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The differences between risk and insurance consultants and risk analysts 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 risk analyst takes usually requires 2-4 years. Additionally, a risk and insurance consultant has an average salary of $90,307, which is higher than the $81,484 average annual salary of a risk analyst.
The top three skills for a risk and insurance consultant include financial services, risk assessments and portfolio. The most important skills for a risk analyst are risk management, risk assessments, and powerpoint.
| Risk And Insurance Consultant | Risk Analyst | |
| Yearly salary | $90,307 | $81,484 |
| Hourly rate | $43.42 | $39.17 |
| Growth rate | 11% | 9% |
| Number of jobs | 61,774 | 71,284 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 71% |
| Average age | 43 | 40 |
| Years of experience | 6 | 4 |
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.
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.
Risk and insurance consultants and risk analysts have different pay scales, as shown below.
| Risk And Insurance Consultant | Risk Analyst | |
| Average salary | $90,307 | $81,484 |
| Salary range | Between $69,000 And $117,000 | Between $59,000 And $112,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | Rhode Island | Connecticut |
| Best paying company | McKinsey & Company Inc | The Citadel |
| Best paying industry | Insurance | Manufacturing |
There are a few differences between a risk and insurance consultant and a risk analyst in terms of educational background:
| Risk And Insurance Consultant | Risk Analyst | |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between risk and insurance consultants' and risk analysts' demographics:
| Risk And Insurance Consultant | Risk Analyst | |
| Average age | 43 | 40 |
| Gender ratio | Male, 67.7% Female, 32.3% | Male, 53.4% Female, 46.6% |
| 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, 5.6% Unknown, 4.5% Hispanic or Latino, 7.7% Asian, 14.1% White, 68.0% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 4% | 7% |