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Become A Risk Analyst

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Working As A Risk Analyst

  • Getting Information
  • Communicating with Supervisors, Peers, or Subordinates
  • Establishing and Maintaining Interpersonal Relationships
  • Analyzing Data or Information
  • Organizing, Planning, and Prioritizing Work
  • Deal with People

  • Mostly Sitting

  • $80,710

    Average Salary

What Does A Risk Analyst Do

Management analysts, often called management consultants, propose ways to improve an organization’s efficiency. They advise managers on how to make organizations more profitable through reduced costs and increased revenues.

Duties

Management analysts typically do the following:

  • Gather and organize information about the problem to be solved or the procedure to be improved
  • Interview personnel and conduct onsite observations to determine the methods, equipment, and personnel that will be needed
  • Analyze financial and other data, including revenue, expenditure, and employment reports
  • Develop solutions or alternative practices
  • Recommend new systems, procedures, or organizational changes
  • Make recommendations to management through presentations or written reports
  • Confer with managers to ensure changes are working

Although some management analysts work for the organization that they analyze, most work as consultants on a contractual basis. 

Whether they are self-employed or part of a large consulting company, the work of a management analyst may vary from project to project. Some projects require a team of consultants, each specializing in one area. In other projects, consultants work independently with the client organization’s managers.

Management analysts often specialize in certain areas, such as inventory management or reorganizing corporate structures to eliminate duplicate and nonessential jobs. Some consultants specialize in a specific industry, such as healthcare or telecommunications. In government, management analysts usually specialize by type of agency.

Organizations hire consultants to develop strategies for entering and remaining competitive in today’s marketplace.

Management analysts who work on contract may write proposals and bid for jobs. Typically, an organization that needs the help of a management analyst solicits proposals from a number of consultants and consulting companies that specialize in the needed work. Those who want the work must then submit a proposal by the deadline that explains how the consultant will do the work, who will do the work, why they are the best consultants to do the work, what the schedule will be, and how much it will cost. The organization that needs the consultants then selects the proposal that best meets its needs and budget.

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How To Become A Risk Analyst

Most management analysts have at least a bachelor’s degree. The Certified Management Consultant (CMC) designation may improve job prospects.

Education

A bachelor’s degree is the typical entry-level requirement for management analysts. However, some employers prefer to hire candidates who have a master’s degree in business administration (MBA).

Few colleges and universities offer formal programs in management consulting. However, many fields of study provide a suitable education because of the range of areas that management analysts address. Common fields of study include business, management, economics, political science and government, accounting, finance, marketing, psychology, computer and information science, and English.

Analysts also routinely attend conferences to stay up to date on current developments in their field.

Licenses, Certifications, and Registrations

The Institute of Management Consultants USA (IMC USA) offers the Certified Management Consultant (CMC) designation to those who meet minimum levels of education and experience, submit client reviews, and pass an interview and exam covering the IMC USA’s code of ethics. Management consultants with a CMC designation must be recertified every 3 years. Management analysts are not required to get certification, but it may give jobseekers a competitive advantage.

Work Experience in a Related Occupation

Many analysts enter the occupation with several years of work experience. Organizations that specialize in certain fields typically try to hire candidates who have experience in those areas. Typical work backgrounds include experience in management, human resources, and information technology. 

Advancement

As consultants gain experience, they often take on more responsibility. At the senior level, consultants may supervise teams working on more complex projects and become more involved in seeking out new business. Those with exceptional skills may eventually become partners in their consulting organization and focus on attracting new clients and bringing in revenue. Senior consultants who leave their consulting company often move to senior management positions at nonconsulting organizations.

Important Qualities

Analytical skills. Management analysts must be able to interpret a wide range of information and use their findings to make proposals.

Communication skills. Management analysts must be able to communicate clearly and precisely in both writing and speaking. Successful analysts also need good listening skills to understand the organization’s problems and propose appropriate solutions.

Interpersonal skills. Management analysts must work with managers and other employees of the organizations where they provide consulting services. They should work as a team toward achieving the organization’s goals. 

Problem-solving skills. Management analysts must be able to think creatively to solve clients’ problems. Although some aspects of different clients’ problems may be similar, each situation is likely to present unique challenges for the analyst to solve.

Time-management skills. Management analysts often work under tight deadlines and must use their time efficiently to complete projects on time.

