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The differences between risk management specialists and risk managers 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 management specialist, becoming a risk manager takes usually requires 6-8 years. Additionally, a risk manager has an average salary of $116,072, which is higher than the $69,819 average annual salary of a risk management specialist.
The top three skills for a risk management specialist include risk assessments, powerpoint and patient safety. The most important skills for a risk manager are oversight, risk assessments, and project management.
| Risk Management Specialist | Risk Manager | |
| Yearly salary | $69,819 | $116,072 |
| Hourly rate | $33.57 | $55.80 |
| Growth rate | 17% | 17% |
| Number of jobs | 101,149 | 75,795 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 66% |
| Average age | 43 | 46 |
| Years of experience | 6 | 8 |
A risk management specialist is in charge of performing extensive research and analysis to determine the financial risks that a company may face. Through their expertise, a risk management analyst develops strategies to thwart these risks or lessen its impact and prevent significant financial losses. They may also devise programs and projects, providing support to employees as needed. Furthermore, they must recommend solutions in adherence to the company's policies and regulations, including its vision and mission.
A risk manager is responsible for analyzing potential risks that may affect the organization's operations, reputation, and market credibility. Risk managers identify risk controls and discuss business contingency plans for unforeseen circumstances to prevent delays in operational services. They also develop compliance training and programs for all the employees to provide them the awareness of the safety and security regulations within the company premises. A risk manager must have excellent communication and leadership skills, especially on handling and investigating cases that might compromise the business stability and financial status.
Risk management specialists and risk managers have different pay scales, as shown below.
| Risk Management Specialist | Risk Manager | |
| Average salary | $69,819 | $116,072 |
| Salary range | Between $40,000 And $119,000 | Between $84,000 And $160,000 |
| Highest paying City | Hoboken, NJ | San Francisco, CA |
| Highest paying state | New Jersey | California |
| Best paying company | PayPal | Credit Karma |
| Best paying industry | Professional | Technology |
There are a few differences between a risk management specialist and a risk manager in terms of educational background:
| Risk Management Specialist | Risk Manager | |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | Stanford University | University of Pennsylvania |
Here are the differences between risk management specialists' and risk managers' demographics:
| Risk Management Specialist | Risk Manager | |
| Average age | 43 | 46 |
| Gender ratio | Male, 43.6% Female, 56.4% | Male, 59.3% Female, 40.7% |
| 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, 7.5% Unknown, 4.1% Hispanic or Latino, 14.4% Asian, 10.1% White, 63.5% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 4% | 11% |