Inform better risk-reward decisions by providing a more complete, robust, and integrated picture of both upside and downside volatility across the entire enterprise.

Columbia University’s Master of Science in Enterprise Risk Management prepares risk professionals to design and implement ERM programs that enhance all decision-making processes, ranging from strategic decisions to traditional mitigation decisions. It also provides a robust toolkit of advanced risk management capabilities and competencies that can be applied to enhance value at both the enterprise level and at the traditional silo risk management level. Multiple courses on business communication and interaction provide the skills required to gain the stakeholder buy-in critical for successful adoption of ERM techniques. The core coursework provides insights on how to utilize these ERM and risk management tools and techniques across a variety of formalized risk management frameworks commonly in use.

Gain Multifaceted and Practical ERM Knowledge

The program has five distinct features critical for ERM:

A focus on all aspects of ERM. Our curriculum spans all aspects of ERM, including ERM framework, risk governance, risk identification, risk quantification, risk decision-making, and risk messaging.

A focus on all risk sources. We address all sources of risk including strategic (e.g. strategy execution risk, competitor risk, etc.); operational (HR, cyber-security, etc.); financial (market risk, credit risk, etc.); and insurance risk (e.g. pricing risk).

A customizable course of study. Recognizing that ERM is a broad field with various roles, we offer flexible course options for you to select a deeper dive into the content most suited to your needs.

A balance of skills. You will supplement technical ERM skills with business communication skills required to effectively navigate the ERM landscape and gain buy-in from key internal and external stakeholders.

A practical approach. Develop practical ERM tools and techniques that have been tested and proven in the marketplace by our faculty, who are globally recognized ERM leaders.

Develop Key Skills

Upon successful completion of the program, you will be prepared to:

  • Design and implement an appropriate ERM framework and risk governance structure customized to any type of organization
  • Conduct qualitative risk assessments to identify/prioritize key risks from among all risk sources
  • Quantify all types of risks, including strategic, operational, financial, and insurance
  • Develop a clear definition of risk appetite (the aggregate enterprise-level risk limit)
  • Enhance strategic planning, increasing the likelihood of achieving strategic plan goals
  • Provide a rigorous business case for both business and mitigation risk-reward decision-making
  • Assure the board of directors that key risks are well understood and managed
  • Understand and satisfy ERM requirements from rating agencies, regulators, and shareholders
  • Apply ERM techniques to enhance risk decision making even at the traditional silo risk management level
  • Gain insights into various types of risks, mitigation techniques, research, and case studies
  • Use leadership and communication skills to effectively interact with a diverse range of stakeholders

Study Options in New York City and Online

The program is currently available face-to-face primarily on Columbia’s campus in New York City. For students entering the program in fall 2019 or later, the program is available either on-campus or online. The program content is identical between the two campus options; both the on-campus and online program have access to rigorous coursework, live world-class instruction by Columbia faculty, career and professional development, and personal feedback on assignments.

The online program uses a highly collaborative and interactive social learning platform to connect with instructors and fellow students, including weekly live online sessions to enable interaction between faculty and students and immersion in course content, student discussion groups, collaborative and independent coursework, interactive forums, and access to prerecorded videos.

On-campus students are also eligible to take online courses, which provide another dimension of scheduling flexibility; international students on a student visa are restricted to one online class each semester.

Students can switch between the on-campus and online programs. If you enroll in the online program, you can switch to the on-campus program after your first semester with administrative approval.

F1 Optional Practical Training Opportunities

Following successful completion of the program, international degree-holders may be eligible for F1 Optional Practical Training (OPT) and the opportunity to work in the U.S. for up to one year. Because this is a STEM-eligible program, international degree-holders may be eligible for an F1 STEM OPT Extension, which allows F1 students to apply for an additional 24 months of OPT.

Who Should Apply

The program is ideal for individuals who plan to pursue or advance a career in enterprise risk management, as well as those who want to expand their abilities in traditional silo risk management in such areas as audit, information technology, compliance, and risk management of insurable risks.

More program options in Enterprise Risk Management


Ideal for individuals who plan to pursue a career in enterprise risk management or who want to expand their abilities in traditional silo risk management in such areas as audit, information technology, compliance, and risk management of insurable risks.

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Individual Courses

Ideal for becoming more effective in targeted aspects of a current role in enterprise risk management, for those in traditional silo risk management, and for pursuit of an actuarial role with focused ERM knowledge.

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