$45,737

Average Tuition – Insurance MBA Programs

$78,057

Average Salary – Insurance MBA Graduates

564

Average GMAT Requirements – Insurance MBA Programs

146%

Average ROI – Insurance MBA Programs

Executive Summary for Insurance MBA Programs

  • Comprehensive comparisons and data about tuition, average starting salaries, ROI, GMAT requirements and scores, and enrollment statistics for MBA programs in Insurance
  • Detailed profiles of both online and on-campus MBA programs in Insurance, their strengths, unique specializations, faculty expertise, and alumni networks are included to help align your study choice with your career ambitions
  • Insights into diverse industries and roles, demonstrating how an MBA degree in Insurance serves as a potent tool in these industries
Mba Programs In Insurance
MBA Programs in Insurance

Top 10 MBA Program in Insurance – ROI, Salary, Tuition

#1

[Year] Best Mba Programs In Insurance

Stanford University

Graduate School of Business

  • [Year] Best Mba Programs In Insurance
    Knight Management Center, Stanford, CA - 94305-7298
  • Institution Control: Private
  • Academic Year:
  • Accreditation:
  • Award Levels: Doctoral, Masters in Business, Masters Specialist
  • Offered as: Campus, Full-Time

Business School Details

  • [Year] Best Mba Programs In Insurance Student / Faculty Ratio: 5:1
  • [Year] Best Mba Programs In Insurance Tuition and Fees: $165,591
  • [Year] Best Mba Programs In Insurance Total Enrollment: 1,064
  • [Year] Best Mba Programs In Insurance Concentrations: Accounting, Consulting, Data Analytics, Economics +16 more
  • [Year] Best Mba Programs In Insurance Ranking: US News, Forbes, BW, FT, Economist and MBAGuide
  • [Year] Best Mba Programs In Insurance Average GMAT Score: 737
  • [Year] Best Mba Programs In Insurance Graduate Salary: $182,272
  • [Year] Best Mba Programs In Insurance AACSB Accredited: Business
  • [Year] Best Mba Programs In Insurance Graduate ROI: 55%

#2

[Year] Best Mba Programs In Insurance

University of Pennsylvania

The Wharton School

  • [Year] Best Mba Programs In Insurance
    1000 Steinberg Hall-Dietrich Hall, Philadelphia, PA - 19104-6364
  • Institution Control: Private for-profit
  • Academic Year:
  • Accreditation:
  • Award Levels: Doctoral, Dual-MBA, Masters in Business, Undergraduate
  • Offered as: Campus, Full-Time

Business School Details

  • [Year] Best Mba Programs In Insurance Student / Faculty Ratio: 8:1
  • [Year] Best Mba Programs In Insurance Tuition and Fees: $179,852
  • [Year] Best Mba Programs In Insurance Total Enrollment: 3,468
  • [Year] Best Mba Programs In Insurance Concentrations: Accounting, Arts, Data Analytics, Entrepreneurship +8 more
  • [Year] Best Mba Programs In Insurance Ranking: US News, Forbes, BW, FT, Economist and MBAGuide
  • [Year] Best Mba Programs In Insurance Average GMAT Score: 733
  • [Year] Best Mba Programs In Insurance Graduate Salary: $166,391
  • [Year] Best Mba Programs In Insurance AACSB Accredited: Business
  • [Year] Best Mba Programs In Insurance Graduate ROI: 46%

#3

[Year] Best Mba Programs In Insurance

Rice University

Jesse H. Jones Graduate School of Business

  • [Year] Best Mba Programs In Insurance
    MS-531, Houston, TX - 77005
  • Institution Control: Private
  • Academic Year:
  • Accreditation:
  • Award Levels: Doctoral, E-MBA, Masters in Business, Masters Specialist, Undergraduate
  • Offered as: Campus, Evenings, Full-Time, Online, Weekends

Business School Details

  • [Year] Best Mba Programs In Insurance Student / Faculty Ratio: 9:1
  • [Year] Best Mba Programs In Insurance Tuition and Fees: $139,081
  • [Year] Best Mba Programs In Insurance Total Enrollment: 1,392
  • [Year] Best Mba Programs In Insurance Concentrations: Accounting, Arts, Entrepreneurship, Ethics +11 more
  • [Year] Best Mba Programs In Insurance Ranking: US News, Forbes, BW, FT, Economist and MBAGuide
  • [Year] Best Mba Programs In Insurance Average GMAT Score: 710
  • [Year] Best Mba Programs In Insurance Graduate Salary: $142,212
  • [Year] Best Mba Programs In Insurance AACSB Accredited: Business
  • [Year] Best Mba Programs In Insurance Graduate ROI: 51%

#4

[Year] Best Mba Programs In Insurance

The University of Texas at Dallas

Naveen Jindal School of Management

  • [Year] Best Mba Programs In Insurance
    AD 34, Richardson, TX - 75080-3021
  • Institution Control: Public
  • Academic Year:
  • Accreditation:
  • Award Levels: Doctoral, E-MBA, Graduate Level Certificate, Masters in Business, Masters Specialist, Undergraduate
  • Offered as: Campus, Distance Education, Evenings, Full-Time, Online, Part-Time, Weekends

Business School Details

  • [Year] Best Mba Programs In Insurance Student / Faculty Ratio: 23:1
  • [Year] Best Mba Programs In Insurance Tuition and Fees: $35,918
  • [Year] Best Mba Programs In Insurance Total Enrollment: 11,049
  • [Year] Best Mba Programs In Insurance Concentrations: Accounting, Business Analytics, Data Analytics, Economics +15 more
  • [Year] Best Mba Programs In Insurance Ranking: US News, Forbes, BW, FT and MBAGuide
  • [Year] Best Mba Programs In Insurance Average GMAT Score: 689
  • [Year] Best Mba Programs In Insurance Graduate Salary: $123,163
  • [Year] Best Mba Programs In Insurance AACSB Accredited: Business and Accounting
  • [Year] Best Mba Programs In Insurance Graduate ROI: 171%

