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The differences between risk managers and risk analysts can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-8 years to become a risk manager, becoming a risk analyst takes usually requires 2-4 years. Additionally, a risk manager has an average salary of $116,072, which is higher than the $81,484 average annual salary of a risk analyst.
The top three skills for a risk manager include oversight, risk assessments and project management. The most important skills for a risk analyst are risk management, risk assessments, and powerpoint.
| Risk Manager | Risk Analyst | |
| Yearly salary | $116,072 | $81,484 |
| Hourly rate | $55.80 | $39.17 |
| Growth rate | 17% | 9% |
| Number of jobs | 75,795 | 71,284 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 71% |
| Average age | 46 | 40 |
| Years of experience | 8 | 4 |
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.
As a risk analyst, you will oversee the identification, assessment, and monitoring of risks that your company has been exposed to. You will evaluate financial documents, potential clients, and economic conditions to determine the level of risk in business decisions. You will be responsible for aggregating data from several sources to develop a comprehensive assessment and create reports, processes, and presentations to better present results. You are also expected to work closely with other team members to analyze and show data effectively.
Risk managers and risk analysts have different pay scales, as shown below.
| Risk Manager | Risk Analyst | |
| Average salary | $116,072 | $81,484 |
| Salary range | Between $84,000 And $160,000 | Between $59,000 And $112,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | California | Connecticut |
| Best paying company | Credit Karma | The Citadel |
| Best paying industry | Technology | Manufacturing |
There are a few differences between a risk manager and a risk analyst in terms of educational background:
| Risk Manager | Risk Analyst | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between risk managers' and risk analysts' demographics:
| Risk Manager | Risk Analyst | |
| Average age | 46 | 40 |
| Gender ratio | Male, 59.3% Female, 40.7% | Male, 53.4% Female, 46.6% |
| Race ratio | 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% | Black or African American, 5.6% Unknown, 4.5% Hispanic or Latino, 7.7% Asian, 14.1% White, 68.0% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 11% | 7% |