Risk and insurance consultant vs management consultant

The differences between risk and insurance consultants and management consultants can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a risk and insurance consultant, becoming a management consultant takes usually requires 2-4 years. Additionally, a management consultant has an average salary of $99,360, which is higher than the $90,307 average annual salary of a risk and insurance consultant.

The top three skills for a risk and insurance consultant include financial services, risk assessments and portfolio. The most important skills for a management consultant are healthcare, project management, and portfolio.

Risk and insurance consultant vs management consultant overview

	Risk And Insurance Consultant	Management Consultant
Yearly salary	$90,307	$99,360
Hourly rate	$43.42	$47.77
Growth rate	11%	11%
Number of jobs	61,774	153,045
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 67%	Bachelor's Degree, 67%
Average age	43	44
Years of experience	6	4

What does a risk and insurance consultant do?

A risk and insurance consultant is a person whose job is to advise organizations and companies on what might happen in the future and how to deal with it. They advise the management on the next steps and possible outcomes. A risk and insurance consultant does research and calculations and uses that to predict or solve financial or risk issues.

What does a management consultant do?

A management consultant's responsibility focuses on conducting an in-depth analysis of a company or business, including its target market. Through their findings, they can devise strategies that will help the business grow and attain a significant profit. There are also instances when a management consultant must solve particular issues that will require them to investigate the problem, assess damages, identify risks, and recommend the best solutions to take. Furthermore, a management consultant must adhere to the company's vision, mission, and policies at all times.

Risk and insurance consultant vs management consultant salary

Risk and insurance consultants and management consultants have different pay scales, as shown below.

	Risk And Insurance Consultant	Management Consultant
Average salary	$90,307	$99,360
Salary range	Between $69,000 And $117,000	Between $72,000 And $136,000
Highest paying City	San Francisco, CA	Jersey City, NJ
Highest paying state	Rhode Island	New Jersey
Best paying company	McKinsey & Company Inc	Apple
Best paying industry	Insurance	Technology

Differences between risk and insurance consultant and management consultant education

There are a few differences between a risk and insurance consultant and a management consultant in terms of educational background:

	Risk And Insurance Consultant	Management Consultant
Most common degree	Bachelor's Degree, 67%	Bachelor's Degree, 67%
Most common major	Business	Business
Most common college	University of Pennsylvania	Northwestern University

Risk and insurance consultant vs management consultant demographics

Here are the differences between risk and insurance consultants' and management consultants' demographics:

	Risk And Insurance Consultant	Management Consultant
Average age	43	44
Gender ratio	Male, 67.7% Female, 32.3%	Male, 65.9% Female, 34.1%
Race ratio	Black or African American, 8.6% Unknown, 3.9% Hispanic or Latino, 9.6% Asian, 10.0% White, 67.6% American Indian and Alaska Native, 0.3%	Black or African American, 8.1% Unknown, 4.5% Hispanic or Latino, 8.9% Asian, 13.6% White, 64.8% American Indian and Alaska Native, 0.2%
LGBT Percentage	4%	12%

Differences between risk and insurance consultant and management consultant duties and responsibilities

Risk and insurance consultant example responsibilities.

Manage litigation through appropriate selection of counsel, developing strategic action plans a while monitoring an active trial calendar.
Implement the forecasting models in SAS.
Monitor business line compliance to credit policy, exceptions to policy, underwriting standards and portfolio management.
Identify and capture risk factors, including idiosyncratic and macroeconomic to support capital assessment, portfolio management and business decisions.
Define and document a new application architecture which load client databases with properly format data using in-house develop Java ETL applications.
Process subpoenas, arrange depositions, process statutory requests for medical records and review medical records prior to depositions.

Management consultant example responsibilities.

Streamline and program manage operations for end-to-end creation of all assets using Smartsheet.
Lead daily agile scrum meetings towards the end of the development phase of the project.
Monitor and control project schedule for SaaS product to achieve project deliveries in at least 95th percentile.
Lead teams in implementation of value map streaming, ISO 9000 and waste reduction in manufacturing process.
Manage functional design team activities using baseline scope document information and develop process standards in line with SDLC methodologies.
Develop light-weight (fast) proprietary cloud-base licensing engine and UI to manage and track end user subscription licenses.

Risk and insurance consultant vs management consultant skills

Common risk and insurance consultant skills

Financial Services, 7%
Risk Assessments, 7%
Portfolio, 6%
PowerPoint, 6%
Internal Audit, 4%
SAS, 4%

Common management consultant skills

Healthcare, 9%
Project Management, 7%
Portfolio, 6%
Business Process, 5%
Business Strategy, 5%
Business Development, 4%

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Risk And Insurance Consultant vs Management Consultant

Updated January 8, 2025

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