Risk Management Specialists: Salary, Job Description, How To Become One, and Quiz

Stan T.Career, OverviewLeave a Comment

Job description

Risk Management Specialists analyze and manage risk management issues by identifying, measuring, and making decisions on operational or enterprise risks for an organization.

  • Develop contingency plans to deal with emergencies.
  • Recommend ways to control or reduce risk.
  • Analyze areas of potential risk to the assets, earning capacity, or success of organizations.
  • Document, and ensure communication of, key risks.
Read more about what does a Risk Management Specialist really do at work and what is it like being and working as one.



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Salary

Average salary
$77580 per year

Average hourly wage
$37 per hour


Risk Management Specialists with little to no experience tend to make between $38030 and $51100 while the more experienced ones can earn over $94580 per year.

Top 5 paying statesHourlyAnnual
DC$52$107,760
NY$46$96,480
IL$45$93,200
MA$42$88,370
VA$42$87,810

One of the easiest ways to increase your salary as a Risk Management Specialist is to move to a higher paying state like DC. Right now, the highest paying states for Risk Management Specialists are DC, NY, IL, MA and VA.

However, a higher pay at DC doesn’t guarantee that you will make more because the living expenses at DC might be twice as high than where you are currently at now.

Three other factors that can increase your salary as a Risk Management Specialist is the degree you hold, the industry you work in, and lastly the company you work for.


Requirements

Recommended degree level
Bachelor’s Degree

We asked other Risk Management Specialists what degree they had when they got the job and most of them said they had a Bachelor’s Degree followed by a Post-Baccalaureate Certificate.

Other than that, we also asked them what did they major in and here are the most popular majors that came up.

Financial Mathematics
Finance, General
Read more about how to become a Risk Management Specialist and the degree, training and education you need.

Pros and Cons

Here are some of the pros and cons of being a Risk Management Specialist.

PROS
Suitable for people who likes to follow routines
Suitable for people who values achievements and are results-oriented
This career is perfect for people who love to work indoors.
Very good salary
CONS
Not suitable for people who likes to help and teach others
It is hard to get into this career. A considerable amount of work-related skill, knowledge, or experience is required for this career.
Long working hours (More than 40 hours per week)

What is the job like

Job satisfaction
70%

Is this job meaningful
47%


70% of Risk Management Specialists said they were satisfied with their job and 47% said they feel like their job is making other people’s lives better.


Is this right for me

Best personality for this career
The Organizers and The Entrepreneurs

You can read more about these career personality types here.

People who are suitable for this job tends to like following set procedures and routines. They like working with data and details more than with ideas..

They also like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business.




Learn more about Risk Management Specialists

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Related career information

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