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Working as a Chief Risk Officer

There is more than meets the eye when it comes to being a chief risk officer. For example, did you know that they make an average of $60.07 an hour? That's $124,948 a year!

Between 2018 and 2028, the career is expected to grow 16% and produce 104,700 job opportunities across the U.S.

What Does a Chief Risk Officer Do

There are certain skills that many chief risk officers have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed detail oriented, math skills and organizational skills.

When it comes to the most important skills required to be a chief risk officer, we found that a lot of resumes listed 17.7% of chief risk officers included procedures, while 7.3% of resumes included risk management, and 6.9% of resumes included oversight. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.

When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the chief risk officer job title. But what industry to start with? Most chief risk officers actually find jobs in the finance and insurance industries.

How To Become a Chief Risk Officer

If you're interested in becoming a chief risk officer, one of the first things to consider is how much education you need. We've determined that 44.9% of chief risk officers have a bachelor's degree. In terms of higher education levels, we found that 33.1% of chief risk officers have master's degrees. Even though most chief risk officers have a college degree, it's possible to become one with only a high school degree or GED.

Choosing the right major is always an important step when researching how to become a chief risk officer. When we researched the most common majors for a chief risk officer, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on chief risk officer resumes include doctoral degree degrees or associate degree degrees.

You may find that experience in other jobs will help you become a chief risk officer. In fact, many chief risk officer jobs require experience in a role such as vice president. Meanwhile, many chief risk officers also have previous career experience in roles such as senior vice president or risk manager.

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Average Salary$124,948
Job Growth Rate16%

Chief Risk Officer Career Paths

Top Careers Before Chief Risk Officer

Top Careers After Chief Risk Officer

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Average Salary for a Chief Risk Officer

Chief Risk Officers in America make an average salary of $124,948 per year or $60 per hour. The top 10 percent makes over $183,000 per year, while the bottom 10 percent under $84,000 per year.
Average Salary
$124,948

Best Paying Cities

City
Average Salary
Jersey City, NJ
Salary Range127k - 239k$175k$175,016
Burlingame, CA
Salary Range112k - 210k$154k$154,004
New York, NY
Salary Range111k - 208k$152k$152,260
Washington, DC
Salary Range107k - 199k$146k$146,348
McLean, VA
Salary Range100k - 187k$137k$137,350
Boston, MA
Salary Range101k - 185k$137k$137,225
$67k
$239k

Recently Added Salaries

Job TitleCompanyCompanyStart DateSalary
Unit Chief, Risk Factors and Nutrition
Unit Chief, Risk Factors and Nutrition
World Health Organization
World Health Organization
11/14/2020
11/14/2020
$88,16211/14/2020
$88,162
DEP Chief Ethics, Risk, and Compliance Officer
DEP Chief Ethics, Risk, and Compliance Officer
MTA
MTA
10/28/2020
10/28/2020
$101,37910/28/2020
$101,379
Chief Privacy Officer, Center for Facilities, Risk, and Adjudication (WMS Band 2) Doh4959
Chief Privacy Officer, Center for Facilities, Risk, and Adjudication (WMS Band 2) Doh4959
State of Washington
State of Washington
06/27/2020
06/27/2020
$79,94406/27/2020
$79,944
Chief Privacy Officer, Center for Facilities, Risk, and Adjudication (WMS Band 2) Doh4959
Chief Privacy Officer, Center for Facilities, Risk, and Adjudication (WMS Band 2) Doh4959
State of Washington
State of Washington
05/24/2020
05/24/2020
$79,94405/24/2020
$79,944
Chief Privacy Officer, Center for Facilities, Risk, and Adjudication (WMS Band 2) Doh4959
Chief Privacy Officer, Center for Facilities, Risk, and Adjudication (WMS Band 2) Doh4959
Washington State
Washington State
05/23/2020
05/23/2020
$79,94405/23/2020
$79,944
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Chief Risk Officer Demographics

Gender

male

64.4 %

female

28.1 %

unknown

7.5 %

Ethnicity

White

67.1 %

Hispanic or Latino

13.1 %

Asian

10.1 %

Foreign Languages Spoken

Spanish

33.3 %

Chinese

9.5 %

French

9.5 %
See More Demographics

Chief Risk Officer Education

Majors

Finance
26.1 %
Business
20.2 %

Degrees

Bachelors

44.9 %

Masters

33.1 %

Certificate

6.7 %

Top Colleges for Chief Risk Officers

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

2. Northwestern University

Evanston, IL • Private

In-State Tuition
$54,568
Enrollment
8,451

3. University of Southern California

Los Angeles, CA • Private

In-State Tuition
$56,225
Enrollment
19,548

4. SUNY at Binghamton

Vestal, NY • Public

In-State Tuition
$9,808
Enrollment
13,990

5. Villanova University

Villanova, PA • Private

In-State Tuition
$53,308
Enrollment
6,819

6. San Diego State University

San Diego, CA • Public

In-State Tuition
$7,488
Enrollment
30,018

7. Bentley University

Waltham, MA • Private

In-State Tuition
$49,880
Enrollment
4,177

8. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238

9. SUNY Stony Brook

Stony Brook, NY • Public

In-State Tuition
$9,625
Enrollment
17,407

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339
See More Education Info
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Internship
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Top Skills For a Chief Risk Officer

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 17.7% of chief risk officers listed procedures on their resume, but soft skills such as detail oriented and math skills are important as well.

Best States For a Chief Risk Officer

Some places are better than others when it comes to starting a career as a chief risk officer. The best states for people in this position are Hawaii, New Jersey, New York, and California. Chief risk officers make the most in Hawaii with an average salary of $164,546. Whereas in New Jersey and New York, they would average $158,500 and $143,126, respectively. While chief risk officers would only make an average of $138,874 in California, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. New York

Total Chief Risk Officer Jobs:
246
Highest 10% Earn:
$230,000
Location Quotient:
1.73
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. New Jersey

Total Chief Risk Officer Jobs:
104
Highest 10% Earn:
$246,000
Location Quotient:
1.25
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. Delaware

Total Chief Risk Officer Jobs:
32
Highest 10% Earn:
$207,000
Location Quotient:
3.63
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
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Top Chief Risk Officer Employers

1. Morgan Stanley
4.9
Avg. Salary: 
$121,697
Chief Risk Officers Hired: 
23+
2. Comerica
4.9
Avg. Salary: 
$104,251
Chief Risk Officers Hired: 
22+
3. SunTrust Banks
4.8
Avg. Salary: 
$121,698
Chief Risk Officers Hired: 
17+
4. UBS
4.8
Avg. Salary: 
$106,573
Chief Risk Officers Hired: 
15+
5. BBVA Compass
4.8
Avg. Salary: 
$106,375
Chief Risk Officers Hired: 
12+
6. U.S. Security
4.3
Avg. Salary: 
$52,097
Chief Risk Officers Hired: 
9+
Updated October 2, 2020