2024 Best Online PhD in Risk Management [Doctorate Guide]

By Molly Doyle
Edited by Briana Sukert
Updated on July 4, 2024
Edited by Briana Sukert
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Analytical individuals with a passion for research might consider pursuing a PhD in Risk Management.

Best Online PhD in Risk Management

Risk management professionals can shape the way a company handles risk assessment and manages threats to their operation. A doctoral degree can set you apart from the crowd, signaling that you have research skills and expert knowledge of the industry.

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Many people who obtain their Ph.D. in Risk Management choose to work in a variety of business or finance roles.

Universities Offering Online Doctorate in Risk Management Degree Program

Methodology: The following school list is in alphabetical order. To be included, a college or university must be regionally accredited and offer degree programs online or in a hybrid format.

Capella University

At Capella University, the online Doctor of Information Technology program is designed to help students acquire the knowledge and skills needed to excel as leaders in the IT industry. The program’s 13 courses and 2 virtual residencies can be completed at a student’s own pace. The curriculum covers topics like complex adaptive systems, system security, and project and risk management.

Capella University is accredited by the Higher Learning Commission.

Capitol Technology University

The courses for the Doctor of Philosophy in Occupational Risk Management at Capitol Technology University are taught by industry leaders and academic experts. The curriculum is built on key concepts in the growing safety and occupational construction field and the direct application of these concepts. The program consists of 60 credits and can be completed fully online.

Capitol Technology University is accredited by the Commission on Higher Education of the Middle States Association of Universities and Schools.

Liberty University

Liberty University offers a PhD in Organization and Management with an emphasis in Entrepreneurship. The curriculum is designed to teach strategic business concepts focused on organizational growth and advanced entrepreneurship. The program aims to help students step into dynamic leadership roles after graduation. Students can typically complete the 60 credit, online program in about 3 academic years.

Liberty University is accredited by the Southern Association of Colleges and Schools Commission on Colleges.

St. Thomas University

St. Thomas University offers a Doctor of Business Administration in Cyber Security Management. Graduates of the program often secure positions as chief information security officers, directors of financial systems, and high-level IT managers. This online, 60 credit program culminates in a final project. Students can choose between a traditional dissertation, an article dissertation, or action-based research.

St. Thomas University is accredited by the Southern Association of Colleges and Schools Commission on Colleges.

University of the Cumberlands

The University of the Cumberlands offers a Doctor of Philosophy in Information Technology. Students in the program can specialize in one of four specialties: Information Systems Security, Information Technology, Digital Forensics, or Blockchain. The program requires the completion of 60 credits. The curriculum covers topics like robotics, programming, machine learning, network technology, and information security.

The University of the Cumberlands is accredited by the Southern Association of Colleges and Schools Commission on Colleges.

Online PhD in Risk Management Programs

Online PhD in Risk Management

All organizations face risks to their operations, such as security breaches, theft, or a fluctuating market. Risk management plays a key part in protecting business by recognizing, addressing, and controlling potential threats.

Doctoral programs in risk management cover subjects in a range of fields, including finance, law, and economics. It’s also beneficial to have a strong understanding of advanced econometrics concepts, as these are used to create and analyze risk models.

A risk management doctoral program will likely include courses topics similar to those listed below:

  • Regulatory and legal risk
  • Organizational risk
  • Econometrics
  • Probability theory
  • Applied regression methods
  • Limited dependent variables
  • Doctoral research

You can also choose to specialize in a particular area of risk management. This can be the topic that you choose to focus your research on as well. Risk management specialties can include:

  • Econometrics
  • Financial intermediaries
  • Risk and crisis management

A doctorate in risk management can help prepare you for leadership or research roles in the field. Risk management positions include:

  • Risk management director
  • Market research analyst
  • Quantitative risk analyst
  • Business analyst
  • Claims adjuster

There are many benefits to a career in risk management, including the opportunity to work for a variety of companies. Some professionals also travel for work.

While pursuing your PhD in Risk Management, you can learn how to quantify risks and can enhance your financial knowledge and analytical skills. With experience, these abilities may help you qualify you for career advancements in the risk management industry.

Risk Management Careers & Salaries

Risk Management Careers & Salaries

Much like with a masters in risk management, earning a PhD in Risk Management can open up professional opportunities in finance, economics, and education.

A typical curriculum in a risk management program consists of courses in finance theory, econometrics, and research. Having a firm foundation in these areas can help you qualify for positions at a variety of companies. According to the Bureau of Labor Statistics, experts in risk management may pursue the following career paths.

Careers Annual Median Salaries
Chief Executives $179,520
Financial Managers $131,710
Actuaries $105,900
General and Operations Managers $97,970
Statisticians $95,570
Personal Financial Advisors $94,170
Management Analysts $93,000
Financial and Investment Analysts $91,580
Operations Research Analysts $82,360
Postsecondary Teachers $79,640

Many of the careers connected to risk management and insurance offer higher than average median salaries. Earning a doctorate may also increase your earning potential, though a certain pay range is not guaranteed to graduates.

When it comes to finding a job, there are a number of determining factors, such as your prior work experience, your specialized skill sets, and your geographic location.

