MBA in Insurance

An MBA in Insurance is a 1-2 years banking-based specialisation in the postgraduate program. During this course, students will learn the advanced concepts of liability, corporate risk, banking, and insurance. Graduates can decide to pursue a lucrative job or pursue a PhD for a career in banking research after completing their program.

MBA in Insurance: Course Highlights

Below, we have given a summary of the MBA in Insurance course. These highlights will provide you with an idea of what you will read in this article.

Program

Postgraduate

Course

MBA in Insurance

Duration of the Course

Between 1 and 2 years (based on top 3 universities)

Eligibility Criteria

{High school (10 + 2 equivalent), 60% recommended}, bachelor’s degree (preferably in business such as BBA),  {IELTS, PTE, or TOEFL (IELTS 6.5 or equivalent recommended)}, and entrance exams such as GMAT or GRE

Entrance Exams

{IELTS, PTE, or TOEFL (IELTS 6.5 or equivalent recommended), and GMAT or GRE 

Tuition Fees

Between 1021283 and 5404790 (based on top 3 universities)

Jobs 

Financial Manager, Risk Manager, Fund Manager, etc.

Average Salary

765000 INR (based on 5 jobs)

What is an MBA in Insurance?

Insurance is yet another MBA specialisation with a maximum of 2 years. Students can pursue this degree part-time or full-time abroad and learn managerial and insurance business skills to get employed with lucrative salaries.

Best Colleges For MBA in Insurance

An MBA in Insurance is a very lucrative concentration in the popular business administration postgraduate course. Various top-ranking universities and colleges offer this program; here are the best three institutions.

S.NO

College Name 

Country

QS World Rankings 

1

The University of Pennsylvania

The USA

NA

2

Bangor University

The UK

Between 601 and 650

3

Universität Leipzig (Leipzig University)

Germany

420

MBA in Insurance: Syllabus

The duration of your MBA in Insurance degree program can go up to 4 semesters. 

During this time, you will master the following topics: 

  • Management Concepts and Organizational Behavior.
  • Managerial Economics.
  • Research Methodology.
  • Accounting for Managers.
  • Business Environment & Law.
  • Marketing Management.
  • Financial Management.
  • Operations Research and Management.
  • Strategic Management.
  • Human Resources Management.
  • Principles and Practice of Life Insurance.
  • Risk Management and Insurance.
  • Insurance Law and Regulations.
  • Marine and Rural Insurance.
  • Investment and Portfolio Management.
  • Fire & Motor Insurance.
  • Reinsurance.
  • Actuarial Mathematics and Services.
  • Marketing of Insurance Services.

Cost of Studying MBA in Insurance

Your total expenses for studying for an MBA in Insurance abroad from your desired university or college include your cost of living and tuition fees. This amount can fall anywhere between 10,00,000 and 6000000 INR. But for the top universities, we recommend keeping a budget of around 60,00,000 INR (75,511 USD).

S.NO 

University Name 

Course 

Duration 

Tuition Fees in INR

1

The University of Pennsylvania

MBA in Insurance and Risk Management 

NA

5404790

2

Bangor University

MBA in Banking and Finance

1 year

1495101

3

Universität Leipzig (Leipzig University)

MBA in Insurance Management (In German)

2 years

1021283

Eligibility Criteria for MBA in Insurance

You must meet the eligibility criteria to qualify for an MBA in Insurance abroad. Since it's a highly competitive PG degree in business administration, the bar for minimum scores is also set very high. Although it might vary from one college to another, you should still know the general criteria for MBA in Insurance.

  • To qualify for an MBA in Insurance, one needs to hold an undergraduate degree, preferably in a business-related field. For example, BBA. An equivalent GPA of 60% is recommended at a minimum.
  • International students from non-native nations must also provide proof of English language proficiency. We recommend IELTS 6.5 or equivalent.
  • Entrance exams such as GMAT or GRE are mandatory for MBA abroad. However, some universities don't require it anymore. Instead, they check other criteria such as work experience, so check with your college before applying. 

Exams Required for MBA in Insurance

Like any other MBA program, an MBA in Insurance is a very competitive degree. Only to get selected for it, the minimum marks benchmark is very high abroad. Students need to score these marks in English language proficiency tests and entrance tests such as GMAT or GRE, compulsory for an MBA overseas.

Name of the University 

Exam Name

Minimum Band Requirement

The University of Pennsylvania

PTE, GMAT

NA

Bangor University

IELTS, GMAT

7.0 (no band less than 6.5), NA

Universität Leipzig (Leipzig University)

IELTS, GMAT

6.0, NA

Scholarships to Study MBA in Insurance

The biggest problem that Indian students face while pursuing an MBA in Insurance or any other course overseas is a lack of finances. Fortunately, universities provide numerous scholarships.

Below we have given the details of such awards: 

S.NO

Scholarship Name

Description 

Eligibility 

Amount in INR

1

Graduate Grants and Scholarships

The University of Pennsylvania makes these scholarships available

NA

Institutional grant funding, federal or private loans, and work-study funding (some programs) 

2

International Scholarship 

The Bangor University offers this award

NA

Up to 243600

Jobs After MBA in Insurance

Graduates in this field have a bright future and enjoy lucrative salaries because of the high value of the MBA program. Furthermore, students can also opt for a PhD for better career options; finally, they can also pursue another MBA degree full-time or part-time; overall, this means that graduates have many options after completing their degree.

Job Profile 

Salary in INR

Business Analyst

6,07,000

Internal Auditor

4,90,000

Fund Manager

6,98,000

Financial Manager

7,66,000

Risk Manager

12,64,000

How to Study for a MBA in Insurance?

Applying for an MBA abroad is the same for any specialisation. Moreover, to give you a refresher, here's a step-by-step, easy-to-follow, and indicative guide on how to apply for an MBA in Insurance.

Step 1: The first phase involves choosing a subcontinent, university, or college and course for MBA in Insurance per your career goals and requirements.

Step 2: Check the eligibility criteria for your desired MBA in Insurance degree program from authentic sources such as the university's official pages, an expert study abroad consultant, etc.

Step 3: Gather and get these documents attested.

  • Proof of funds.
  • At least 2-3 LORs.
  • Your SOP.
  • Your evidence of English language proficiency (IELTS, PTE, TOEFL, or equivalent scores).
  • Your academic transcripts.
  • A copy of your valid passport.
  • GMAT scores for MBA, some universities may ask for GRE instead.
  • Your graduate degree or equivalent qualification.

Step 4: Fill out an application form with your personal, professional, and academic details on your chosen course page. The next step involves attaching all the required attested documents.

Step 5: You might be asked to pay a non-refundable application fee.

Step 6: Wait for the decision on your application.

Step 7: Done.

Still, have any doubts? Then, contact AECC Global India and get satisfactory answers.

AECC Global is one of the world's leading educational consultancies with versatile expert professionals ready to help you with any queries you may have. Contact us so we can be of assistance to you in your journey to achieving your dream.


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