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Become A Risk Manager

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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

  • Unpleasant/Angry People

  • Mostly Sitting

  • Make Decisions

  • $97,000

    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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Risk Manager Demographics

Gender

Male

53.2%

Female

37.6%

Unknown

9.2%
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

University of Phoenix

19.4%

New York University

7.1%

George Washington University

5.7%

Pennsylvania State University

5.1%

University of Florida

4.9%

Texas A&M University

4.7%

Columbia University

4.7%

University of South Florida

4.6%

Florida State University

4.6%

University of Texas at Austin

4.1%

DePaul University

3.9%

Purdue University

3.8%

University of Washington

3.6%

University of Chicago

3.6%

Pace University - New York

3.4%

Arizona State University

3.4%

Walden University

3.4%

University of Houston

3.4%

Indiana University Bloomington

3.4%

Ohio State University

3.2%
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Majors

Business

27.6%

Finance

15.8%

Nursing

9.7%

Accounting

7.1%

Management

6.8%

Law

4.7%

Economics

4.4%

Criminal Justice

3.0%

Psychology

2.7%

Political Science

2.2%

Marketing

2.2%

Human Resources Management

1.9%

Health Care Administration

1.9%

Communication

1.7%

Insurance

1.6%

Computer Science

1.5%

Project Management

1.4%

Public Health

1.3%

Education

1.2%

Occupational Safety And Health

1.1%
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Degrees

Bachelors

41.7%

Masters

32.2%

Other

12.2%

Doctorate

4.9%

Associate

4.8%

Certificate

3.0%

Diploma

0.6%

License

0.4%
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Job type you want
Full Time
Part Time
Internship
Temporary
Average Yearly Salary
$97,000
View Detailed Salary Report
$55,000
Min 10%
$97,000
Median 50%
$97,000
Median 50%
$97,000
Median 50%
$97,000
Median 50%
$97,000
Median 50%
$97,000
Median 50%
$97,000
Median 50%
$170,000
Max 90%
Best Paying Company
Aurora Medical Group
Highest Paying City
Minneapolis, MN
Highest Paying State
North Dakota
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 $97,426 per year or $47 per hour. Those in the bottom 10 percent make under $55,000 a year, and the top 10 percent make over $170,000.

Real Risk Manager Salaries

Job Title Company Location Start Date Salary
Director; Counterparty Credit Risk Manager Bank of America New York, NY May 23, 2016 $250,000
Risk Manager Adi Capital Management LLC New York, NY Feb 25, 2016 $250,000
Counterparty Credit Risk Manager Bank of America N.A. New York, NY Jun 29, 2015 $215,000 -
$235,000
Liquidity Risk Manager The Bank of New York Mellon New York, NY Mar 14, 2016 $190,000
Manager, Credit Risk Analytics Wells Fargo Bank, N.A. Charlotte, NC May 28, 2015 $190,000
Operational Risk Manager Australia and New Zealand Banking Group Limited New York, NY Jul 01, 2015 $188,000
Director, Trader, Risk Manager/Funding & Cross-Currency UBS Securities LLC New York, NY Mar 02, 2015 $185,000
Model Risk Manager JP Morgan Chase & Co New York, NY Jul 28, 2016 $185,000
Model Risk Manager Jpmorgan Chase & Co. New York, NY Oct 15, 2015 $185,000
Manager, Governance, Risk and Compliance J. H. Cohn, LLP Roseland, NJ Feb 23, 2015 $180,000
Manager, Governance, Risk and Compliance J. H. Cohn, LLP Roseland, NJ Feb 19, 2015 $180,000
Model Risk Manager MUFG Union Bank, N.A. San Francisco, CA Nov 08, 2016 $180,000
Advisory Financial Services Risk & Regulatory Manager FSR Pricewaterhousecoopers Advisory Services LLC New York, NY May 18, 2016 $180,000
Risk Manager/Manager of Commodities Quantitative Associates Wells Fargo Bank, N.A. Houston, TX Jan 08, 2016 $179,774
Treasury Risk Manager Citibank, N.A. New York, NY Jan 09, 2016 $130,000
Risk Policy Manager Citicorp Credit Services, Inc. (USA) Wilmington, DE Jan 09, 2016 $130,000
Credit Authorizations Portfolio Risk Manager Citicorp Credit Services, Inc. (USA) Wilmington, DE Oct 31, 2016 $130,000
Credit & Portfolio Risk Manager Citicorp Credit Services, Inc. Islandia, NY Jun 05, 2015 $130,000
Risk Manager Amazon Corporate LLC Seattle, WA Nov 21, 2016 $130,000
Treasury Risk Manager Citicorp Credit Services, Inc. New York, NY Jan 09, 2016 $130,000
Quantitative Risk Manager Santander Bank, N.A. Boston, MA May 05, 2015 $130,000
Quantitative Risk Manager Santander Bank, N.A. Boston, MA Jan 10, 2015 $130,000
Manager, Risk Management American Express Company New York, NY Sep 01, 2015 $109,675
Manager, Risk Management American Express Company Phoenix, AZ Sep 07, 2015 $108,900
Risk Policy Manager Citibank, N.A. Islandia, NY Feb 10, 2015 $108,900
Risk Manager American Express Company New York, NY Jan 18, 2015 $108,575
Financial Risk Manager Ran-H Corporation Carlstadt, NJ Dec 09, 2016 $108,482
Manager, Risk Management American Express Company New York, NY Sep 09, 2016 $108,120
Manager, Risk Management American Express Company New York, NY 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:
  • Provided Risk management related services to clients, located primarily in Northern and Central California.
  • Educated and consulted with all employees to ensure compliance with accreditation procedures and regulatory standards.
  • Participated and consulted with patient care performance improvement teams while developing, nurturing, and maintaining relationships with key stakeholders.
  • Manage those programs in accordance with company standard operating policies and procedures and applicable state and federal regulatory requirements.
  • Prepared auto and Workers Compensation reports for insurance companies, ensuring full compliance with agency requirements while accommodating tight deadlines.

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Top 10 Best States for Risk Managers

  1. New York
  2. Connecticut
  3. California
  4. Illinois
  5. Washington
  6. Delaware
  7. Massachusetts
  8. Virginia
  9. Texas
  10. New Jersey
  • (1,519 jobs)
  • (369 jobs)
  • (3,483 jobs)
  • (1,207 jobs)
  • (731 jobs)
  • (118 jobs)
  • (839 jobs)
  • (774 jobs)
  • (1,806 jobs)
  • (686 jobs)

Top Risk Manager Employers

Jobs From Top Risk Manager Employers

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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