MBA Insurance is a 2 year course for post graduates. The course involves advanced learning of liability and corporate risk. MBA insurance is a postgraduate banking based course which covers the concepts and rules of banking and insurance. The course involves advanced learning of liability and corporate risk.
MBA Insurance course prepares students for solving conflicts, the ability for establishing and maintaining interpersonal relationships, etc. By the end of the degree, students have successfully acquired fundamental and conceptual knowledge and skills to deal with insurance-related problems.
The eligibility criteria for MBA Insurance, students must qualify bachelor’s degree with minimum 50% marks in any stream.
The process for admission in this course is an entrance exam taken by colleges and universities. The entrance exams are CAT (common aptitude test), MAT (management aptitude test), SNAP (symbiosis national aptitude test) and XAT (Xavier aptitude test).
The average fee for the course is INR 1 lakhs to INR 16 lakhs per annum. It depends on the course offered by colleges and universities.
The job profiles after MBA insurance are financial manager, risk manager, fund manager, banking finance, business analyst, internal auditor, etc.
| MBA Admissions | MBA Distance Education | MBA Online |
The top recruiting companies are LIC, SBI general insurance, HDFC standard life insurance co. ltd., etc.
The average salary package of 1-4 year experience candidates is INR 2 lakhs to INR 20 lakhs per annum.
MBA Insurance Course Highlights
| Course Type | Post Graduate |
|---|---|
| Duration | 2 Years |
| Examination Type | Semester wise |
| Admission Process | Merit based/Entrance Based |
| Course Fee (INR) | 1 Lakh – 12 Lakh |
| Average Salary (INR) | 4 Lakh – 14 Lakh |
| Top Recruiting Companies | SBI general insurance, HDFC Bank, Axis Bank, LIC, Royal sundaram etc. |
| Job Positions | Financial Manager, Internal Auditor, Banking Finance, Business Analyst, Fund Manager, Risk Management,etc. |
MBA Insurance Admission Process
To get admission in the course, Students must have to clear entrance exams taken by respective colleges and universities. The procedure for the admission is:
- The registration form will be released on the official websites of the respective colleges or universities.
- Students have to submit the registration fee on the online portal before the last date.
- The admit card will be released by the colleges and universities.
- The exam date will be released by the colleges and universities.
- The result will be announced after the exam. Some colleges conduct counseling for the final selection.
- Documentation Date will be given by the colleges for final selection of the students in the course. The documents required are class x and xii mark sheet, original graduation degree, passport size photographs, cast/ category certificate (if any).
MBA Insurance Eligibility
The eligibility criteria of Master of business administration (insurance) is:
- Students must have to clear graduation with minimum 50% marks in any stream from a recognized college.
- There should be no backlog in any subject.
- 5% moderation to reserved category students (SC/ ST/ OBC).
MBA Insurance Entrance Exams
The entrance exams that are necessary for students to give to gain admission in MBA Insurance are mentioned below. The important dates for each MBA Insurance Entrance Exam are also mentioned below:
| Exam Name | Exam Details |
|---|---|
| CAT | Check CAT Exam Dates |
| MAT | Check MAT Exam Dates |
| SNAP | Check SNAP Exam Dates |
| IIFT | Check IIFT Exam Dates |
| IBSAT | Check IBSAT Exam Dates |
| CMAT | Check CMAT Exam Dates |
| MAH CET | Check MAH CET Exam Dates |
| NMAT | Check NMAT Exam Dates |
| ATMA | Check ATMA Exam Dates |
| XAT | Check XAT Exam Dates |
| TISSNET | Check TISSNET Exam Dates |
| TANCET | Check TANCET Exam Dates |
How to Crack MBA Insurance Entrance Exams?
The process that a student should follow in order to crack MBA Insurance Entrance Exam are mentioned below:
- You should be aware about the exams conducted by the colleges and universities respectively.
- You should know about the syllabus and sections (verbal ability and reading comprehension, data interpretation and logical reasoning, quantitative aptitude) coming in exam.
- Do not skip any sections because each section contains minimum and maximum marks.
- Clear the concepts and focus on weak topics.
- Develop a reading habit and learn at least 10-20 new words to improve vocabulary.
- You should decide the mode of preparation (coaching or self study). If you want to study by yourself, collect the books and make notes, focus on new topics and learn new strategies. If you want to join coaching, find the top institutes for preparation.
- Choose the institute on some parameters like fee, study material provided, weekend test, faculty, nearby location.
- Practice according to the section and topic wise. learn time management to solve the exam in a given time. Set time for each section and question.