#5

[Year] Best Mba Programs In Insurance

The George Washington University

School of Business

  • [Year] Best Mba Programs In Insurance
    Duquès Hall, Suite 660, Washington, DC - 20052
  • Institution Control: Private
  • Academic Year:
  • Accreditation:
  • Award Levels: Doctoral, Graduate Level Certificate, Masters in Business, Masters Specialist, Non-MBA, Undergraduate
  • Offered as: Campus, Distance Education, Evenings, Full-Time, Off Campus, Online, Part-Time, Partnership, Weekends

Business School Details

  • [Year] Best Mba Programs In Insurance Student / Faculty Ratio: 11:1
  • [Year] Best Mba Programs In Insurance Tuition and Fees: $113,090
  • [Year] Best Mba Programs In Insurance Total Enrollment: 2,984
  • [Year] Best Mba Programs In Insurance Concentrations: Accounting, Communications, Data Analytics, Economics +13 more
  • [Year] Best Mba Programs In Insurance Ranking: US News, Forbes, BW, FT, Economist and MBAGuide
  • [Year] Best Mba Programs In Insurance Average GMAT Score: 669
  • [Year] Best Mba Programs In Insurance Graduate Salary: $115,951
  • [Year] Best Mba Programs In Insurance AACSB Accredited: Business and Accounting
  • [Year] Best Mba Programs In Insurance Graduate ROI: 51%

#6

[Year] Best Mba Programs In Insurance

Boston University

Questrom School of Business

  • [Year] Best Mba Programs In Insurance
    595 Commonwealth Avenue, Boston, MA - 02215
  • Institution Control: Private
  • Academic Year:
  • Accreditation:
  • Award Levels: Doctoral, Dual-MBA, E-MBA, Masters in Business, Masters Specialist, Undergraduate
  • Offered as: 1-Year, Campus, Evenings, Full-Time, Online, Part-Time, Partnership, Weekends

Business School Details

  • [Year] Best Mba Programs In Insurance Student / Faculty Ratio: 20:1
  • [Year] Best Mba Programs In Insurance Tuition and Fees: $124,248
  • [Year] Best Mba Programs In Insurance Total Enrollment: 7,135
  • [Year] Best Mba Programs In Insurance Concentrations: Accounting, Consulting, Data Analytics, Economics +18 more
  • [Year] Best Mba Programs In Insurance Ranking: US News, Forbes, BW, FT, Economist and MBAGuide
  • [Year] Best Mba Programs In Insurance Average GMAT Score: 683
  • [Year] Best Mba Programs In Insurance Graduate Salary: $120,884
  • [Year] Best Mba Programs In Insurance AACSB Accredited: Business
  • [Year] Best Mba Programs In Insurance Graduate ROI: 49%

#7

[Year] Best Mba Programs In Insurance

Indiana State University

Scott College of Business

  • [Year] Best Mba Programs In Insurance
    30 North 7th Street, Terre Haute, IN - 47809-5402
  • Institution Control: Public
  • Academic Year:
  • Accreditation:
  • Award Levels: Masters in Business, Undergraduate
  • Offered as: Campus, Evenings, Full-Time, Online, Part-Time, Weekends

Business School Details

  • [Year] Best Mba Programs In Insurance Student / Faculty Ratio: 16:1
  • [Year] Best Mba Programs In Insurance Tuition and Fees: $19,000
  • [Year] Best Mba Programs In Insurance Total Enrollment: 965
  • [Year] Best Mba Programs In Insurance Concentrations: Accounting, Data Analytics, Economics, Education +14 more
  • [Year] Best Mba Programs In Insurance Ranking: MBAGuide
  • [Year] Best Mba Programs In Insurance Average GMAT Score: 685
  • [Year] Best Mba Programs In Insurance Graduate Salary: $100,000
  • [Year] Best Mba Programs In Insurance AACSB Accredited: Business
  • [Year] Best Mba Programs In Insurance Graduate ROI: 263%

#8

[Year] Best Mba Programs In Insurance

University of Maryland

Robert H. Smith School of Business

  • [Year] Best Mba Programs In Insurance
    2570 Van Munching Hall, Office of the Dean, College Park, MD - 20742-1815
  • Institution Control: Public
  • Academic Year:
  • Accreditation:
  • Award Levels: Doctoral, Dual-MBA, E-MBA, Masters in Business, Masters Specialist, Undergraduate
  • Offered as: Campus, Distance Education, Evenings, Full-Time, Off Campus, Online, Part-Time, Weekends

Business School Details

  • [Year] Best Mba Programs In Insurance Student / Faculty Ratio: 16:1
  • [Year] Best Mba Programs In Insurance Tuition and Fees: $98,865
  • [Year] Best Mba Programs In Insurance Total Enrollment: 4,928
  • [Year] Best Mba Programs In Insurance Concentrations: Accounting, Data Analytics, Education, Finance +7 more
  • [Year] Best Mba Programs In Insurance Ranking: US News, Forbes, BW, FT, Economist and MBAGuide
  • [Year] Best Mba Programs In Insurance Average GMAT Score: 656
  • [Year] Best Mba Programs In Insurance Graduate Salary: $121,103
  • [Year] Best Mba Programs In Insurance AACSB Accredited: Business
  • [Year] Best Mba Programs In Insurance Graduate ROI: 61%

#9

[Year] Best Mba Programs In Insurance

American University

Kogod School of Business

  • [Year] Best Mba Programs In Insurance
    4400 Massachusetts Avenue, Northwest, Washington, DC - 20016-8044
  • Institution Control: Private
  • Academic Year:
  • Accreditation:
  • Award Levels: Dual-MBA, Graduate Level Certificate, Masters in Business, Masters Specialist, Undergraduate, Undergraduate Certificate
  • Offered as: Campus, Distance Education, Full-Time, Online, Part-Time

