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Working As A Risk Manager

  • Interacting With Computers
  • Communicating with Supervisors, Peers, or Subordinates
  • Guiding, Directing, and Motivating Subordinates
  • Coaching and Developing Others
  • Establishing and Maintaining Interpersonal Relationships
  • Deal with People

  • Mostly Sitting

  • Make Decisions

  • $119,000

    Average Salary

What Does A Risk Manager Do

Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization.

Duties

Financial managers typically do the following:

  • Prepare financial statements, business activity reports, and forecasts
  • Monitor financial details to ensure that legal requirements are met
  • Supervise employees who do financial reporting and budgeting
  • Review company financial reports and seek ways to reduce costs
  • Analyze market trends to maximize profits and find expansion opportunities
  • Help management make financial decisions

The role of the financial manager, particularly in business, is changing in response to technological advances that have substantially reduced the amount of time it takes to produce financial reports. Financial managers’ main responsibility used to be monitoring a company’s finances, but they now do more data analysis and advise senior managers on ways to maximize profits. They often work on teams, acting as business advisors to top executives.

Financial managers also do tasks that are specific to their organization or industry. For example, government financial managers must be experts on government appropriations and budgeting processes, and healthcare financial managers must know about topics in healthcare finance. Moreover, financial managers must be knowledgeable about special tax laws and regulations that affect their industry.

The following are examples of types of financial managers:

Chief financial officers (CFOs) are accountable for the accuracy of a company’s or organization’s financial reporting, especially among publicly traded companies. As head of a company’s entire financial department, they manage the lower level financial managers. They oversee the company’s financial goals, objectives, and budgets.

Controllers direct the preparation of financial reports that summarize and forecast the organization’s financial position, such as income statements, balance sheets, and analyses of future earnings or expenses. Controllers also are in charge of preparing special reports required by governmental agencies that regulate businesses. Often, controllers oversee the accounting, audit, and budget departments of their organization.

Treasurers and finance officers direct their organization’s budgets to meet its financial goals. They oversee the investment of funds and carry out strategies to raise capital (such as issuing stocks or bonds) to support the firm’s expansion. They also develop financial plans for mergers (two companies joining together) and acquisitions (one company buying another).

Credit managers oversee their firm’s credit business. They set credit-rating criteria, determine credit ceilings, and monitor the collections of past-due accounts.

Cash managers monitor and control the flow of cash that comes in and goes out of the company to meet the company’s business and investment needs. For example, they must project cash flow (amounts coming in and going out) to determine whether the company will have a shortage or surplus of cash. 

Risk managers control financial risk by using strategies to limit or offset the probability of a financial loss or a company’s exposure to financial uncertainty. Among the risks they try to limit are those that stem from currency or commodity price changes.

Insurance managers decide how best to limit a company’s losses by obtaining insurance against risks, such as the need to make disability payments for an employee who gets hurt on the job or the costs imposed by a lawsuit against the company.

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How To Become A Risk Manager

Financial managers typically have a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as an accountant, securities sales agent, or financial analyst.

Education

A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. However, many employers now seek candidates with a master’s degree, preferably in business administration, finance, or economics. These academic programs help students develop analytical skills and learn financial analysis methods and software.

Licenses, Certifications, and Registrations

Professional certification is not required, but some financial managers still get it to demonstrate a level of competence. The CFA Institute confers the Chartered Financial Analyst (CFA) certification to investment professionals who have at least a bachelor’s degree, 4 years of work experience, and pass three exams. The Association for Financial Professionals confers the Certified Treasury Professional credential to those who pass an exam and have a minimum of 2 years of relevant experience.

Work Experience in a Related Occupation

Financial managers usually have experience in another business or financial occupation. For example, they may have worked as a loan officer, accountant, securities sales agent, or financial analyst. 

In some cases, companies provide formal management training programs to help prepare highly motivated and skilled financial workers to become financial managers.

Important Qualities

Analytical skills. Financial managers increasingly are assisting executives in making decisions that affect their organization, a task which requires analytical ability.