- Practice more and more previous year questions to check your preparation for the MBA Insurance Entrance Exam.
- Identify your weak areas and work on them.
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How to get admission in a good MBA Insurance Entrance Exam?
The process for getting admission in a good MBA Insurance Entrance Exam are mentioned below:
- The student must practice more question papers to clear entrance exams conducted by colleges and universities.
- Students should score good marks to get admission in a good college.
- Student should make a list of top colleges to know about them. Some parameters are about the college, eligibility, admission process, entrance
- Exam name conducted by them, location, fee structure, top recruiting companies, courses offered by them.
- Fill all the exam registration forms with payments before the last date to avoid any discrepancy.
- Be prepared for the entrance exam conducted by the colleges and universities.
- Take classes for the preparation of exams and interviews.
- Take counseling before choosing the course and college.
- Score good marks in bachelor’s courses.
MBA Insurance Syllabus
The syllabus for MBA Insurance divided into semester are mentioned below:
| Semester 1 | Semester 2 |
|---|---|
| Management concepts and Organizational Behaviour | Marketing Management |
| Managerial Economics | Financial Management |
| Research methodology | Operations Research and Management |
| Accounting for manager | Strategic Management |
| Business environment & law | Human Resources Management |
| Semester 4 | Semester 5 |
| Principles and practice of life insurance | Investment and Portfolio Management |
| Principles and practice of general insurance | Fire and motor insurance |
| Risk Management and Insurance | Reinsurance |
| Insurance Law and regulations | Actuarial Mathematics and services |
| Marine and Rural insurance | Marketing of insurance services |
The books that students require for studying MBA Insurance are mentioned below:
| Book | Author |
|---|---|
| Inside the insurance Industry | Kelvin Glaser |
| The Breakthrough Insurance Agency | Bart Baker |
| Going Tradigital: Social Media Made Easy for Insurance Agents | Nadeem Damani and Angela Johnson |
| If an Elephant Sits on You, Are You Covered? | Bart Baker |
| Insurance and Behavioral Economics: Improving Decisions in the Most Misunderstood Industry | Professor Howard C. Kunreuther |
| Paychecks and Playchecks: Retirement Solutions for Life | Tom Hegna |
| Insurance: Best Practical Guide for Risk Management, Property, Liability, Life and Health with Concepts and Coverage (Personal Finance Book 1) | James Stevens |
| Applied Insurance Analytics: A Framework for Driving More Value from Data Assets, Technologies, and Tools (FT Press Analytics) | Patricia L Saporito |
MBA Insurance Top Colleges
The top colleges that offer MBA Insurance are mentioned below along with fees and salary:
| College Name | Location | Fees (INR) | Salary (INR) |
|---|---|---|---|
| NIMS University | Jaipur | 60,000 | 5,69,000 |
| Lovely Professional University | Jalandhar | 3,04,000 | 8,40,000 |
| Prestige Institute of Management and Research | Indore | 1,20,000 | 4,50,000 |
| Jamia Hamdard University | New Delhi | 2,45,000 | 5,00,000 |
| Pondicherry University | Puducherry | 74,735 | 3,67,000 |
| JSS Academy of Higher Education and Research | Mysore | 1,79,000 | 3,25,000 |
| Chandigarh University | Chandigarh | 1,80,000 | 5,96,000 |
| Amity Global Business School | Noida | 3,65,000 | 4,50,000 |
| Jamia Millia Islamia | New Delhi | 16,150 | 5,00,000 |
| Alliance University | Bangalore | 9,00,000 | 7,00,000 |
MBA Insurance College Comparison
The comparison between top colleges that offer MBA Insurance course are mentioned below on the basis of various parameters like overview, rankings, eligibility, admission process, fees among others:
| Parameters | NIMS University | Prestige Institute of Management and Research | Lovely Professional University |
|---|---|---|---|
| Overview | NIMS University is known for the best private university of 2018 year. It also has a title of best private university for skill development by ASSOCHAM India. It is the largest university which covers more than 100 courses. | PIMR is a well established management institute in Madhya pradesh. It is known as Best Upcoming Law College in Central India 2018 by CEGR. The college is popular for its MBA program (both full-time and part-time) with placements. the college offers BBA, B.Com, BJMC, LLB, LLM, etc. | This is a Private University situated in Jalandhar, Punjab. It is the largest single-campus university in India. The university is ranked high on various parameters by acclaimed bodies. It offers UG, PG, PHD courses. |
| City | Jaipur | Indore | Jalandhar |
| Outlook Rankings | 126 | 126 | 22 |
| Eligibility | Graduation with minimum 50% marks in any stream from a recognized college | ||
| Admission Process | Entrance Exam | ||
| Average Fees (INR) | 60,000 | 1,20,000 | 3,04,000 |
| Top Recruiting Organizations | CISCO, IBM, DELL, WIPRO, CNBC, VIVO, INTEX, INTAS, etc | ITC, AMAZON, KPMG, SBI, AIRTEL, LUPIN, etc | GOOGLE,ITC, IBM, SAP, KPIT, SONY, TCS, etc |
| Average Salary (INR) | 5,69,000 | 4,50,000 | 8,40,000 |
Why Study MBA Insurance?
