Master of Business Administration (MBA) Insurance Admission Process, Entrance Exam, Top Colleges, Syllabus, Scope and Salary, 2023

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Sounak Banerjee

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What is MBA Insurance?

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.

Note: Students who wish to pursue their education in Management field or get a career boost, can check MBA course.

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.

Check Out: All About MBA

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).

NIRF Management Rankings 2021 College Name Average Fees (INR) Average Salary (INR)
34 Lovely Professional University 3,04,000 6,00,000
39 Amity University 5,15,000 6,25,000
41 Chandigarh University 1,80,000 5,60,000
49 Jamia Millia Islamia 16,150 6,80,000
51 Alliance University 9,00,000 8,30,000

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.

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.

See Also: Top MBA Insurance Colleges in India

MBA Insurance Course Highlights

Course Type Post Graduate
Duration 2 Years
Examination Type Semester wise
Eligibility Graduation in any discipline
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 Eligibility

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).

Check Out: Top MBA/PGDM Exams

MBA Insurance Admission Process

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).

Check Out: Executive MBA Exams

MBA Insurance Entrance Exams

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 Here
MAT  Check Here
SNAP Check Here
IIFT Check Here
IBSAT Check Here
CMAT Check Here
MAH CET Check Here
NMAT Check Here
ATMA Check Here
XAT Check Here
TISSNET Check Here
TANCET Check Here

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.

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.

Related Courses: MBA Risk and Insurance 

MBA Insurance Syllabus

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

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?

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.

Check Out: MBA Banking and Finance Top Colleges

MBA Insurance Scope

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

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
MBA Insurance FAQ

MBA Insurance FAQ 

Ques. What is MBA Insurance?

Ans. MBA Insurance is a 2 year course for post graduates. The course involves advanced learning of liability and corporate risk. The eligibility criteria for MBA Insurance, students must qualify bachelor’s degree with minimum 50% marks in any stream.

Ques. What are the top recruiting companies for MBA in insurance?

Ans. The top recruiting companies for MBA in insurance are:

  • Goldman sachs
  • State bank of india
  • HDFC
  • KPMG
  • Morgan stanley
  • Boston Consulting group
  • Bain & Company
  • JP Morgan Chase & Co.
  • McKinsey & Co.
  • Barclays

Ques. Is distance education available for MBA Insurance?

Ans. Yes, Distance education is available for MBA Insurance. Classes for distance learning are online. You can learn from anywhere in the world.

Ques. Is Distance education for MBA Insurance beneficial?

Ans. You can fit your learning around your work and home life. You get to decide exactly when and where you study. You can gain a degree from anywhere in the world. Distance learning courses often cost less than full-time degrees, so you can save money.

Ques. What is the last date for registration in MBA course in DU?

Ans. The last date for online registration form for admission is August 31, 2022.

Ques. Do companies hire candidates from distance MBA?

Ans. Employers accept distance MBA degrees from accredited schools. The employers have started considering distance MBA equally as the traditional degrees.

Master of Business Administration [MBA] (Insurance) : 10 answered questions

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Ques. How is the insurance business management from the BIMTECH Noida?

● Top Answer By Kriti Karmakar on 19 Apr 21

Ans. The Insurance Business Management (IBM) from BIMTECH Noida is a very high-demand course, especially for those who want to build their career in the financial and the banking sector. It is one of the 4 full-time PGDM courses offered by the institute apart from an executive PGDM course.  Talking about the institute, it has a rich legacy of 30 years of excellence in academics where the faculty are known to be really hardworking. They are very well qualified, many of them have lots of industrial exposure and they bring in their collective knowledge in the classroom studies. Some of the reasons why PGDM in Insurance Business Management from BIMTECH Noida will be beneficial for you are – There are various career paths one can take after doing this course. The students can work as a broker in banks, insurance companies or any financial institution for that matter. The institute is also very popular and is visited by many insurance and banking companies along with financial institutions. BIMTECH is also known for its collaborations with many international organizations, so there won’t be any dearth of opportunities here. You could also try yourself as a financial analyst after doing this course. This course will equip students with knowledge about financial markets, risk management along with the core banking and insurance subjects. Many of the graduates go on to work as consultants in the insurance and banking sector. Apart from that, with its rich academic and research-oriented pedagogy, the institute imparts the necessary skills and training to the students for becoming successful professionals. Thus, without a doubt, this is a very good course with a focused approach towards the sector. The institute, pedagogy, faculty, and facilities are all top-notch and it will help you propel your professional career.Read more
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Ques. Is IIM tag really important in the long run? I have a call from NITIE (PGDIM), IIM Shillong and MDI (HR and IB, PGDM is a little waitlisted). What should be my order of preference?

● Top Answer By Sandeep Goyal on 16 Jan 23

Ans. Let me strike off IIM Shillong from your list of preferences. This is because no matter how well it is doing, it can never compare to the older IIMs and the recruiting companies know that very well. Now let’s look at the other two options. NITIE: This option is a feasible one only if you are interested in Operations. I won’t suggest it for any other domain. MDI Gurgaon: From the alumni base to location advantage, this B School has it all. Now that you have chosen your college, let’s discuss the domain you will be choosing. I will suggest you go for HR only if you are seriously passionate about it. If you are confused between HR and Operations, the best option is the IM course. The PGP-IM of MDI, Gurgaon is the best International management course in India. Its USP is its generic nature making it possible for you to start your career in any domain like marketing, finance, Consulting, or product management.Read more
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Ques. Which is better at BIMTECH in terms of placements: insurance business management or retail?