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Risk Analyst Jobs

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Risk Analyst Career Paths

Risk Analyst
Senior Risk Analyst Assistant Vice President Senior Business Analyst
Analytical Manager
9 Yearsyrs
Investment Analyst Operations Manager Supply Chain Manager
Business Process Manager
10 Yearsyrs
Investment Analyst Finance Analyst Assistant Controller
Controls Manager
7 Yearsyrs
Business Analyst Senior Finance Analyst
Manager Finance Planning And Analysis
8 Yearsyrs
Risk Manager Human Resources Manager Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Compliance Analyst Senior Analyst Manager Finance Planning And Analysis
Performance Manager
8 Yearsyrs
Assistant Vice President Project Manager Program Manager
Portfolio Manager
7 Yearsyrs
Senior Finance Analyst Senior Pricing Analyst
Pricing Manager
7 Yearsyrs
Senior Analyst Quality Assurance Lead Quality Manager
Process Improvement Manager
10 Yearsyrs
Compliance Analyst Business Analyst Senior Analyst
Research Manager
6 Yearsyrs
Senior Risk Analyst Risk Manager
Risk Management Director
10 Yearsyrs
Senior Finance Analyst Assistant Vice President
Risk Manager
8 Yearsyrs
Business Analyst Senior Analyst Senior Finance Analyst
Senior Finance Manager
11 Yearsyrs
Quality Control Manager Compliance Manager Subcontracts Manager
Senior Managed
7 Yearsyrs
Senior Analyst Program Manager Business Development Director
Solutions Director
13 Yearsyrs
Senior Business Analyst Marketing Manager Social Media Manager
Strategist
7 Yearsyrs
Assistant Vice President Manager, Assistant Vice President
Vice President And Manager
10 Yearsyrs
Risk Manager Senior Manager Product Management Director
Vice President-Products
13 Yearsyrs
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Risk Analyst Demographics

Gender

Male

50.1%

Female

43.6%

Unknown

6.3%
Ethnicity

White

52.1%

Asian

17.2%

Hispanic or Latino

15.7%

Black or African American

10.6%

Unknown

4.3%
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Foreign Languages Spoken

Spanish

37.2%

Mandarin

12.6%

Chinese

9.8%

French

9.3%

Portuguese

4.2%

Arabic

4.2%

Hindi

2.8%

Italian

2.8%

German

2.8%

Russian

1.9%

Cantonese

1.9%

Japanese

1.9%

Urdu

1.9%

Carrier

1.4%

Romanian

0.9%

Somali

0.9%

Yoruba

0.9%

Thai

0.9%

Hebrew

0.9%

Polish

0.9%
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Risk Analyst Education

Schools

University of Phoenix

13.2%

University of Houston

6.6%

Wilmington University

5.8%

University of Texas at Austin

5.8%

University of Connecticut

5.8%

Columbia University

5.0%

Pennsylvania State University

4.7%

Boston University

4.7%

Texas A&M University

4.5%

New York University

4.2%

University of Delaware

4.2%

Northeastern University

4.2%

University of Chicago

4.2%

Ohio State University

4.0%

Fordham University

4.0%

Cornell University

4.0%

Florida State University

4.0%

Franklin University

3.7%

University of Texas at San Antonio

3.7%

Arizona State University

3.7%
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Majors

Business

25.1%

Finance

24.4%

Accounting

7.9%

Economics

5.3%

Management

5.2%

Criminal Justice

3.6%

Mathematics

3.1%

Statistics

3.0%

Computer Science

2.7%

Law

2.5%

Communication

2.4%

Political Science

2.4%

Psychology

1.9%

Marketing

1.9%

Management Science

1.7%

Education

1.5%

Management Information Systems

1.5%

Computer Information Systems

1.4%

Information Technology

1.2%

Applied Mathematics

1.2%
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Degrees

Bachelors

41.8%

Masters

34.8%

Other

12.6%

Associate

4.0%

Doctorate

3.5%

Certificate

2.7%

Diploma

0.4%

License

0.2%
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Real Risk Analyst Salaries