Risk Management PhD Curriculum & Courses

Risk Management PhD Curriculum

The curriculum for a risk management doctoral program can change based on several factors, such as specialization or school, but you’ll likely take some courses similar to the following:

  • Regulatory and Legal Risk: This course focuses on managing risk in a business setting, covering topics like managing operational and legal risks.
  • Operational Risk: In this class, you’ll develop an understanding of the concepts included in a risk framework, exploring subjects such as fraud and security breaches.
  • Econometrics: Designed to ready students for empiric economic work, this course explores a range of topics, including data analysis, testing, and forecasting.
  • Probability Theory: This course is concerned with modeling events with uncertain results, spanning topics from conditional probability to distribution theory.
  • Applied Regression Methods: This course is a study of regression models, and your lessons will include analysis of variance and covariance, along with case studies and examples.
  • Limited Dependent Variables: This course focuses on specific regression models that involve dependent variables.
  • Doctoral Research: You’ll have the opportunity to develop and strengthen your research skills as well as begin the process of putting together your dissertation.
  • Corporate Finance Theory: In this course, you’ll study key topics in corporate finance theory, including asset pricing models and capital budgeting.
  • Market Microstructure: This course explores the ways in which the interactions of traders impact pricing, and it focuses on areas such as strategic trading, market fragmentation, and liquidity.
  • Risk Management Fundamentals: You’ll learn the fundamentals of risk management, including risk maturity and action, monitoring, and identification techniques.

As you apply to doctoral programs, you can read through each curriculum to ensure that it provides learning opportunities that match your interests and career goals.

Admissions Requirements

PhD in Risk Management admissions

As you begin applying to doctoral risk management programs, you’ll likely notice some similarities in the application materials between schools.

Many colleges and universities will ask for the following:

  • GRE or GMAT test scores (only some schools require them)
  • Personal statement
  • Letters of recommendation
  • Official college transcripts
  • Resume

Because a doctorate is the highest-level degree, it is beneficial for your transcripts to reflect a strong academic performance during your undergraduate and graduate school years.

Accreditation

PhD in Risk Management accreditation

Have you ever wondered how employers and the general public know whether a college program is up to standard? The answer lies in the accreditation process.

Regional accreditation is a process that schools can elect to undergo in order to prove that they offer high-quality educational programs and student services. Accrediting agencies ensure that a school’s faculty is experienced and that its curriculum covers the necessary information for each subject area. Colleges and universities are also motivated to continuously improve their programs in order to maintain their accreditation status.

Financial Aid and Scholarships

PhD in Risk Management financial aid

Financial aid generally operates on an as-needed basis, providing monetary support for the families and individuals that need it most. There are a number of scholarships opportunities, though, that are based on other criteria, such as academic merit, field of study, and more.

To see how much financial aid you can receive from the government, you can fill out the Free Application for Federal Student Aid (FAFSA). In addition to federal aid, you can apply for grants, loans, tuition reimbursement programs, or scholarships. These options will all look different depending on your location, personal financial history, and employer.

There are also financial aid options that are specific to certain family situations, such as aid for military families or international students.

What Can You Do with a Doctorate Degree in Risk Management?

Doctorate Degree in Risk Management

A doctorate in risk management can lead to a number of lucrative and growing careers. Many risk management graduates go on to accept roles as financial managers, actuaries, or market research analysts.

Professionals in this sector combine their financial and regulation knowledge with their management and communication skills to help companies identify and manage potential risks. A doctoral program can also help you become well-versed in current research methods and tools. Professionals with a PhD often work in academia, typically as postsecondary teachers or researchers.

How Long Does It Take to Get a PhD in Risk Management Online?

PhD in Risk Management Online

A PhD is considered the highest degree one can earn, and a doctorate generally takes 3 to 5 years to complete with full-time enrollment.

How long it takes you to complete your online management degree can depend on the number of credit hours required by your program and the time it takes you to finish your dissertation. If there is no dissertation requirement in a doctoral program, it can generally be completed in 3 years with full-time study.

What’s the Difference Between a DBA vs. PhD in Risk Management?

A Doctor of Business Administration (DBA) and a Doctor of Philosophy (PhD) in Risk Management are both advanced degrees. A DBA is a professional doctorate, though, while a PhD is a research-based degree.

Doctor of Business Administration PhD in Risk Management
  • More practice oriented
  • Focuses on the application of theoretical knowledge in business practices
  • May offer risk management concentration
  • Covers topics like supply chain management, business analytics, and intellectual property
  • More research oriented
  • Focuses on conducting research into issues within risk management
  • Covers topics like regulatory and legal risk, operational risk, and econometrics

The doctoral path that’s right for you will likely depend on your professional goals.

Is a PhD in Risk Management Degree Worth It?

PhD in Risk Management Degree

Yes, a PhD in Risk Management is worth it for many students. Many risk management careers are experiencing employment growth at a rate higher than the national average. For instance, postsecondary teachers, financial managers, and actuaries are expected to see 12%, 17%, and 24% job growth, respectively, over the next ten years (Bureau of Labor Statistics).

Additionally, risk management professionals have an impact on the security of the companies they work for, making them an essential part of an organization’s team. Not only do they identify potential risks, but they can work to eliminate future risks as well.

Getting Your PhD in Risk Management Online

PhD in Risk Management

Strong communication, financial acumen, and analytical skills are all essential for success in the field of risk management.

Earning your doctoral degree in risk management can help you improve and hone these skills while you study industry-specific knowledge and conduct original research. A doctoral degree can also help you advance your professional qualifications.

Just as they do with online masters in negotiation, a growing number of regionally accredited universities now offer risk management PhD programs both on campus and online. If you’re ready to enhance your expertise in this lucrative field, you can start exploring risk management doctoral programs today!

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