Risk management analysts comb through the finances, standard operating procedures, and organization charts of a business to identify weaknesses and propose options for improvement. They often work as consultants and consult with multiple companies, or travel across the country to better understand how different branches operate and where they're failing. In fact, most management analysts travel frequently, and one in four said they work more than 40 hours a week, according the Bureau of Labor Statistics.
People who enter the risk management field need a comprehensive understanding of utility economics and regulations, and should be able to draw conclusions and pitch ideas based off of analysis sheets and statistics. These people tend to be more logical and business-minded in order to make the best decisions for the organization, whether they're popular or not.
Risk Management Job Education Requirements
The majority of risk management analysts have at least a bachelor's degree, while a Certified Management Consultant (CMC) designation can be obtained for greater job prospects. This certification works in place of a Master's degree and shows experience and commitment to the field. Oftentimes, people in these positions are called management consultants, and come from management positions in the sales or finance departments of major corporations.
Risk Management Job Market
This field is growing faster than other industries and will see a 19% growth (an additional 133,800 jobs) in the next 10 years. Increasing efficiency is a constant goal for businesses and many companies are starting to see the value of bringing in a third party in to offer fresh eyes. No matter the economy, there are always opportunities to save money, which is why both failing and profitable businesses turn to risk analysts to pull back the books and offer ideas for improvement.
Risk Management Job Salary Information
Risk analysts make an average of $37/hr or $78,000 a year. Similar jobs include Accountants and Auditors, who tend to focus on financial records and make sure taxes are paid on time. They have a median salary of $63,550 annually. Another alternative for risk management analysts is a Cost Analyst, who has an average salary of $58,860 a year. They work to estimate the time, cost, and labor required to create something, like a new project or building. They're often brought in before the creation, while risk analysts come in later to save the day.
Logical people who are good with numbers and enjoy problem solving will enjoy a career as a risk management analyst.