Job Title Company Location Start Date Salary
Risk Analyst Lead, Model Validation Governance AIG Employee Services, Inc. New York, NY Jul 18, 2016 $172,037
Risk Analyst 3 EBAY, Inc. San Jose, CA May 04, 2015 $170,000
Financial Risk Analyst MJ Boyd LLC New York, NY Nov 21, 2016 $166,000
Financial Risk Analyst MJ Boyd LLC New York, NY Nov 23, 2015 $165,000
Risk Analyst King Street Capital Management, L.P. New York, NY Jun 21, 2016 $165,000
Risk Analyst 6 Bill Me Later, Inc. Timonium, MD Jun 15, 2015 $162,000
Risk Analyst Balyasny Asset Management, L.P. New York, NY Oct 02, 2016 $160,000
Risk Analyst Balyasny Asset Management New York, NY Aug 28, 2015 $160,000
Quantitative Risk Analyst, Internal Audit Barclays Services Corp New York, NY Nov 14, 2016 $158,300
Risk Analyst Bluemountain Capital Management LLC New York, NY Aug 28, 2015 $155,000
Risk Analyst-Structured Products Gravitas Technology Services, LLC New York, NY Oct 05, 2016 $154,690
Risk Analyst Saba Capital Management, LP New York, NY Sep 09, 2015 $154,690
Risk Analyst 5 Paypal, Inc. San Jose, CA Jan 23, 2015 $150,631
Trading Risk Analyst AQR Capital Management, LLC Greenwich, CT Apr 21, 2016 $150,000 -
$170,000
Risk Analyst Balyasny Asset Management Chicago, IL Nov 25, 2015 $98,800
Fraud Risk Analyst Citicorp Credit Services, Inc. (USA) Islandia, NY Jan 09, 2016 $97,500
Risk & Payments Analyst Facebook, Inc. Menlo Park, CA Aug 09, 2016 $96,387 -
$116,387
Risk Analyst Inovant, LLC Austin, TX Jul 09, 2016 $96,250 -
$106,250
Risk Analyst Moore Capital Management, LP New York, NY Dec 23, 2016 $95,200 -
$115,000
Quantitative Risk Analyst OFI Global Asset Management, Inc. New York, NY Aug 07, 2015 $95,100 -
$111,400
Risk Analyst 2 Paypal, Inc. San Jose, CA Jun 10, 2015 $95,040
Project Risk Analyst Parsons Brinckerhoff Inc. San Francisco, CA Sep 25, 2015 $95,014
Junior Quantitative Risk Analyst The Bank of New York Mellon New York, NY Nov 30, 2015 $82,000
Junior Quantitative Risk Analyst The Bank of New York Mellon Pittsburgh, PA Jun 30, 2015 $82,000
Risk Analyst Aecom Technical Services, Inc. New York, NY Apr 29, 2015 $81,058
Enterprise Risk Analyst III Santander Bank, N.A. Boston, MA Sep 03, 2015 $81,000 -
$101,000
Risk Analyst AIG PC Global Services, Inc. New York, NY Jun 18, 2015 $80,500
Risk Analyst 2 Paypal, Inc. San Jose, CA Sep 05, 2016 $80,438 -
$105,000
Risk Analyst State Street Bank and Trust Company Boston, MA Aug 22, 2016 $80,163 -
$95,163

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Top Skills for A Risk Analyst

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  1. Risk Management
  2. Financial Statements
  3. Compliance
You can check out examples of real life uses of top skills on resumes here:
  • Corresponded with property management to monitor risk management issues and determine solutions; Reviewed initial incident reports and researched all information.
  • Assembled and summarized data from financial statements to structure sophisticated reports on financial credits and status.
  • Conducted reviews of new and existing security and operating system technologies to ensure compliance with published security policies.
  • Responded to audit findings and validated existing risk monitoring procedures are in compliance with internal audit, legal and regulatory requirements.
  • Managed economic indicator data and conducted detailed risk analysis on portfolio allocation strategies using over 5,000 iterations for regulatory purpose.

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Top 10 Best States for Risk Analysts

  1. District of Columbia
  2. Connecticut
  3. California
  4. New York
  5. New Jersey
  6. Alaska
  7. Texas
  8. Maryland
  9. New Hampshire
  10. Rhode Island
  • (938 jobs)
  • (443 jobs)
  • (4,369 jobs)
  • (2,105 jobs)
  • (955 jobs)
  • (49 jobs)
  • (2,424 jobs)
  • (1,033 jobs)
  • (134 jobs)
  • (149 jobs)

Top Risk Analyst Employers

Jobs From Top Risk Analyst Employers

Risk Analyst Videos

Career Advice on becoming a Finance Manager by Sarah B (Full Version)

Career Advice on becoming a Risk Manager by Martyn R (Highlights)

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