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The differences between risk analysts and business analysts can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a risk analyst and a business analyst. Additionally, a risk analyst has an average salary of $81,484, which is higher than the $74,431 average annual salary of a business analyst.
The top three skills for a risk analyst include risk management, risk assessments and powerpoint. The most important skills for a business analyst are project management, data analysis, and business analysis.
| Risk Analyst | Business Analyst | |
| Yearly salary | $81,484 | $74,431 |
| Hourly rate | $39.17 | $35.78 |
| Growth rate | 9% | 9% |
| Number of jobs | 71,284 | 170,514 |
| Job satisfaction | - | 4 |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 71% |
| Average age | 40 | 44 |
| Years of experience | 4 | 4 |
As a risk analyst, you will oversee the identification, assessment, and monitoring of risks that your company has been exposed to. You will evaluate financial documents, potential clients, and economic conditions to determine the level of risk in business decisions. You will be responsible for aggregating data from several sources to develop a comprehensive assessment and create reports, processes, and presentations to better present results. You are also expected to work closely with other team members to analyze and show data effectively.
Business analysts are employees who are responsible for interpreting business data and coming up with business solutions. They are well-versed in whatever business the company is in, and they have strong business acumen. They collect data related to the business and then interpret and analyze the data. Business analysts should be able to conduct different levels of analyses and must also be able to create a sound study. Once the analysis is done, they provide recommendations or strategic direction to decision-makers that will help the business become sustainable and grow.
Risk analysts and business analysts have different pay scales, as shown below.
| Risk Analyst | Business Analyst | |
| Average salary | $81,484 | $74,431 |
| Salary range | Between $59,000 And $112,000 | Between $53,000 And $103,000 |
| Highest paying City | San Francisco, CA | Mountain View, CA |
| Highest paying state | Connecticut | Washington |
| Best paying company | The Citadel | The Citadel |
| Best paying industry | Manufacturing | Finance |
There are a few differences between a risk analyst and a business analyst in terms of educational background:
| Risk Analyst | Business Analyst | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Stanford University |
Here are the differences between risk analysts' and business analysts' demographics:
| Risk Analyst | Business Analyst | |
| Average age | 40 | 44 |
| Gender ratio | Male, 53.4% Female, 46.6% | Male, 53.9% Female, 46.1% |
| Race ratio | Black or African American, 5.6% Unknown, 4.5% Hispanic or Latino, 7.7% Asian, 14.1% White, 68.0% American Indian and Alaska Native, 0.1% | Black or African American, 6.2% Unknown, 4.7% Hispanic or Latino, 8.8% Asian, 12.0% White, 67.7% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 11% |