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.
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 enter a risk management career.
Undergraduate degree required? Yes, preferably in risk management, business, finance management, business management, economics or accounting.
Advanced degree required? No, but they can be useful for promotions and salary.
Additional requirements? Sometimes. Some states require a licensing exam. Additionally, supplementary certifications help with specializations and job growth..
Typical career path: Risk management is a broad field with a number of possible 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.
- Entry level: $59,647
- Senior level: $115,000
- Median: $83,763
Entry-level job titles:
- Risk Analyst
- Insurance Analyst
- Loss Control Representative
- Risk Consultant