What is a Risk Manager

In modern times, it is crucial to prevent risks that can ultimately jeopardize your business's survival. For that, you need to look for professional risk managers. It is the reason why they have become a significant focus for almost every kind of company. Less and well-managed risk means more chances for your business's success. And they know how to do that.

Their job is to communicate risk processes and policies for a business. Plus, they give analytical support and in-depth research to handle and assess the risks faced by the industry. They are also held accountable for developing various processes and strategies for risk management that's beneficial for the organization.

They tend to work 9-5, but senior-level managers may put some additional hours in the nights or weekends. Offering your services to a vast variety of organizations and businesses, you can make a whopping $57.56 per hour! But for that, first, you must get a bachelor's degree in finance or business. You will have an extra advantage if you earn a master's degree.

There is more than meets the eye when it comes to being a Risk Manager. For example, did you know that they make an average of $58.33 an hour? That's $121,316 a year!

Between 2018 and 2028, the career is expected to grow 16% and produce 104,700 job opportunities across the U.S.

What Does a Risk Manager Do

There are certain skills that many Risk 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, Math skills and Analytical skills.

Learn more about what a Risk Manager does

How To Become a Risk Manager

If you're interested in becoming a Risk Manager, one of the first things to consider is how much education you need. We've determined that 66.2% of Risk Managers have a bachelor's degree. In terms of higher education levels, we found that 17.0% of Risk Managers have master's degrees. Even though most Risk 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 Manager. When we researched the most common majors for a Risk Manager, we found that they most commonly earn Bachelor's Degree degrees or Master's Degree degrees. Other degrees that we often see on Risk Manager resumes include Associate Degree degrees or Doctoral Degree degrees.

You may find that experience in other jobs will help you become a Risk Manager. In fact, many Risk Manager jobs require experience in a role such as Staff Nurse. Meanwhile, many Risk Managers also have previous career experience in roles such as Registered Nurse or Manager.

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Average Salary
$121,316
Average Salary
Job Growth Rate
16%
Job Growth Rate
Job Openings
55,040
Job Openings
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Risk Manager Career Paths

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Average Salary for a Risk Manager

Risk Managers in America make an average salary of $121,316 per year or $58 per hour. The top 10 percent makes over $171,000 per year, while the bottom 10 percent under $86,000 per year.
Average Salary
$121,316
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Risk Manager Resumes

Designing and figuring out what to include on your resume can be tough, not to mention time-consuming. That's why we put together a guide that is designed to help you craft the perfect resume for becoming a Risk Manager. If you're needing extra inspiration, take a look through our selection of templates that are specific to your job.

Learn How To Write a Risk Manager Resume

At Zippia, we went through countless Risk Manager resumes and compiled some information about how to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

View Risk Manager Resume Examples And Templates

Risk Manager Demographics

Risk Manager Gender Statistics

male

56.0 %

female

38.9 %

unknown

5.0 %

Risk Manager Ethnicity Statistics

White

67.5 %

Hispanic or Latino

13.8 %

Asian

9.7 %

Risk Manager Foreign Languages Spoken Statistics

Spanish

47.7 %

French

11.7 %

Russian

5.5 %
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Risk Manager Education

Risk Manager Majors

25.6 %
13.4 %
10.9 %

Risk Manager Degrees

Bachelors

66.2 %

Masters

17.0 %

Associate

9.5 %

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High School / GED
Associate
Bachelor's
Master's
Doctorate

Top Colleges for Risk Managers

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

2. University of Southern California

Los Angeles, CA • Private

In-State Tuition
$56,225
Enrollment
19,548

3. SUNY at Binghamton

Vestal, NY • Private

In-State Tuition
$9,808
Enrollment
13,990

4. Villanova University

Villanova, PA • Private

In-State Tuition
$53,308
Enrollment
6,819

5. San Diego State University

San Diego, CA • Private

In-State Tuition
$7,488
Enrollment
30,018

6. SUNY Stony Brook

Stony Brook, NY • Private

In-State Tuition
$9,625
Enrollment
17,407

7. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339

8. University of Minnesota - Twin Cities

Minneapolis, MN • Private

In-State Tuition
$14,760
Enrollment
31,451

9. Howard University

Washington, DC • Private

In-State Tuition
$26,756
Enrollment
6,166

10. SUNY at Buffalo

Buffalo, NY • Private

In-State Tuition
$10,099
Enrollment
21,404
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Online Courses For Risk Manager That You May Like

ISO 31000. Risk manager training
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Top Skills For a Risk Manager

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 14.8% of Risk Managers listed Procedures on their resume, but soft skills such as Organizational skills and Math skills are important as well.

