University of Central Florida to Launch Risk Management MBA

As businesses look to mitigate risk and protect against fraud, risk management experts are increasingly in demand — and a new master of business administration (MBA) program in Florida will look to train those high-demand professionals.

The University of Central Florida (UCF) will offer an MBA program at Daytona State College with a focus on insurance and risk management starting in fall 2024. Students will learn to identify risks, analyze businesses, and interpret insurance policies as part of that program.

An MBA can help students take the next step in their careers and lead to a healthy return on investment. UCF’s MBA in risk management and insurance (MBA RMI) will focus on data analytics and other advanced business skills to help students manage risk across a wide range of industries.

Galloway Professor of Management and Associate Dean for Strategic Initiatives for UCF’s College of Business Ron Piccolo wrote in a blog post that increasing fraud across the country underscores the importance of the new UCF program.

“Every industry is a target for some form of fraudulent or deviant activity, but the insurance industry is especially affected by deceptive schemes, staged accidents, misrepresentations, rate evasion, intentional property damage, and inflated claims,” Piccolo wrote.

Piccolo noted that the Federal Trade Commission reported a dramatic 30% increase in fraud-related losses for consumers from 2021 to 2022. More companies are undertaking risk management strategies to safeguard against fraud, Piccolo wrote.

A degree in risk management can prepare students for a job in the rapidly growing financial and insurance industries, including as financial managers, analysts, or risk specialists. The Bureau of Labor Statistics (BLS) projects jobs for financial managers to grow much faster than average at 16% over the next decade. Financial risk specialists made an annual median wage of $102,120 as of May 2022, per the BLS.

UCF's program will feature 10 advanced business courses with three specialized courses focused on data analytics, risk management, and insurance. The program will take two years to complete and feature real-world scenarios and case studies to help students hit the ground running in the fast-paced risk management environment. Classes will be held each Saturday from 8 a.m.-5 p.m.

In-state tuition is $369.65 per credit hour, according to the program website, and $1,194.05 per credit hour for out-of-state students. That puts the total tuition for the program under $15,000 for all 39 credits for in-state students — a low-cost option compared to other in-person MBA programs.