Communication skills. Excellent communication skills are essential because financial managers must explain and justify complex financial transactions.

Detail oriented. In preparing and analyzing reports such as balance sheets and income statements, financial managers must be precise and attentive to their work in order to avoid errors.

Math skills. Financial managers must be skilled in math, including algebra. An understanding of international finance and complex financial documents also is important.

Organizational skills. Financial managers deal with a range of information and documents and so they must stay organized to do their jobs effectively.

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Average Yearly Salary
$119,000
Show Salaries
$88,000
Min 10%
$119,000
Median 50%
$119,000
Median 50%
$119,000
Median 50%
$119,000
Median 50%
$119,000
Median 50%
$119,000
Median 50%
$119,000
Median 50%
$161,000
Max 90%
Best Paying Company
Emory Healthcare
Highest Paying City
New York, NY
Highest Paying State
New York
Avg Experience Level
3.5 years
How much does a Risk Manager make at top companies?
The national average salary for a Risk Manager in the United States is $119,731 per year or $58 per hour. Those in the bottom 10 percent make under $88,000 a year, and the top 10 percent make over $161,000.

The largest raises come from changing jobs.

See what's out there.

Real Risk Manager Salaries

Job Title Company Location Start Date Salary
Director; Counterparty Credit Risk Manager Bank of America May 23, 2016 $250,000
Risk Manager Adi Capital Management LLC Feb 25, 2016 $250,000
Counterparty Credit Risk Manager Bank of America N.A. Jun 29, 2015 $215,000 -
$235,000
Liquidity Risk Manager The Bank of New York Mellon Mar 14, 2016 $190,000
Manager, Credit Risk Analytics Wells Fargo Bank, N.A. May 28, 2015 $190,000
Operational Risk Manager Australia and New Zealand Banking Group Limited Jul 01, 2015 $188,000
Director, Trader, Risk Manager/Funding & Cross-Currency UBS Securities LLC Mar 02, 2015 $185,000
Model Risk Manager JP Morgan Chase & Co Jul 28, 2016 $185,000
Model Risk Manager Jpmorgan Chase & Co. Oct 15, 2015 $185,000
Manager, Governance, Risk and Compliance J. H. Cohn, LLP Feb 23, 2015 $180,000
Advisory Financial Services Risk & Regulatory Manager FSR Pricewaterhousecoopers Advisory Services LLC May 18, 2016 $180,000
Model Risk Manager MUFG Union Bank, N.A. Nov 08, 2016 $180,000
Manager, Governance, Risk and Compliance J. H. Cohn, LLP Feb 19, 2015 $180,000
Risk Manager/Manager of Commodities Quantitative Associates Wells Fargo Bank, N.A. Jan 08, 2016 $179,774
Treasury Risk Manager Citibank, N.A. Jan 09, 2016 $130,000
Risk Policy Manager Citicorp Credit Services, Inc. (USA) Jan 09, 2016 $130,000
Credit Authorizations Portfolio Risk Manager Citicorp Credit Services, Inc. (USA) Oct 31, 2016 $130,000
Credit & Portfolio Risk Manager Citicorp Credit Services, Inc. Jun 05, 2015 $130,000
Risk Manager Amazon Corporate LLC Nov 21, 2016 $130,000
Treasury Risk Manager Citicorp Credit Services, Inc. Jan 09, 2016 $130,000
Quantitative Risk Manager Santander Bank, N.A. May 05, 2015 $130,000
Quantitative Risk Manager Santander Bank, N.A. Jan 10, 2015 $130,000
Manager, Risk Management American Express Company Sep 01, 2015 $109,675
Manager, Risk Management American Express Company Sep 07, 2015 $108,900
Risk Policy Manager Citibank, N.A. Feb 10, 2015 $108,900
Risk Manager American Express Company Jan 18, 2015 $108,575
Financial Risk Manager Ran-H Corporation Dec 09, 2016 $108,482
Manager, Risk Management American Express Company Sep 09, 2016 $108,120
Manager, Risk Management American Express Company Sep 21, 2016 $108,120

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Top Skills for A Risk Manager