  • Procedures, 14.8%
  • Oversight, 7.8%
  • Regulatory Agencies, 7.6%
  • Risk Assessments, 4.9%
  • Patient Care, 4.7%
  • Other Skills, 60.2%
  • See All Risk Manager Skills

12 Risk Manager RESUME EXAMPLES

Best States For a Risk Manager

Some places are better than others when it comes to starting a career as a Risk Manager. The best states for people in this position are New York, New Jersey, Hawaii, and Delaware. Risk Managers make the most in New York with an average salary of $132,778. Whereas in New Jersey and Hawaii, they would average $122,929 and $118,213, respectively. While Risk Managers would only make an average of $117,899 in Delaware, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. New York

Total Risk Manager Jobs:
2,411
Highest 10% Earn:
$211,000
Location Quotient:
1.7
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. New Jersey

Total Risk Manager Jobs:
988
Highest 10% Earn:
$198,000
Location Quotient:
1.13
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. Connecticut

Total Risk Manager Jobs:
423
Highest 10% Earn:
$190,000
Location Quotient:
1.16
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
Full List Of Best States For Risk Managers

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Top Risk Manager Employers

We've made finding a great employer to work for easy by doing the hard work for you. We looked into employers that employ Risk Managers and discovered their number of Risk Manager opportunities and average salary. Through our research, we concluded that American Express was the best, especially with an average salary of $116,804. Citigroup follows up with an average salary of $122,456, and then comes JPMorgan Chase & Co. with an average of $112,880. In addition, we know most people would rather work from home. So instead of having to change careers, we identified the best employers for remote work as a Risk Manager. The employers include Varian Medical Systems, FIS, and USAA

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Becoming a Risk Manager FAQs

Do risk managers make good money?

Yes, risk managers make good money. On average, they make $121,000 yearly (about $10,110 monthly or $58 hourly).

As most jobs go, factors like location, industry, and experience can determine your exact pay. On the lower end of the salary range, they can make about $86,000, typically for entry-level positions. On the higher end, they can earn more than $171,000.

Some of the top-paying states are New York (average salary: $132,778), New Jersey ($122,929), and Hawaii ($118,213). Some of the top-paying industries have to do with health care (average salary: $129,951), manufacturing ($125,815), and hospitality ($117,748).

As with many jobs, the higher your education, the higher your salary. Those with a master's degree can earn around $134,650 compared to those with a bachelor's degree at $119,661 or those with an associate's degree at $102,100.

Learn more about this question

How long does it take to be a risk manager?

It can take more than ten years to be a risk manager because of the necessary educational qualifications and relevant experience requirements.

In general, this occupation is a managerial position with high-level responsibilities and duties. So, you usually get to this position by being in a previous role with similar tasks like a manager and having postsecondary education. Most risk managers have a bachelor's degree in business or finance.

Although it's possible to become one with just an associate's degree or even a high school diploma, this usually means that you'll need many years of relevant work experience to substitute for a bachelor's degree.

Overall, risk managers are generally responsible for analyzing potential risks that may affect the organization's operations, reputation, and market credibility.

They should have the skills, knowledge, and experience to identify risk controls and discuss business contingency plans for unforeseen circumstances to prevent delays in operational services.

For example, they have excellent communication and leadership skills with an understanding of procedures and risk assessments.

Learn more about this question

Is risk manager a good career?

Yes, being a risk manager is a good career. The position has high salary possibilities and plays an important role for almost every kind of company, making it have an expected growth of 16% between 2018 and 2028 in the United States.

On average, risk managers make $121,000 yearly (about $10,110 monthly or $58 hourly). Although factors like location, industry, and experience can determine your exact pay, on the lower end of the salary range, they can make about $86,000, typically for entry-level positions. On the higher end, they can earn more than $171,000.

Overall, risk managers are generally responsible for analyzing potential risks that may affect the organization's operations, reputation, and market credibility.

They typically have the skills, knowledge, and experience to identify risk controls and discuss business contingency plans for unforeseen circumstances to prevent delays in operational services. This makes them very necessary for most businesses to optimize their growth.

Learn more about this question

What do you need to become a risk manager?

To become a risk manager, you need postsecondary education and prior relevant work experience.

In general, this occupation is a managerial position with high-level responsibilities and duties. So, you usually get to this position by being in a previous role with similar tasks like a manager and having postsecondary education.

Most risk managers have a bachelor's degree in business or finance. Although it's possible to become one with just an associate's degree or even a high school diploma, this usually means that you'll need many years of relevant work experience to substitute for a bachelor's degree.

Overall, risk managers are generally responsible for analyzing potential risks that may affect the organization's operations, reputation, and market credibility.

They should have the skills, knowledge, and experience to identify risk controls and discuss business contingency plans for unforeseen circumstances to prevent delays in operational services.

For example, they have excellent communication and leadership skills with an understanding of procedures and risk assessments.

Learn more about this question

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