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Risk and insurance consultant vs risk analyst

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 vs risk analyst overview

Risk And Insurance ConsultantRisk Analyst
Yearly salary$90,307$81,484
Hourly rate$43.42$39.17
Growth rate11%9%
Number of jobs61,77471,284
Job satisfaction--
Most common degreeBachelor's Degree, 67%Bachelor's Degree, 71%
Average age4340
Years of experience64

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 risk analyst do?

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 consultant vs risk analyst salary

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

Risk And Insurance ConsultantRisk Analyst
Average salary$90,307$81,484
Salary rangeBetween $69,000 And $117,000Between $59,000 And $112,000
Highest paying CitySan Francisco, CASan Francisco, CA
Highest paying stateRhode IslandConnecticut
Best paying companyMcKinsey & Company IncThe Citadel
Best paying industryInsuranceManufacturing

Differences between risk and insurance consultant and risk analyst education

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

Risk And Insurance ConsultantRisk Analyst
Most common degreeBachelor's Degree, 67%Bachelor's Degree, 71%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Risk and insurance consultant vs risk analyst demographics

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

Risk And Insurance ConsultantRisk Analyst
Average age4340
Gender ratioMale, 67.7% Female, 32.3%Male, 53.4% Female, 46.6%
Race ratioBlack 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 Percentage4%7%

Differences between risk and insurance consultant and risk analyst 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.

Risk analyst example responsibilities.

  • Create programs in Java to automate trade execution and ensure market clear downloads are facilitate by the same.
  • Manage financial derivative models to ensure accurate calculation, structure and pricing.
  • Manage investigation and reporting of occurrences to applicable regulatory agencies when indicate and facilitate disclosure to patients and families.
  • Manage litigation through appropriate selection of counsel, developing strategic action plans a while monitoring an active trial calendar.
  • Manage treasury workstation steering team for automation of core treasury operations for increase reliability of financial reporting and decision making.
  • Use SAS and SQL to originate and maintain analytic data marts and automate reporting.
  • Show more

Risk and insurance consultant vs risk analyst skills

Common risk and insurance consultant skills
  • Financial Services, 7%
  • Risk Assessments, 7%
  • Portfolio, 6%
  • PowerPoint, 6%
  • Internal Audit, 4%
  • SAS, 4%
Common risk analyst skills
  • Risk Management, 19%
  • Risk Assessments, 6%
  • PowerPoint, 6%
  • Portfolio, 5%
  • Data Analysis, 4%
  • SAS, 3%

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