If you’ve been browsing around our site and wondering why we always refer to “risk management and insurance,” it’s because risk management is both a separate field from insurance, as well as closely linked to it.
Risk management is essentially what should be happening to prevent insurance from even being necessary. Ideally, you do not want a loss to occur in the first place, so risk managers analyze and implement ways to prevent losses from occurring.
Why choose a risk management career?
Risk management professionals come from insurance backgrounds and work at insurance and all kinds of other companies.
To give you an idea of where you can work in risk management, here’s a sample list of companies with risk management professionals, from A to Z:
- American Red Cross
- Barnes & Noble
- Five Guys Burgers and Fries
- Hyatt Hotels
- JPMorgan Chase
- Kraft Foods
- Ocean Spray Cranberries
- Procter and Gamble
- Red Bull
- Starz Entertainment
- The Walt Disney Company
Long story short, risk management skills can land you a job almost anywhere.
Here’s what it takes to get into a risk management career.
Do I need an undergraduate degree for a risk management career? Yes, preferably in risk management, business, finance management, business management, economics or accounting.
Should I get an advanced degree for an RMI career? Advanced degrees are not required for a career in risk management, but they can be useful for promotions and salary.
Additional Requirements, Certifications, and Licenses? Some states require a licensing exam. Additionally, supplementary certifications help with specializations and job growth.
Risk Management Career Paths
Risk management is a broad field with a number of possible career paths. To earn the actual title of risk manager, you typically need five or more years of experience, often in related fields, such as insurance or loss control consulting.
Risk Management Salary Ranges:
Salary ranges for risk management careers can vary depending on the company and the responsibilities of the specific position. Below are general averages for senior, median, and entry-level risk management salaries.
- An entry level risk management salary is around $59,647 annually..
- A senior level risk management salary is around $115,000 annually.
- A median risk management salary is around $83,763 annually.
Entry-level risk management job titles:
Risk management is a responsibility within a company that can fall under a range of different job titles. These include the following.
- Risk Analyst
- Insurance Analyst
- Loss Control Representative
- Risk Consultant
- Risk Control Consultant
- Risk Management Consultant
- Risk Manager
- Business Risk Manager
- Corporate Risk Manager
Risk Management Job Listings