Business School Details

  • [Year] Best Mba Programs In Insurance Student / Faculty Ratio: 8:1
  • [Year] Best Mba Programs In Insurance Tuition and Fees: $98,282
  • [Year] Best Mba Programs In Insurance Total Enrollment: 1,631
  • [Year] Best Mba Programs In Insurance Concentrations: Accounting, Data Analytics, Entrepreneurship, Ethics +10 more
  • [Year] Best Mba Programs In Insurance Ranking: Forbes, BW and MBAGuide
  • [Year] Best Mba Programs In Insurance Average GMAT Score: 668
  • [Year] Best Mba Programs In Insurance Graduate Salary: $105,666
  • [Year] Best Mba Programs In Insurance AACSB Accredited: Business
  • [Year] Best Mba Programs In Insurance Graduate ROI: 54%

#10

[Year] Best Mba Programs In Insurance

Texas Christian University

Neeley School of Business

  • [Year] Best Mba Programs In Insurance
    Dan D. Rogers Hall, Fort Worth, TX - 76109
  • Institution Control: Private
  • Academic Year:
  • Accreditation:
  • Award Levels: Dual-MBA, E-MBA, Graduate Level Certificate, Masters in Business, Masters Specialist, Undergraduate, Undergraduate Certificate
  • Offered as: Campus, Evenings, Full-Time, Online, Part-Time, Weekends

Business School Details

  • [Year] Best Mba Programs In Insurance Student / Faculty Ratio: 14:1
  • [Year] Best Mba Programs In Insurance Tuition and Fees: $115,380
  • [Year] Best Mba Programs In Insurance Total Enrollment: 3,331
  • [Year] Best Mba Programs In Insurance Concentrations: Accounting, Data Analytics, Economics, Education +14 more
  • [Year] Best Mba Programs In Insurance Ranking: US News, BW, Economist and MBAGuide
  • [Year] Best Mba Programs In Insurance Average GMAT Score: 617
  • [Year] Best Mba Programs In Insurance Graduate Salary: $107,543
  • [Year] Best Mba Programs In Insurance AACSB Accredited: Business and Accounting
  • [Year] Best Mba Programs In Insurance Graduate ROI: 47%

50 Best Insurance MBA Programs Table: ROI, Salary, Tuition

Easily sort the table below by Rank, School Name, ROI, Tuition, Average Starting Salary, and State to find and to compare programs. Click on any school for a comprehensive review.

Rank University ROIIn State TuitionAvg. Starting SalaryStateOnline
1 Stanford University 55.04% $165,591 $182,272CANo
2 University of Pennsylvania 46.26% $179,852 $166,391PANo
3 Rice University 51.13% $139,081 $142,212TXYes
4 The University of Texas at Dallas 171.45% $35,918 $123,163TXYes
5 The George Washington University 51.26% $113,090 $115,951DCYes
6 Boston University 48.65% $124,248 $120,884MAYes
7 Indiana State University 263.16% $19,000 $100,000INYes
8 University of Maryland 61.25% $98,865 $121,103MDYes
9 American University 53.76% $98,282 $105,666DCYes
10 Texas Christian University 46.60% $115,380 $107,543TXYes
11 Georgia State University 128.14% $36,522 $93,600GAYes
12 University of Nevada, Las Vegas 215.34% $21,784 $93,820NVYes
13 Illinois Institute of Technology 60.83% $67,690 $82,352ILYes
14 Baylor University 46.20% $85,692 $79,176TXYes
15 Wake Forest University 48.64% $79,975 $77,800NCYes
16 Marquette University 97.28% $46,620 $90,700WIYes
17 California State Polytechnic University Pomona 150.07% $29,800 $89,440CANo
18 Creighton University 97.79% $33,234 $65,000NEYes
19 Butler University 75.64% $39,000 $59,000INYes
20 Hult International Business School 60.55% $85,000 $102,928MAYes
21 Northern Arizona University 309.43% $11,004 $68,100AZYes
22 California State University, East Bay 318.21% $12,036 $76,600CAYes
23 University of Wisconsin-Stevens Point 103.37% $28,224 $58,350WIYes
24 Ball State University 180.21% $21,197 $76,400INYes
25 Illinois State University 191.77% $20,050 $76,900ILNo
26 Radford University 286.54% $15,984 $91,600VAYes
27 Rensselaer Polytechnic Institute 45.51% $92,510 $84,200NYNo
28 Louisiana State University 63.52% $50,486 $64,142LAYes
29 Florida State University 151.25% $18,693 $56,545FLYes
30 The College of New Jersey 89.14% $50,482 $90,000NJYes
31 Appalachian State University 181.20% $17,463 $63,285NCYes
32 Rochester Institute of Technology 29.90% $108,352 $64,800NYYes
33 University of North Florida 174.52% $17,767 $62,014FLYes
34 University of South Florida St. Petersburg 213.24% $17,000 $72,500FLYes
35 University of South Florida 186.27% $14,955 $55,714FLYes
36 Saint Xavier University 123.59% $38,961 $96,302ILYes
37 Minnesota State University Moorhead 162.09% $26,220 $85,000MNYes
38 Frostburg State University 250.00% $16,740 $83,700MDYes
39 California State University, Fullerton 91.47% $44,550 $81,500CAYes
40 University of New Haven 81.22% $39,770 $64,600CTYes
41 Le Moyne College 84.97% $35,952 $61,100NYNo
42 Winston-Salem State University 104.17% $22,248 $46,350NCYes
43 Truman State University 202.08% $14,400 $58,200MONo
44 Prairie View A&M University 127.64% $23,699 $60,500TXYes
45 Stockton University 72.25% $33,012 $47,700NJYes
46 Shenandoah University 95.96% $46,840 $89,900VANo
47 Western Washington University 69.25% $48,448 $67,100WANo
48 California State University, Bakersfield 547.66% $7,176 $78,600CAYes
49 University of South Dakota 159.66% $14,892 $47,553SDYes
50 Bowling Green State University 98.99% $27,200 $53,853OHYes

What is an MBA in Insurance & Risk Management?