The reasons of studying MBA insurance are mentioned below:
- This course prepares students for solving the conflicts and negotiating the others, the ability for establishing and maintaining interpersonal relationships, etc. By the end of the degree.
- It will help you to develop managerial skills.
- This course will assist you in connecting with a larger business network.
- It will Open the door to trending career opportunities.
The skills required for studying MBA Insurance are :
- Analytical skills: Risk management and insurance actuaries have to juggle all types of information. They need to interpret information from financial statements and suggest the best course of action.
- Communication skills: whether they’re discussing a break-even analysis with the executive team or conducting a presentation on the viability of a new acquisition, they need to express their ideas clearly.
- Interpersonal skills: The managers responsible for guiding the direction of the company. The welfare of a company depends on the ability to concisely disseminate information to certain company stakeholders.
- Leadership skills: They have to push the direction of the company if they feel it’s in the best interest of their organization. This means some tough decision around staff, resources, and the overall direction of the company.
- Technical skills: Technology is dynamic in nature. They have to keep up-to-date with the latest industry technology in order to ensure accurate forecasting.
MBA Insurance Course Comparison
The comparison between MBA and MBA Banking and Finance are mentioned below based on many parameters given below:
| Parameters | MBA Insurance | MBA Banking and Finance |
|---|---|---|
| Overview | MBA insurance is a postgraduate banking based course which covers the concepts and rules of banking and insurance. The course involves advance learning of liability and corporate risk | The master’s degree program in Banking and Insurance is a program which provides technical, expert as well as practical knowledge of banking and insurance along with the combinational management subjects for business as well. |
| Duration | 2 years | 2 years |
| Eligibility | Graduation with minimum 50% marks in any stream from a recognized college | Graduation with minimum 50% marks in any stream from a recognized college |
| Admission Process | Entrance Exam | Entrance Exam |
| Job Roles | financial manager, internal auditor, banking finance, business analyst, fund manager, risk management,etc. | Accounts manager, marketing manager, executive manager, marketing analyst, finance manager, business analyst, cashier, etc |
| Average Fees (INR) | 4 Lakh – 12 Lakh | 6 Lakh- 16 Lakh |
| Average Salary (INR) | 5 Lakh – 10 Lakh | 7 Lakh – 20 Lakh |
| Top Recruiting Organizations | SBI general insurance, HDFC Bank, Axis Bank, LIC, Royal sundaram etc | ICICI Bank, Yes Bank, State Bank, HCL, Bajaj, LAVA, etc. |
MBA Insurance Scope
This field is full of career opportunities with a secure future. Various banks and multinational organizations provide facilities to their employees.
- Students opt this field are well paid and have a bright career.
- Students can pursue other degree programs like PhD in insurance or PhD in risk management or can pursue MBA in risk management, MBA in finance.
- The best job opportunities after MBA in insurance are accounting manager, chief financial officer, cash manager, investment banking associate, credit manager, etc.
- State Bank Of India is an Indian multinational, Public sector banking and financial services, HDFC Bank, and many other banks are recruiting areas.
MBA Insurance Jobs
The jobs available after MBA Insurance are mentioned in the table below along with the job role and average annual salary.
| Job | Profile Role | Average Annual Salary (INR) |
|---|---|---|
| Business analyst | The role of Business analyst is to help the organization to improve the procedures and systems. | 6,07,000 |
| Internal Auditor | The role of Internal auditor is to give independent assurance that the risk management, governance and internal control procedures are operating effectively. | 4,90,000 |
| Fund Manager | The role of fund manager is to implement the fund’s investing strategy and managing its portfolio | 6,98,000 |
| Financial Manager | The role of financial manager is to produce financial reports, direct investments, developing and planning strategies for long term financial goals | 7,66,000 |
| Risk Manager | The role of risk manager is to analyze, identify the causing accident or loss and recommend the preventive measures. They communicate the risk policies and procedures of an organization. | 12,64,000 |