● Top Answer By Tithi Aggrawal on 19 Apr 23

Ans. Both PGDM-RM and PGDM-IBM are similar in terms of ROI and placement. Both the courses in Bimtech offer good career options. Even in 2020, which was a challenging year, the students of Insurance and Retail were offered some quality profiles by multiple prominent recruiters. Some of the companies are Infosys, TCS, Bajaj Allianz, SBI, Aditya Birla Group, Religare, and H&M. The recent 2022 placement stats: Domain PGDM-IB PGDM- RM Average CTC (2022) 8.95 lakhs 8.90 lakhs Average CTC (2021) 8.01 lakhs 7.95 lakhsRead more
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Ques. Which stream should my sister opt for in BIMTECH Noida for MBA international business or insurance?

● Top Answer By Ishika Malhotra on 10 Nov 22

Ans. She must first evaluate both courses based on her areas of interest. Both courses have advantages and disadvantages. The IBM (insurance) course has a lower fee structure than International Business. The job profiles available for the IBM course are insurance company oriented. In contrast, the job profiles for the IB course range from sales to marketing to finance and HR depending on your specialization. BIMTECH is well-known for its IBM training. The package on offer is also very good. This year's average would be around 6.5, with more than 90% of students placed. It is entirely dependent on your sister's area of interest. She can also look at the institute's website to see what kinds of faculties and subjects are available and then make an informed decision.Read more
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Ques. Which stream should my sister opt for in BIMTECH Noida for MBA, international business or insurance?

● Top Answer By Tithi Aggrawal on 10 May 23

Ans. First, you should ask your sister which subject, foreign business or insurance management, she is more interested in. It is hard to learn about a subject if you do not have an interest in it, no program can help her get the most learnings out of it. So, help your sister to figure out what area she is interested in. Like if she wants to do business in a foreign, she should do foreign business. Help her learn about insurance if she wants to build her job around it. To be honest, both programs have a lot to offer. BIMTECH, Greater Noida is one of the best places to go to college. For a general idea, we can say that PGDM in Foreign Business (PGDM-IB) will teach her how to deal with foreign issues and do business across all borders. She will learn more than just new ways to do business. When she gets her PGDM in Insurance Business Management (PGDM-IBM), she will learn how to manage finances, be able to plan and control the financial resources of any business and take on more responsibilities like these.Read more
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Ques. I am selected in bimtech for pgdm-ibm. Should I go for it?

● Top Answer By Sakshi Jindal on 14 Sept 21

Ans. You should go for BIMTECH IBM (Insurance Business Management) program. It is well-known across India and one of the very few colleges in India offering a course in Insurance. The faculty is highly experienced and the program has a 100% placement rate. You will be placed first among all others on the campus as the majority of the recruiters are Insurance Firms. The average salary package offered for PGDM IBM at BIMTECH lies between the range of 6-7 LPA. Go for it if you are looking forward to a career in the Insurance industry. Read more
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Ques. Which is a better career choice for MBA: BIMTECH (Insurance buisness management) or SIBM Pune (Enterpreneurship and innovation)?

● Top Answer By Aditi Banerjee on 17 Apr 23

Ans. BIMTECH's Insurance Business Management programme or SIBM Pune's Entrepreneurship and Innovation programme, the choice depends on your professional goals. BIMTECH's Insurance Business Management programme gives students a solid insurance and risk management foundation. The programme prepares students for careers in the significant and rising insurance business, which includes underwriting, claims administration, risk analysis, and sales and marketing. SIBM Pune's Entrepreneurship and Innovation programme is for students interested in launching their own businesses or working in entrepreneurial contexts. The programme teaches how to find new business possibilities, write business strategies, and run a profitable business. Both programmes have great job opportunities, but they impart different skills and knowledge. BIMTECH's Insurance Business Management programme is ideal for insurance professionals. If you want to establish a business or work in an entrepreneurial setting, then SIBM Pune's Entrepreneurship & Innovation programme is better. Consider your strengths, interests, and career goals before making a decision though.Read more
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Ques. How good is bimtech for PGDM in IBM?

● Top Answer By Sushant Taneja on 01 Jul 21

Ans. You should join the course at IBM without any second thoughts. Try to do a bit more research about the PGDM course that you want to pursue. 117 companies offered placement opportunities to the students enrolled in the PGDM course at IBM. The institute also has witnessed involvement from international recruiters like RAK Ceramics, Landmark (Home Centre), and a few more who offered job roles and opportunities across Sales, Marketing, Retail, and Operations. Placements at BIMTECH have been seeing an improvement in the domestic package offered by 12.50% with the highest package offered to be INR 18 Lakhs per annum and international packages by 15% with the highest package offered to be INR 23.00 Lakhs per annum. In BIMTECH, you will get a good ROI and will surely be recruited by a good company before the course gets over.Read more
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Ques. I got a call letter from BIMTECH (IBM) and IFMR Chennai. Which is the better option?

● Top Answer By Bidita Ghose on 28 Apr 23

Ans. The college you want to choose depends upon what are your future plans, if you are planning to do specialization in finance then IFMR Chennai would be a good option, as IFMR Chennai is famous for its finance courses and if you are planning to do specialization in foreign subjects like foreign strategy and foreign trades then you should go with BIMTECH (IBM).Read more
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Ques. Which one should I choose, IMT Nagpur (marketing) or BIMTECH (insurance business management)?

● Top Answer By Tithi Aggrawal on 03 Jun 23

Ans. Choosing between these two colleges and courses IMT Nagpur's Marketing program or BIMTECH's Insurance Business Management program highly depends on your interests and your career aspirations. If you want your career in marketing and you see yourself working as a marketing professional you should choose IMT Nagpur and vice-versa.Read more
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