The MBA in Risk Management and Insurance (RMI) teaches B-students how to fully analyze the risks and rewards of certain business decision, from startup to expansion. Whether it’s mergers and acquisitions, globalization, or simply adopting a lean operation strategy, every firm must weigh the potential risks and rewards associated with a new business venture. An MBA in RMI provides students with a full suite of skills that include a solid understanding of business principles combined with specialized study in corporate risk management and insurance.

This no-nonsense specialization offers ample opportunity for graduates to work with top firms including Enst & Young, PwC, Liberty Mutual Insurance, Metlife, New York Life, etc. With most AACSB-approved MBA programs offering a strong core curriculum in business, the Risk Management & Insurance concentration provides a more analytical approach to high-level business decisions. A B-Student armed with a graduate degree in RMI will have both the quantitative and qualitative proficiency to make sound recommendations to C-level executives at some of the most prominent Fortune 500 companies.

Throughout their course of study, RMI B-Students are exposed to faculty, staff, and industry leaders that hold positions in risk management, insurance operations, and consulting. MBA graduates specializing in risk management and insurance are placed at leading Fortune 500 firms across the country and are poised to make a six-figure salary only a few years into the profession. In other words, the sky’s the limit for AACSB-accredited MBA graduates in Risk Management and Insurance.

Difference Between an MBA in Insurance and a Master’s in Insurance

The MBA is a broader degree and generally addresses the for-profit, corporate or entrepreneurial arena comprising of multiple aspects of business. A Master of Insurance program focuses more specifically on the finances of the company. Your personal career goals should determine which type of program would most benefit you.

Obtaining an MBA degree is an important step to land above an entry level job in most companies. MBA coursework teaches a wide spectrum of topics with emphasis on how to manage within each segment of a company such as development, accounting, human resources, and operations. MBA programs prepare students for management positions in many industries.

The Masters of Insurance is targeted to students seeking to focus on finance related fields or obtaining higher level financial stewardship within a larger organization. Programs review finance concepts in a more comprehensive manner, with courses in higher level mathematics, quantitative finance, investing, financial markets, financial analysis, statement generation and reporting, and stock valuation. Master of Insurance programs tend to be shorter in duration, usually last one full-time year of study.

Key Highlights for Insurance MBA Programs

  • Starting salary for graduates from MBA programs Insurance is reported to be between $35,850 and $182,272 with an average of $78,057.
  • Tuition for in-person, campus MBA programs in Insurance ranges from $7,176 to $179,852, and averages $45,737
  • Online tuition in for Insurance MBAs ranges between $7,176 to $139,081, with an average total tuition cost of $42,445
  • ROI in for Insurance MBAs ranges between 30% to 548%, with an average total tuition cost of 146%
  • A GMAT score between 399 and 737 with an average of 564 is needed for acceptance into an MBA program in Insurance.
  • There are 76 campus and 84 MBA Insurance Programs.
  • Average student enrollment for MBA programs in Insurance varies between 4 and 3,933 with an overall average of 403.
  • Student / Faculty Ratio for Insurance MBA programs offering a Insurance concentration varies between 4:1 and 31:1 with an average of 16:1 students.
  • 84 MBA programs in Insurance are ranked by the following institutions MBAGuide: 71, US News: 11, Forbes: 9, BW: 11, FT: 7 and Economist: 7.

Compare Online Insurance MBA Program Averages to Campus Averages

When comparing online and campus-based Insurance MBA programs, prospective b-students should consider many factors. Online programs offer lower average tuition costs ($45,737 vs : $45,737.37) and better average graduate ROI (146% vs 146%), while campus programs have slightly higher average graduate salaries ($78,057 vs $78,057). Both program types have comparable GMAT scores, full-time faculty numbers, and student-faculty ratios, indicating similar academic rigor and support.

 AveragesOnline Insurance MBA ProgramsCampus Insurance MBA Programs
Average MBA Tuition$42,445: $45,737.37
Average Graduate Salary$76,583$78,057
Average Graduate ROI153%146%
Average GMAT Scores563564
Average Full-Time MBA Faculty6761
Average MBA Student Faculty Ratio: 17:1
16:1

Read about our ranking methodology.

What is the Average Salary for MBA Insurance Graduates?

The average graduate salary range for MBA in Insurance graduates is quite wide. At the lower end, Elizabeth City State University MBA reports an average starting salary of just $35,850 for its MBA in Insurance graduates. On the other hand, Stanford University boasts the highest average starting salary at an impressive $182,272.

The average starting pay across all finance MBA programs hovering around $78,057.

This substantial difference in starting salaries is due to a number of factors including reputation and ranking of the business school, the strength of its alumni network, the cost of living in the state and region, and the industries and locations where graduates find employment. Prospective b-students can research career outcomes and salary data of their target MBA programs to get a clearer picture the earning potential post-graduation.

While a high average starting salary is undoubtedly attractive, the savvy b-student will consider other factors like tuition costs, financial aid, and the overall return on investment when choosing an MBA in Insurance program.

