Risk Analysts work in the financial sector and are responsible for creating the conditions for making informed business decisions. They analyze financial documents and economic conditions to be able to determine the level of risk involved in planned business activities.
Banks and insurance companies would not be able to function without the work of risk analysts. Other organizations handling large amounts of money are likely to hire them as well, such as investment firms or accounting companies. As a risk analyst, you will work regular hours in an office environment and earn handsomely.
You will need to have a degree in a finance or business-related field to be considered for this position. You will have to be intimately familiar with terms such as credit risk, equity delta risk, interest rate risk, and the like.
You will work together with treasury and finance staff and learn everything about the market that remains obscure not only to traders but, it seems safe to assume, to most of us.
There is more than meets the eye when it comes to being a risk analyst. For example, did you know that they make an average of $37.38 an hour? That's $77,749 a year!
Between 2018 and 2028, the career is expected to grow 6% and produce 20,300 job opportunities across the U.S.
There are certain skills that many risk analysts 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 computer skills, time-management skills and interpersonal skills.
When it comes to the most important skills required to be a risk analyst, we found that a lot of resumes listed 17.5% of risk analysts included risk management, while 12.1% of resumes included procedures, and 5.0% of resumes included data analysis. 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 risk analyst job title. But what industry to start with? Most risk analysts actually find jobs in the finance and insurance industries.
If you're interested in becoming a risk analyst, one of the first things to consider is how much education you need. We've determined that 70.7% of risk analysts have a bachelor's degree. In terms of higher education levels, we found that 16.4% of risk analysts have master's degrees. Even though most risk analysts 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 risk analyst. When we researched the most common majors for a risk analyst, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on risk analyst resumes include associate degree degrees or high school diploma degrees.
You may find that experience in other jobs will help you become a risk analyst. In fact, many risk analyst jobs require experience in a role such as internship. Meanwhile, many risk analysts also have previous career experience in roles such as customer service representative or analyst.