How To Become A Risk And Insurance Manager: What It Is and Career Path

What is a risk and insurance manager and how to become one

Updated January 8, 2025

4 min read

Quoted expert

Jill Bisco Ph.D., CIC, CRM, CPRM, CSRM

One of the keys to business longevity is mitigating risks and finding ways to insure the business. Risk and insurance managers are responsible for these goals as their primary job functions are identifying potential risks, securing insurance purchases, and developing ways to mitigate risks in the future.

Specifically, the work responsibilities of a risk and insurance manager revolve around conducting risk analyses, dealing with insurance companies, developing safety and risk management protocols, and working with other departments to employ risk management strategies. Moreover, they may also be responsible for handling insurance budgets and recommending insurance decisions to the board.

This role typically requires a four-year degree in business, accounting, finance, or other related fields. Experience is also a common qualification for many employers, with the number of required work years ranging from three to five, at a minimum.

Due to the critical nature of this job, the average pay of risk and insurance managers is around $36 an hour, which is about $74,000 per year.

What general advice would you give to a risk and insurance manager?

Jill Bisco Ph.D., CIC, CRM, CPRM, CSRM

Assistant Professor of Risk Management and Insurance, Website

I already mentioned - continue learning and, in the process, gain certifications or designations. Whether one continues their university education through a master's or doctorate, or gains designations such as the CPCU or CIC, the continuation of learning will show current and prospective employers a commitment and dedication to learn about the industry.

Be engaged! Get involved! Doing the bare minimum, or sometimes just doing your job, is no longer sufficient, although I'm not sure it ever was. Employees that get connected with organizations such as the Risk and Insurance Management Society (RIMS) or a Gamma Iota Sigma alumni chapter - stand out. Don't be afraid to engage in groups within or outside of your organization. Be different, be engaged, stand out!

ScoreRisk And Insurance ManagerUS Average

Salary

7.1

Avg. Salary $90,847

Avg. Salary $59,228

Stability level

9.5

Growth rate 17%

Growth rate 0.3%

Diversity

3.5

Race

American Indian and Alaska Native 0.34%

Asian 7.40%

Black or African American 7.95%

Hispanic or Latino 15.37%

Unknown 4.12%

White 64.82%

Gender

female 66.39%

male 33.61%

Age - 46

Race

American Indian and Alaska Native 3.00%

Asian 7.00%

Black or African American 14.00%

Hispanic or Latino 19.00%

White 57.00%

Gender

female 47.00%

male 53.00%

Age - 46

Stress level

9.5

Stress level is very high

7.1 - high

Complexity level

9.5

Complexity level is advanced

7 - challenging

Work life balance

4.9

Work life balance is fair

6.4 - fair

Key steps to become a risk and insurance manager

Explore risk and insurance manager education requirements

Most common risk and insurance manager degrees

Bachelor's

58.2 %

Associate

18.1 %

Master's

10.4 %

Start to develop specific risk and insurance manager skills

Skills	Percentages
Risk Management	18.05%
Insurance Policies	7.39%
Insurance Coverage	7.26%
Patients	5.03%
Insurance Programs	4.64%

Complete relevant risk and insurance manager training and internships

Accountants spend an average of 1-3 months on post-employment, on-the-job training. New risk and insurance managers learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a risk and insurance manager based on U.S. Bureau of Labor Statistics data and data from real risk and insurance manager resumes.

Research risk and insurance manager duties and responsibilities

Manage the loan loss receivables SAS data mart, document change initiatives, implement SAS coding changes and process ongoing updates.
Insure government loans on FHA, VA, and USDA.
Assist supervisor in completing monthly/quarterly payroll and expense reports, and files for truck/trailer permits and insurance.
Establish insurance agency within payroll company from scratch to provide workers' compensation insurance to payroll clients.

Prepare your risk and insurance manager resume

When your background is strong enough, you can start writing your risk and insurance manager resume.

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