Average Salaries for Insurance MBA Graduates

10 Highest Average Salaries for Insurance MBA Graduates

  1. Stanford University - $182,272.00
  2. University of Pennsylvania - $166,391.00
  3. Rice University - $142,212.00
  4. The University of Texas at Dallas - $123,163.00
  5. University of Maryland - $121,103.00
  6. Boston University - $120,884.00
  7. The George Washington University - $115,951.00
  8. Texas Christian University - $107,543.00
  9. American University - $105,666.00
  10. Hult International Business School - $102,928.00

10 Lowest Average Salaries for Insurance MBA Graduates

  1. Elizabeth City State University MBA - $35,850.00
  2. Eastern Kentucky University - $42,450.00
  3. The University of North Carolina at Asheville - $45,750.00
  4. Winston-Salem State University - $46,350.00
  5. University of South Dakota - $47,553.00
  6. Stockton University - $47,700.00
  7. Texas A&M International University - $53,500.00
  8. Bowling Green State University - $53,853.00
  9. University of South Florida - $55,714.00
  10. University of North Georgia - $56,500.00

Average Insurance MBA Graduate Salary by State

  1. District of Columbia - $121,848
  2. New Hampshire - $113,255
  3. Massachusetts - $100,630
  4. Arizona - $97,127
  5. Wyoming - $93,010
  6. Illinois - $92,682
  7. Washington - $91,447
  8. California - $90,698
  9. Michigan - $89,920
  10. Pennsylvania - $89,328
  11. Utah - $89,172
  12. Nevada - $88,249
  13. Maine - $87,535
  14. Minnesota - $86,736
  15. Virginia - $86,642
  16. Tennessee - $84,991
  17. New Jersey - $84,703
  18. Texas - $83,926
  19. Colorado - $83,807
  20. Indiana - $83,648
  21. Iowa - $83,468
  22. Connecticut - $83,241
  23. New York - $81,215
  24. Maryland - $80,131
  25. Nebraska - $79,913
  26. Georgia - $79,652
  27. Alaska - $79,087
  28. Ohio - $77,307
  29. Wisconsin - $76,959
  30. Oregon - $76,503
  31. Rhode Island - $75,889
  32. Oklahoma - $75,600
  33. Hawaii - $74,209
  34. Florida - $73,349
  35. Idaho - $72,446
  36. North Carolina - $71,631
  37. Missouri - $71,608
  38. Montana - $69,487
  39. Alabama - $67,949
  40. South Carolina - $67,447
  41. New Mexico - $67,250
  42. West Virginia - $66,028
  43. Vermont - $66,000
  44. Kentucky - $65,025
  45. Kansas - $64,772
  46. Mississippi - $64,196
  47. Arkansas - $62,951
  48. Delaware - $62,333
  49. Louisiana - $55,392
  50. North Dakota - $50,600
  51. South Dakota - $50,102

What is the Average Tuition for Insurance MBA Programs?

Investing in your future with a finance MBA can be a very smart decision. On average, you can expect to pay $45,737.37 for a finance MBA program. However, tuition rates can vary significantly, with the most expensive programs costing up to $179,852.00 and the most affordable options starting at $7,176.00.

When comparing in-state and out-of-state tuition for MBA programs in Insurance, you’ll find that in-state students pay an average of $45,737, while out-of-state students face an average tuition of $54,054. With such a wide range of tuition costs, spanning from $7,176.00 to $179,852, it’s essential to carefully consider your options. Factors that impact tuition rates include your enrollment status, the program type, and whether you attend a private college or public institution. Choosing a highly respected program could provide better value for your money than opting for an out-of-state school.

The ROI of an online MBA program is often more favorable than traditional programs, as students can continue working while studying. According to a 2017 US News survey, the average salary for students three months after graduating from an online MBA program was $96,974, a 22% increase from the average entering salary. The highest average salary increases for online programs hover around 60%. With the right program choice and financial planning, an online finance MBA can be a worthwhile investment in your future, leading to increased earning potential and career advancement opportunities.

Average Tuition for Insurance MBA Programs

10 Most Affordable Insurance MBAs

  1. California State University, Bakersfield - $7,176.00
  2. Northern Arizona University - $11,004.00
  3. Stephen F. Austin State University - $11,630.00
  4. Elizabeth City State University MBA - $11,630.00
  5. California State University, East Bay - $12,036.00
  6. University of Nebraska at Kearney - $13,293.00
  7. Truman State University - $14,400.00
  8. University of South Dakota - $14,892.00
  9. University of South Florida - $14,955.00
  10. Radford University - $15,984.00

10 Most Expensive Insurance MBAs

  1. University of Pennsylvania - $179,852.00
  2. Stanford University - $165,591.00
  3. Rice University - $139,081.00
  4. Boston University - $124,248.00
  5. Texas Christian University - $115,380.00
  6. The George Washington University - $113,090.00
  7. Rochester Institute of Technology - $108,352.00
  8. University of Maryland - $98,865.00
  9. American University - $98,282.00
  10. Rensselaer Polytechnic Institute - $92,510.00

Average Tuition Costs by State for MBA Programs

  1. New Hampshire - $103,312
  2. District of Columbia - $83,309
  3. Massachusetts - $74,395
  4. Oregon - $61,583
  5. New York - $61,321
  6. California - $59,093
  7. Pennsylvania - $54,581
  8. Connecticut - $51,233
  9. New Jersey - $51,100
  10. Maryland - $50,582
  11. Illinois - $48,710
  12. Washington - $48,319
  13. Ohio - $47,833
  14. Virginia - $45,876
  15. Michigan - $45,734
  16. Minnesota - $44,597
  17. Tennessee - $44,060
  18. Arizona - $40,003
  19. Colorado - $38,995
  20. Texas - $37,995
  21. North Carolina - $37,844
  22. Florida - $37,711
  23. Utah - $36,682
  24. Wisconsin - $33,557
  25. Louisiana - $33,470
  26. Indiana - $32,023
  27. Missouri - $31,909
  28. Vermont - $31,878
  29. Georgia - $31,430
  30. Rhode Island - $29,922
  31. Delaware - $27,790
  32. Oklahoma - $27,566
  33. Wyoming - $26,460
  34. Iowa - $25,779
  35. Kentucky - $25,407
  36. South Carolina - $25,244
  37. Montana - $24,913
  38. West Virginia - $21,722
  39. Alaska - $21,467
  40. Nebraska - $21,340
  41. Hawaii - $21,288
  42. Mississippi - $21,282
  43. North Dakota - $21,022
  44. Alabama - $21,005
  45. Nevada - $20,392
  46. Maine - $19,935
  47. Kansas - $19,893
  48. New Mexico - $18,520
  49. Arkansas - $17,073
  50. Idaho - $15,079
  51. South Dakota - $14,503

What Typical Classes Will I Take in My MBA Insurance Program?

