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.
There is more than meets the eye when it comes to being a risk and insurance manager. For example, did you know that they make an average of $35.72 an hour? That's $74,304 a year!
Between 2018 and 2028, the career is expected to grow 16% and produce 104,700 job opportunities across the U.S.
There are certain skills that many risk and insurance managers have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed organizational skills, detail oriented and math skills.
When it comes to the most important skills required to be a risk and insurance manager, we found that a lot of resumes listed 21.3% of risk and insurance managers included insurance companies, while 14.4% of resumes included risk management, and 8.3% of resumes included life insurance. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the risk and insurance manager job title. But what industry to start with? Most risk and insurance managers actually find jobs in the finance and health care industries.
If you're interested in becoming a risk and insurance manager, one of the first things to consider is how much education you need. We've determined that 49.5% of risk and insurance managers have a bachelor's degree. In terms of higher education levels, we found that 8.9% of risk and insurance managers have master's degrees. Even though most risk and insurance managers have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a risk and insurance manager. When we researched the most common majors for a risk and insurance manager, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on risk and insurance manager resumes include master's degree degrees or high school diploma degrees.
You may find that experience in other jobs will help you become a risk and insurance manager. In fact, many risk and insurance manager jobs require experience in a role such as office manager. Meanwhile, many risk and insurance managers also have previous career experience in roles such as customer service representative or risk manager.