How do I become a good risk analyst?

To become a good risk analyst, a person should pursue a bachelor's degree that gives them the best finance and risk management principles. The skills needed to be a good risk analyst include financial knowledge and problem-solving.

How long does it take to become a risk analyst?

It takes about four years to become a risk analyst. While this role is an entry-level position, it does require a bachelor's degree, which typically takes four years to receive. To become a risk management analyst, there are several educational pathways that a person can explore. One of the most common ways to become a risk analyst is to pursue a bachelor's degree in finance or a finance-related degree, such as statistics or risk management. This traditional educational route takes about four years to complete.

How much do risk analysts make?

Risk analysts make around $70,000 a year. The average salary range that risk analysts earn is between $49,000 and over $100,000 in a year. However, many factors influence a risk analyst's salary. This includes location, experience, and company. In addition to salary, insurance risk analysts have the opportunity to earn income from bonuses and profit-sharing opportunities.

What is the salary of a risk analyst?

A risk analyst's salary is around $70,000 a year. The average salary range that insurance risk analysts earn is between $49,000 and over $100,000 in a year. However, many factors influence a risk analyst's salary. This includes location, experience, and company. In addition to salary, insurance risk analysts have the opportunity to earn income from bonuses and profit-sharing opportunities.

What should I major in to become a risk analyst?

You should major in finance, economics, or statistics to become a risk analyst. Other common majors for risk analysts include accounting, business, and mathematics. Most of these programs include courses in risk management, data analysis, and investment, which provide important information that risk analysts need to perform their job duties.

What is a risk analyst and how to become one

Updated January 8, 2025

4 min read

Quoted expert

Dr. Todd Steen

A risk analyst assesses the potential risks and threats for an organization's operations, reputation, and financial stability. They analyze data and conduct research to identify potential hazards, evaluate their likelihood and severity, and develop strategies to mitigate them. Risk analysts work in industries such as finance, insurance, healthcare, and government. They use statistical models, financial analysis, and other tools to evaluate risk exposure. The role requires analytical skills, attention to detail, and communication.

What general advice would you give to a risk analyst?

Dr. Todd Steen

The Granger Professor of Economics, Hope College

Given the situation with the COVID-19 virus, I believe having an economics degree will be more valuable than ever. Graduates will be prepared for a variety of conditions and have excellent problem-solving skills. The pandemic will lead to many new situations, that firms will have to face, that have economic implications. I believe that economics degrees will be in high demand.

My advice to graduates in economics would be to gain experience with various tools for data analysis. I would also advise graduates to start reading as much as possible in newspapers, such as The Wall Street Journal and other economics and business periodicals. At the same time, keep up with the news of the day at places like Real Clear Politics. Things will be changing fast, and it will be essential to keep on top of these changes.

ScoreRisk AnalystUS Average

Salary

6.4

Avg. Salary $81,484

Avg. Salary $59,228

Stability level

5.8

Growth rate 9%

Growth rate 0.3%

Diversity

5.5

Race

American Indian and Alaska Native 0.10%

Asian 14.09%

Black or African American 5.64%

Hispanic or Latino 7.67%

Unknown 4.50%

White 68.00%

Gender

female 46.60%

male 53.40%

Age - 38

Race

American Indian and Alaska Native 3.00%

Asian 7.00%

Black or African American 14.00%

Hispanic or Latino 19.00%

White 57.00%

Gender

female 47.00%

male 53.00%

Age - 38

Stress level

5.8

Stress level is manageable

7.1 - high

Complexity level

8.6

Complexity level is advanced

7 - challenging

Work life balance

4.3

Work life balance is poor

6.4 - fair

What are the pros and cons of being a risk analyst?

Pros

High demand for risk analysts in various industries
Good salary and benefits packages
Opportunities for advancement and career growth
Chance to work with diverse teams and departments
Flexibility in work arrangements and schedules

Cons

Can be a high-pressure job with tight deadlines and long hours
Can involve working with complex data and systems, which may require specialized training
Risk predictions can sometimes be inaccurate, leading to costly mistakes or missed opportunities
Can be emotionally challenging when faced with unfavorable outcomes or decisions
Can be stressful when dealing with high-risk situations or crises

Key steps to become a risk analyst

Explore risk analyst education requirements

Most common risk analyst degrees

Bachelor's

70.7 %

Master's

16.4 %

Associate

7.5 %

Start to develop specific risk analyst skills

Skills	Percentages
Risk Management	19.31%
Risk Assessments	5.87%
PowerPoint	5.51%
Portfolio	4.96%
Data Analysis	3.54%

Complete relevant risk analyst training and internships

Accountants spend an average of 6-12 months on post-employment, on-the-job training. New risk analysts learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a risk analyst based on U.S. Bureau of Labor Statistics data and data from real risk analyst resumes.

Research risk analyst duties and responsibilities

Create programs in Java to automate trade execution and ensure market clear downloads are facilitate by the same.
Manage financial derivative models to ensure accurate calculation, structure and pricing.
Manage investigation and reporting of occurrences to applicable regulatory agencies when indicate and facilitate disclosure to patients and families.
Manage litigation through appropriate selection of counsel, developing strategic action plans a while monitoring an active trial calendar.

Prepare your risk analyst resume

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