  • Practical Enterprise Risk Management – This concentration class introduces B-students to the concepts of risk management. They will analyze the financial health of a firm and develop a sustainability plan of attack using quantitative reasoning. Students learn the basics of ERM while working on real-world case studies.
  • Strategic Risk Management – This concentration course, usually taken after the core MBA courses are completed, introduces the process of managing the risks and rewards of major company decisions. Whether it’s adding value to a firm’s portfolio of assets or building a corporate social responsibility plan of attack, the insurance actuary makes sound decisions on risk and rewards of a company’s direction.
  • Global Risk Management – The global enterprise community is ever-changing, rapidly growing, and filled with regulations. This MBA course takes risk management principles and addresses them in the global arena. Whether it’s analyzing the international insurance marketplace, assessing the risks associated with international expansion, or understanding government restrictions while conducting business overseas, the global risk management course explores risk management on an international level.
  • Principles of Risk Management & Insurance – This concentration course explores the nature of risk, the principles around making sound business decisions, and the impact of risk exposure. This is one of the foundation courses in the Risk Management and Insurance concentration and introduces the decision-making process from a leadership perspective.
  • Corporate Risk Management – This is the nuts and bolts of the risk management curriculum. This MBA concentration course provides a comprehensive overview of the corporate risk management process from the perspective of management. Whether it’s risk exposure, tools to measure exposure quantitatively, or how risk management adds value to a company’s overall longevity, this course analyzes the responsibilities of an actuary.

What is the Average ROI for Insurance MBA Programs?

The average ROI full-time for MBA programs in Insurance is 146% with a highest of 548% and the lowest of 30%.

Return on investment (ROI) is an essential factor when considering which MBA program(s) to apply to. To calculate ROI, consider both the tuition for the MBA program and the average salary a graduate earns. The average tuition cost for an MBA degree in Insurance is approximately $45,737.37, while the average starting salary for MBA graduates is around $78,057.39. To calculate ROI, you need to subtract the tuition from the salary and divide by the tuition cost. This will give you a rough estimate of how much value you will get out of the MBA Insurance.

The average ROI for all MBA programs in the United States is 146%. The average ROI for Insurance programs is 146%.

ROI for Insurance MBA Programs

10 Insurance MBA Programs with the Best ROI

  1. California State University, Bakersfield - 547.66%
  2. Texas A&M University-Kingsville - 349.17%
  3. California State University, East Bay - 318.21%
  4. Northern Arizona University - 309.43%
  5. Radford University - 286.54%
  6. Stephen F. Austin State University - 283.53%
  7. Youngstown State University - 279.63%
  8. University of North Alabama - 276.10%
  9. University of Nebraska at Kearney - 275.14%
  10. Indiana State University - 263.16%

10 Insurance MBA Programs with the Lowest ROI

  1. Rochester Institute of Technology - 29.90%
  2. Rensselaer Polytechnic Institute - 45.51%
  3. Baylor University - 46.20%
  4. University of Pennsylvania - 46.26%
  5. Texas Christian University - 46.60%
  6. Wake Forest University - 48.64%
  7. Boston University - 48.65%
  8. Rice University - 51.13%
  9. The George Washington University - 51.26%
  10. American University - 53.76%

Average ROI by State for MBA Programs

  1. Idaho - 270%
  2. New Mexico - 235%
  3. Indiana - 224%
  4. Maine - 220%
  5. Nevada - 216%
  6. North Dakota - 208%
  7. Rhode Island - 208%
  8. Nebraska - 207%
  9. Kansas - 203%
  10. Georgia - 201%
  11. Arkansas - 201%
  12. Montana - 196%
  13. Hawaii - 189%
  14. Alaska - 187%
  15. Mississippi - 185%
  16. Kentucky - 179%
  17. Oklahoma - 178%
  18. Wyoming - 176%
  19. Utah - 174%
  20. Alabama - 174%
  21. South Dakota - 173%
  22. Texas - 171%
  23. Tennessee - 170%
  24. Arizona - 170%
  25. Iowa - 168%
  26. Missouri - 159%
  27. California - 152%
  28. South Carolina - 152%
  29. Wisconsin - 148%
  30. North Carolina - 147%
  31. Illinois - 142%
  32. Minnesota - 140%
  33. West Virginia - 137%
  34. Florida - 135%
  35. Maryland - 132%
  36. Ohio - 131%
  37. Washington - 131%
  38. Louisiana - 127%
  39. Virginia - 126%
  40. Connecticut - 125%
  41. Colorado - 125%
  42. Delaware - 125%
  43. Michigan - 122%
  44. Pennsylvania - 104%
  45. Vermont - 104%
  46. Massachusetts - 102%
  47. New York - 97%
  48. New Jersey - 88%
  49. New Hampshire - 65%
  50. Oregon - 64%
  51. District of Columbia - 62%

What is the Average GMAT Needed for Insurance MBA Programs?

The Graduate Management Admission Test (GMAT) is a standardized examination used by MBA schools to assess their applicant pool. The test is strategically designed to measure an applicant’s analytical, verbal, writing and mathematical skills. The GMAT is used as a predictor of success in MBA programs and tests one’s ability to successfully handle the advanced quantitative and qualitative study of business and management.

The average GMAT scores full-time MBA programs in Insurance is 564 with a highest of 737 and the lowest of 399

More than 233 AACSB accredited MBA programs do not require their applicants to take GMAT exam. Many well-known programs such as the University of Michigan and the University of California, Los Angeles no longer require the exam. If you are unsure where you would like to take your program, then you should take the GMAT sooner rather than later so you don’t lose time meeting the score requirement of a program.

