Risk Analytics  is a science, technology, engineering or mathematics (STEM) field of study. Students with an F-1 visa who complete this field of study may be eligible to receive a STEM-based optional practical training (OPT) extension. Contact the International Student and Scholar Services Offices at 718-990-6083 or [email protected] for additional information. 

Scholarships and Other Funding

Financial support from the insurance industry provides significant financial assistance to top applicants to the M.S. in Risk Management and Risk Analytics.  Outstanding applicants are automatically considered for generous academic scholarships shortly after their acceptance to the program has been confirmed.

The Insurance Leader of the Year (ILOTY) Fellowship is a full tuition funding opportunity for full-time students of the M.S. in Risk Management and Risk Analytics. This fellowship also includes coverage of travel costs associated with an elective international insurance markets course. The ILOTY Fellowship is competitive and requires submission of a separate application.

Contact Us

For additional information on the Master of Science in Risk Management and Risk Analytics, please contact the faculty program director:

Ralph Rogalla, Ph.D.

Associate Professor


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