The M.Sc. in Insurance and Risk Management programme will equip you with all-round applied knowledge, experience and skills necessary to succeed in the volatile and constantly evolving fields of insurance and risk management.
The programme combines a practical approach to theory and creates a stimulating and challenging learning environment. The main aim of this postgraduate degree is for you to be ideally-positioned in order to build a successful career within the exciting and increasingly-complex business world, or utilise the tools learned in your existing career pathway.
In fact, the strength of this programme lies in its unparalleled cross-disciplinary treatment of the latest conceptual and methodological developments within Insurance and Risk Management, drawing on expertise and knowledge from various fields of study, while at the same time demonstrating how these ideas relate to diverse real-world settings through exposure to applied research and case studies.
Ultimately, this programme is designed to enable students to think and analyse critically and develop a pro-active, strategic attitude to decision-making. This in turn will equip graduates with the necessary tools and frame of mind to excel in their chosen career path, be it as high-ranking analysts or managers within your chosen industry or as PhD students with novel, relevant research agendas, both locally and abroad.
The Course shall be open to applicants in possession of one of the following qualifications:
(a) the degree of Bachelor of Commerce (Honours) in Insurance and Risk Management obtained with at least Second Class Honours or
(b) the Advanced Diploma in Insurance awarded by the Chartered Institute of Insurance (U.K.) or
(c) the degree of Bachelor of Commerce with Insurance as one of the two main areas of study, obtained with at least Category II or
(d) a degree with at least Second Class Honours or Category II, in any other area deemed relevant by the Board or
(e) a qualification deemed by Senate, on the recommendation of the Board, to be comparable to the qualifications listed in paragraphs (a), (b) and (c):
provided that students admitted under paragraphs (d) and (e) may be required to follow and pass supplementary study-unit/s as recommended by the Board of Studies, to which a maximum of 12 ECTS credits are assigned, in addition to the programme of study specified in bye-law 5 of the bye-laws for the course.
The admission of applicants under paragraph (d) and if necessary paragraph (e) may be made conditional on the result of an interview conducted for the purpose.
Interviews, when necessary, shall be conducted by a board composed of at least three members appointed for the purpose by the Board.
The admission requirements are applicable for courses commencing in October 2020.
For more detailed information pertaining to admission and progression requirements please refer to the bye-laws for the course available here.
UM currently hosts over 1,000 full-time international students and over 450 visiting students. The ever-increasing international students coming from various countries, in recent years, have transformed this 400-year old institution into an international campus.
Our international students generally describe Malta as a safe place, enjoying excellent weather and an all-year varied cultural programme. Malta is considered as the ideal place for students to study.
After you receive an offer from us, our International Office will assist you with visas, accommodation and other related issues.
Annual Enrolement Fee: Eur 400
Total Tuition Fees: Eur 10,800 Yr 1: Eur 10,800 - Yr 2: NIL
Subject Knowledge and Understanding
By the end of these 30 ECTSs, students will have a good grasp of some of the tools and classes of risk transfer available and, given a variety of real-world cases, demonstrate the ability to apply methods learned within some various industrial settings and organisational structures.
Intellectual Development Students shall be able to demonstrate their skills and ability to identify Risks and manage them efficiently and effectively.
Key Transferable Skills Students shall demonstrate an ability to identify Risks and communicate them effectively both verbally and in a formal Report.
Other skills relevant to employability and personal development Students shall be able to demonstrate their ability to identify and manage risks effectively.
Subject Knowledge and Understanding By the end of these 60 ECTSs, students will have a good grasp of the tools and classes of risk transfer available and, given a variety of real-world cases, demonstrate the ability to apply methods learned within various industrial settings and organisational structures. They will also be able to identify the objectives and develop ways of ensuring that they are met with the least problems.
Intellectual Development Students shall be able to demonstrate their skills and ability to identify Risks and manage them in the most effective way. Moreover, they will be able to demonstrate their ability to determine the appetite, tolerance and objectives of the organisations and provide them with solutions to ensure objectives are met with the least hiccups.
