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.

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.

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.

What are careers in risk management?

Claims investigator, risk management analyst, and cybersecurity analyst are careers in risk management. Claims investigators work for insurance companies to examine insurance claims made by customers to make sure they are valid.

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.

How To Become A Risk Manager: What It Is and Career Path

What is a risk manager and how to become one

Updated January 8, 2025

4 min read

A risk manager identifies, evaluates, and mitigates potential risks in an organization. They analyze data and assess the probability and impact of risks. Risk managers work in industries including finance, healthcare, and insurance, among others. They collaborate with different departments to develop risk management policies, train staff on risk awareness, and ensure compliance with regulations and industry standards. Their role involves constantly monitoring and adapting to changing risks to protect an organization's assets and reputation.

ScoreRisk ManagerUS Average

Salary

8.0

Avg. Salary $116,072

Avg. Salary $59,228

Stability Level

9.5

Growth Rate 17%

Growth Rate 0.3%

Diversity

3.3

Race

American Indian and Alaska Native 0.34%

Asian 10.10%

Black or African American 7.53%

Hispanic or Latino 14.40%

Unknown 4.10%

White 63.54%

Gender

female 40.70%

male 59.30%

Age - 46

Race

American Indian and Alaska Native 3.00%

Asian 7.00%

Black or African American 14.00%

Hispanic or Latino 19.00%

White 57.00%

Gender

female 47.00%

male 53.00%

Age - 46

Stress Level

9.5

Stress level is very high

7.1 - high

Complexity Level

9.2

Complexity Level is advanced

7 - challenging

Work Life Balance

4.9

Work Life balance is fair

6.4 - fair

What are the pros and cons of being a Risk Manager?

Pros

High level of responsibility
Potential for high salary and bonuses
Opportunities for career advancement
Continuous learning and professional development opportunities
Potential for job security

Cons

High levels of stress and pressure
Potential for significant financial losses if risks are not managed properly
Potential for conflicts with other departments or employees over risk management decisions
Limited control over external events that could impact the organization's risks
Need to make tough decisions that may not be popular or well-received by stakeholders

Key steps to become a risk manager

Explore risk manager education requirements

Most common risk manager degrees

Bachelor's

66.2 %

Master's

17.0 %

Associate

9.5 %

Start to develop specific risk manager skills

Skills	Percentages
Oversight	9.57%
Risk Assessments	5.99%
Project Management	5.72%
Portfolio	5.10%
Strong Analytical	4.50%

Complete relevant risk manager training and internships

Accountants spend an average of 1-3 months on post-employment, on-the-job training. New risk managers learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a risk manager based on U.S. Bureau of Labor Statistics data and data from real risk manager resumes.

Research risk manager duties and responsibilities

Lead team in addressing Sarbanes-Oxley, HIPAA, and SAS70 compliance and control mandates.
Develop procedures and policies to manage site implementation of successful JD Edwards ERP system.
Direct staff, manage A/R and reconciliations, petty cash disbursements and tracking of all incoming claims and payments.
Manage the loan loss receivables SAS data mart, document change initiatives, implement SAS coding changes and process ongoing updates.

Prepare your risk manager resume

When your background is strong enough, you can start writing your risk manager resume.

You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on a risk manager resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.

Choose From 10+ Customizable Risk Manager Resume templates

Build a professional Risk Manager resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 10+ resume templates to create your Risk Manager resume.

Apply for risk manager jobs

Now it's time to start searching for a risk manager job. Consider the tips below for a successful job search:

Browse job boards for relevant postings
Consult your professional network
Reach out to companies you're interested in working for directly
Watch out for job scams

How do risk managers rate their job?