Careers in Risk Management

Statistics for careers in Risk Management

Employment for risk management specialists has been estimated by the BLS and reported by O*NET to grow by up to 9 percent within the 2010 to 2020 period. O*NET further states that the median annual wage for this occupation is $61,160. Jobs for those interested in risk management are generally challenging in both the private and public sectors but one should be careful while choosing an area of expertise.

Major sectors for careers in risk management

Risk management is a financial degree and those trained in risk management can increase their chances of finding jobs in this area. Besides the financial world, other important occupations for risk management are found in the loan industry, financial advising, state agents and analysts like budget or financial analysts.

Risk managers are frequently hired by loan companies who need to gauge the possibility of threats and their elimination, making this the most relevant sector for those trained to do so. Financial advisers are hired in the banking sector and play the same role of assessing the risk and make proposals for their elimination by avoiding any risk. After going through risk management programs, students may also choose to work as analysts who don’t have to work with certain companies full-time and do consultation for multiple companies simultaneously.

Educational programs that help in careers in risk management

Risk management is among those areas of expertise where education serves to further enhance related skills. It is a tricky field because someone who wants to work in fields related to risk management should have a deep understanding of the intricate workings of the market. That is something that one develops over time when working in finance. Education of course helps but can do little if you have no intuitive aptitude in the financial field. In this regard risk management along with a degree in finance, accounting, business or economics can be very helpful but if you are already working in a management position you should definitely go for a Master’s degree.

Top jobs for those interested in risk management

Candidates with some background in accounting and finance are in abetter position to apply for jobs in the finance sector than those that don't. Most jobs for risk management are offered by insurance companies and banks. The candidate needs to exhibit the ability to read, forecast and asses market trends maturely. Jobs for risk management also include heading risk analysis teams which figure out possible contingency plans to avoid risks. Personal financial advisers who work with notable names also gain a good reputation over time.

Specializations for careers in risk management

Risk management itself is a specialization in the financial area. However, once you start working professionally, you can focus on certain areas like interest rates, hedging rates, exchange rates in the corporate sector or you can shift the focus completely to the industrial sector. Whatever you decide, risk management is a field where your abilities speak for themselves and can possibly be imperative for your success in the long run.