Key Transferable Skills Students will be able to determine and identify Risks, use the appropriate tools to manage them and communicate them effectively both verbally and in a formal Report.
Other skills relevant to employability and personal development Students shall be able to work within and organisation environment and demonstrate their ability to identify and manage risks effectively.
In addition to the above learning outcomes, at the end of the M.Sc. in Insurance and Risk Management, following the writing of the postgraduate dissertation, students should be able to:
Subject Knowledge and Understanding By the end of the course, students will be able to critically analyse the latest concepts and techniques within Insurance and Risk Management and, given a variety of real-world problems, demonstrate their ability to apply these ideas within various industrial settings and organisational structures. The advance nature of the course content will challenge the preconceptions of myths surrounding issues in insurance and risk management, enabling students to develop a more realistic perspective of identified problems.
Intellectual Development By the end of the course, students shall demonstrate their analytical skills and their ability to think like Insurers and Risk Managers by developing novel and significant research ideas through their coursework and, particularly, their dissertations. This will include relevant upcoming topics such as InsurTech, RoboAdvice,Distributed Ledger Technology, Smart Contracts, Catastrophic Risks, etc.
Key Transferable Skills By the end of the course, students shall demonstrate an ability to communicate effectively, both via written assignments and classroom presentations. In particular, the focus will be on ensuring that students can explain and set out complex research ideas in a clear and concise manner.This will prove particularly important on the job when dealing with the daily challenges faced by insurance and risk managers, such as underwriting, reinsurance, risk transfer, risk measurement and risk monitoring.
Other skills relevant to employability and personal development By the end of the course, students shall be able to gather data pertaining to specific research goals and analyse them effectively using a variety of qualitative and quantitative methods as required, using software tools such as IBM's SPSS and Microsoft Excel. Furthermore, students will also demonstrate their ability to work under pressure to meet tight deadlines throughout the course of the degree, through various written assignments, while expanding the breadth of their knowledge within the field of insurance and risk management.
Who is it for? Do you want to develop a successful career in insurance or risk management; or are you already working in one of these fields and want to expand your knowledge and enhance your career potential? In this course, you will be exposed to the latest developments within insurance and risk management, with an in-depth look at contemporary concepts and applications in both fields.
Insurance and Risk Management present opportunities to work almost anywhere in the world, with numerous opportunities in Malta and in major countries and cities. The global economic environment is characterised by growing uncertainties and challenges, meaning that there has never been a better time to venture into the world of insurance and risk management, with growing demand for these skills and knowledge across several industries and business sectors.
Some risk and insurance positions require the professional to be “in the field” meeting clients or examining facilities; some are more quantitative in nature; while others require leadership skills as part of complex, international projects. Whatever your preferences, you are sure to find a stimulating and interesting career to suit your needs, with often generous remuneration packages.
Career pathways include but are not limited to:
Claims Investigator, Loss Prevention Field Representative, Risk Manager/Analyst, Sales Agent/Broker, Underwriter (Risk Selection), Marketing Representative, Customer Service Representative, Information Technology, Health, Product Development, Finance/Accounting, Management Executive, Investment Advisors, Portfolio Advisors, Portfolio Managers, Actuary professionals.
Professional Organisations There are numerous professional organizations associated with specific disciplines within the industry. In fact this course is endorsed by the Malta Institute of Insurance (MIA), The Malta Association of Risk Management (MARM), The Malta Association of Compliance Officers (MACO), The Public Risk Management Organisation (PRIMO) and The Federation of European Risk Managers (FERMA) amongst others. Moreover, students are able to ask for exemptions from the Advanced Chartered Diploma in Insurance (ACII) and are allowed to sit for the professional RIMAP exam organised by The Federation of European Risk Managers (FERMA).
Click here to access the Programme of Study applicable from 2020/1.
Last Updated: 13 May 2020
The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication. The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. Unless for exceptional approved reasons, no changes to the programme of study for a particular academic year will be made once the students' registration period for that academic year begins.