The average GMAT score needed for a Insurance MBA program from an institution is between 399 from University of New Haven to 737 from Stanford University. The average GMAT scores for Insurance MBA programs is 564.

Average GMAT Score for Insurance MBA Programs

10 Highest GMAT Scores for Insurance MBA Programs

  1. Stanford University - 737
  2. University of Pennsylvania - 733
  3. Rice University - 710
  4. The University of Texas at Dallas - 689
  5. Indiana State University - 685
  6. Boston University - 683
  7. The George Washington University - 669
  8. American University - 668
  9. Winston-Salem State University - 668
  10. Rensselaer Polytechnic Institute - 660

10 Lowest GMAT Scores for Insurance MBA Programs

  1. University of New Haven - 399
  2. Stephen F. Austin State University - 420
  3. Elizabeth City State University MBA - 425
  4. Radford University - 438
  5. Tennessee Technological University - 440
  6. University of North Alabama - 447
  7. Stockton University - 454
  8. Sam Houston State University - 456
  9. Le Moyne College - 460
  10. Texas A&M University-Kingsville - 470

Average GMAT Scores by State for MBA Programs

  1. New Hampshire - 643
  2. Vermont - 640
  3. District of Columbia - 639
  4. Massachusetts - 623
  5. Oregon - 608
  6. Indiana - 602
  7. Oklahoma - 597
  8. Maryland - 586
  9. Ohio - 582
  10. Mississippi - 581
  11. Idaho - 579
  12. New York - 579
  13. Minnesota - 577
  14. Pennsylvania - 571
  15. Illinois - 571
  16. New Mexico - 569
  17. Missouri - 566
  18. Montana - 565
  19. Iowa - 565
  20. Tennessee - 564
  21. Texas - 564
  22. Maine - 562
  23. Washington - 561
  24. Nevada - 557
  25. South Carolina - 556
  26. California - 555
  27. Connecticut - 555
  28. Virginia - 554
  29. Arkansas - 553
  30. Georgia - 551
  31. New Jersey - 551
  32. Michigan - 550
  33. Wisconsin - 550
  34. North Dakota - 550
  35. Arizona - 549
  36. Nebraska - 549
  37. Utah - 547
  38. Colorado - 544
  39. South Dakota - 544
  40. Kentucky - 541
  41. Kansas - 536
  42. Rhode Island - 536
  43. Delaware - 534
  44. North Carolina - 533
  45. Florida - 532
  46. Louisiana - 528
  47. Alaska - 524
  48. Hawaii - 520
  49. Alabama - 515
  50. West Virginia - 507
  51. Wyoming - 460

25 No GMAT / GRE Required Insurance MBA Programs

Mba Programs In Insurance

Student / Faculty Ratio for Insurance MBA Programs

Faculty to student ratio is an important factor in the quality of education you will receive. The lower the ratio, the more individualized attention you will receive. The more individualized attention you receive, the greater the odds you will understand the material better.

Student / Faculty Ratio for Insurance MBA programs offering a Insurance concentration varies between 4:1 and 31:1 with an average of 16:1 students.

The ratios provided are based off all MBA programs regardless of concentration. To discover what the ratio is for the program you are interested in, research the faculty pages of the school and average size of the programs. Faculty could be part or full time. Many also work in the concentration and can provide the students with real-world examples.

10 Insurance MBA Programs with the Lowest Student Faculty Ratio

  1. Worcester Polytechnic Institute - 4:1
  2. Stanford University - 5:1
  3. Tuskegee University - 7:1
  4. Illinois Institute of Technology - 7:1
  5. Shenandoah University - 8:1
  6. Rochester Institute of Technology - 8:1
  7. Frostburg State University - 8:1
  8. University of Pennsylvania - 8:1
  9. American University - 8:1
  10. Rice University - 9:1

10 Insurance MBA Programs with the Highest Student Faculty Ratio

  1. Florida State University - 31:1
  2. California State University, Sacramento - 30:1
  3. Universidad Ana G. Mendez - Gurabo - 28:1
  4. Youngstown State University - 26:1
  5. University of South Florida - 26:1
  6. Georgia State University - 26:1
  7. Minnesota State University Moorhead - 25:1
  8. California State University, Fullerton - 24:1
  9. Hult International Business School - 24:1
  10. The University of Texas at Dallas - 23:1

Which Insurance MBA Programs Have the Highest Student Enrollment?

When reviewing how the student population is spread across program formats, you will find the highest concentration of students are, then part time, then full time. The concentration is spread based on flexibility. The higher the flexibility (aka the least amount of scheduled class time), the higher the number of students.

The average Student Enrollment for full-time MBA programs in Insurance is 403 with a highest of 3,933 and the lowest of 4

There are pros and cons to small cohorts versus large cohorts. Small cohorts can become very cohesive and encourage each other to make it through the program. However, if the personality dynamic is off, it is hard to find new group members in a smaller pool of students.

The large cohorts cultivate a variety of approaches to solve the same problem, help others to think outside of the box and foster creativity. However, you could feel like just a number and desire more individual attention. When researching schools, try to reach out to current students and ask about the culture to help you decide which type of culture best suits you.

10 Insurance MBA Programs with the Highest Student Enrollment

  1. The University of Texas at Dallas - 3,933
  2. Boston University - 1,615
  3. Rice University - 1,277
  4. University of Maryland - 1,100
  5. University of South Florida - 1,016
  6. Stanford University - 930
  7. University of New Haven - 922
  8. Wake Forest University - 693
  9. The George Washington University - 669
  10. California State Polytechnic University Pomona - 592

10 Insurance MBA Programs with the Lowest Student Enrollment

  1. University of Nebraska at Kearney - 4
  2. University of Wisconsin Oshkosh - 13
  3. Stonehill College - 16
  4. Worcester Polytechnic Institute - 18
  5. Sam Houston State University - 19
  6. University of Wisconsin-Stevens Point - 22
  7. Minnesota State University Moorhead - 28
  8. Western Washington University - 35
  9. Frostburg State University - 36
  10. Butler University - 37

Career Outlook, Job Opportunities, Roles, Industries for a Insurance MBA

What’s the Career Outlook for Insurance Executives?