  1. Risk Management
  2. Ensure Compliance
  3. Patient Care
You can check out examples of real life uses of top skills on resumes here:
  • Risk Management work included performing safety inspections at each location annually to identify hazardous conditions and made recommendations to correct deficiencies.
  • Conducted formal design assessment of applicable regulations against management processes to ensure compliance with regulatory capital rules.
  • Participated and consulted with patient care performance improvement teams while developing, nurturing, and maintaining relationships with key stakeholders.
  • Gathered market research for potential third party supplier alternates, including designation of needed artifacts such as financial statements.
  • Established key relationships with plant management and engineers to help facilitate the completion of loss control recommendations.

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Top 10 Best States for Risk Managers

  1. New York
  2. Delaware
  3. Connecticut
  4. New Jersey
  5. New Hampshire
  6. Massachusetts
  7. District of Columbia
  8. Virginia
  9. Rhode Island
  10. Maine
  • (1,519 jobs)
  • (118 jobs)
  • (369 jobs)
  • (686 jobs)
  • (107 jobs)
  • (839 jobs)
  • (199 jobs)
  • (774 jobs)
  • (86 jobs)
  • (68 jobs)

Risk Manager Resume Examples And Tips

The average resume reviewer spends between 5 to 7 seconds looking at a single resume, which leaves the average job applier with roughly six seconds to make a killer first impression. Thanks to this, a single typo or error on your resume can disqualify you right out of the gate. At Zippia, we went through over 7,379 Risk Manager resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

Learn How To Create A Top Notch Risk Manager Resume

View Resume Examples

Risk Manager Demographics

Gender

Male

56.0%

Female

38.9%

Unknown

5.0%
Ethnicity

White

60.0%

Hispanic or Latino

14.9%

Black or African American

11.6%

Asian

9.6%

Unknown

3.9%
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Foreign Languages Spoken

Spanish

47.7%

French

11.7%

Russian

5.5%

Italian

5.1%

Mandarin

3.9%

Portuguese

3.9%

German

3.9%

Arabic

3.1%

Carrier

2.7%

Chinese

2.7%

Japanese

2.7%

Korean

1.2%

Greek

1.2%

Hebrew

1.2%

Romanian

0.8%

Cantonese

0.8%

Polish

0.8%

Swahili

0.4%

Sami

0.4%

Samoan

0.4%
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Risk Manager Education

Schools

Columbia University

8.1%

New York University

7.2%

George Washington University

5.7%

Pennsylvania State University

5.7%

University of Florida

5.7%

University of South Florida

5.4%

Florida State University

5.4%

Webster University

4.8%

Texas A&M University

4.8%

University of Chicago

4.8%

Arizona State University

4.5%

Ohio State University

4.5%

University of Central Florida

4.5%

University of Texas at Arlington

4.2%

Walden University

4.2%

DePaul University

4.2%

Kaplan University

4.2%

University of Texas at Austin

3.9%

Cornell University

3.9%

University of Washington

3.9%
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Majors

Business

25.2%

Finance

16.4%

Nursing

11.0%

Accounting

7.2%

Management

7.1%

Economics

4.5%

Law

4.5%

Psychology

3.3%

Criminal Justice

3.0%

Political Science

2.4%

Marketing

2.1%

Health Care Administration

1.8%

Human Resources Management

1.8%

Insurance

1.7%

Communication

1.5%

Computer Science

1.4%

Public Health

1.3%

Legal Research And Advanced Professional Studies

1.3%

Biology

1.2%

Sociology

1.2%
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Degrees

Bachelors

46.0%

Masters

32.6%

Associate

7.0%

Doctorate

5.1%

Certificate

4.8%

High School Diploma

2.5%

Diploma

1.3%

License

0.7%
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Top Risk Manager Employers

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Risk Manager Videos

Career Advice on becoming a Risk Manager by Martyn R (Highlights)

Career Advice on becoming a Compliance and Risk Manager by Rahul O (Full Version)

Career Advice on becoming a Risk Manager by Martyn R (Full Version)

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Updated May 18, 2020