According to the Bureau of Labor Statistics (BLS), employment of actuaries is projected to grow 22% through 2026, much faster than the average for all occupations. Actuaries assess risk and are leading candidates for most consulting positions at major firms. There will be plenty of job opportunities available for Actuaries interested in working at some of the most established insurance firms across the U.S.

The median annual wage for actuaries is $100,610 with the highest 10% earning more than $186,250. Business professionals in risk management, insurance, consulting, banking or finance will have ample opportunity to penetrate an industry where highly-quantitative analysts from leading institutions seek entry into manager-in-training programs.

SectorAvg. Salary
Professional, scientific, and technical services$104,550
Finance and insurance$101,120
Government$95,550
Management of companies and enterprises$93,370

Where Do Insurance Managers with an MBA Work?

The skills developed during an MBA in Insurance program translate well into many other professions. An MBA Program in Risk Management and Insurance will prepare B-Students to be successful in a variety of roles. They include actuary, insurance agent, broker, account executive, consultant, risk manager, sales executive, etc. An accredited AACSB-MBA program, with the help of well-connected faculty and staff,, will prepare B-Students for leadership roles at top firms needing risk management and insurance leaders.

Here is a list of some of the career opportunities available to MBA in Insurance graduates:

  • Health insurance actuaries help predict and analyze the anticipated revenue/costs from health insurance premiums. In the booming healthcare industry, insurance professionals have the dual responsibility of managing policy changes and assessing the risk of adopting certain insurance companies.
  • Life insurance actuaries whether it’s whole life, term, or annuity insurance plans, a life insurance actuaries helps assess risk and suggest adoption, retention, and termination of certain insurance providers. Most of the time, life insurance actuaries work as consultants/independent contractors analyzing the risks associated with adopting certain policies.
  • Property and casualty insurance actuaries are the key players behind developing, implementing, and managing insurance policies that help employees against property loss and liability claims. Whether it’s protecting your home from a forest fire or protecting oneself against litigation during an automobile accident, insurance actuaries provide a host of insurances to the policyholder in case of an unforeseen event or accident.
  • Corporate actuaries are the experts that assess risk and rewards associated with a company’s investment. They crunch the numbers and determine whether or not the next business venture would yield a positive or negative return on investment. Most of the time, they conduct break-even analysis and project some of the financials associated with a new venture.
  • Pension and retirement benefits actuaries Whether it’s setting up initial employee benefit packages that include 401K plans to new hires or develop the pensions for retired employees, the benefits actuary has a responsibility to report their information to the government. They are the guardians of all employee benefits and report their findings to the government to ensure proper record keeping of company insurance policies.
  • Enterprise risk actuaries help analyze the internal and external risks associated with doing business. Whether it’s investing in a new business location, buying a competitor to secure control over the marketplace, or simply launching a new product right in time for the holidays, enterprise risk actuaries quantitatively assess risk for their employer.

What Skills Do I Need to be Successful In Insurance?

SectorDescription
Analytical skillsRisk management and insurance actuaries have to juggle all types of information. They need to be able to interpret high-level data and make sound decisions based on the best interest of the company. They need to interpret information from financial statements and suggest the best course of action.
Communication skillsActuaries, whether they’re discussing a break-even analysis with the executive team or conducting a presentation on the viability of a new acquisition, need to express their ideas in a clear, concise manner to internal and external stakeholders.
Detail orientedInsurance professionals must produce error-free work at all times. Whether it’s the CEO or the new investor, actuaries are responsible for putting together highly complex financial information that must be accurate, relevant, and timely.
Interpersonal skillsInsurance actuaries are the managers responsible for guiding the direction of the company. They have the responsibility of delivering their findings about certain company risks in an effective manner. The welfare of a company depends on the ability to concisely disseminate information to certain company stakeholder.
Leadership skillsThese managers need to have the tough conversation with high-level executives. They have to push the direction of the company if they feel it’s in the best interest of their organization. This may mean some tough decision around staff, resources, and the overall direction of the company.
Technical skillsTechnology is always changing, whether it’s how we keep track of sensitive company data or how we manage the interactions with customers. An actuary has to keep up-to-date with the latest industry technology in order to ensure accurate forecasting.

How We Rank Insurance MBA Programs

The team at responsible for program rankings at MBAGuide.org comprises of data science and product management experts. Our ranking team works independently from the editorial team and is not influenced by editorial decisions.

MBAGuide.org employs a comprehensive ranking methodology that combines quantitative data (80% of the score) with qualitative assessments (20%) to evaluate MBA programs. The quantitative component considers factors such as student-faculty ratio, tuition, enrollment, and post-graduation salaries, while the qualitative aspect incorporates editorial ratings and school reputation, providing a well-rounded view of each program’s quality and value.

Business School Data Sources from

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How to Improve:


User-Centric Content on Career Outcomes: While you have solid career information, adding more specific examples of roles and job titles for Insurance MBA grads, alongside employer types or alumni success stories, can boost your page’s relevance and user appeal. Pages with these real-world applications often rank higher, as they provide a clearer picture of the degree’s value.

More details on curriculum and specializations offered in finance MBA programs. Cover topics like corporate finance, investment banking, fintech, real estate finance, etc. Discuss how the curriculum prepares students for specific finance careers.

Section on career outcomes and job prospects with a finance MBA. Highlight top employers, roles, and industries. Include salary data and advancement opportunities compared to a regular MBA or Master’s in Insurance.

Admissions requirements and application tips specific to finance MBA programs. Provide guidance on test scores, work experience, essays, and interviews.

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