Risk management involves identifying, evaluating and mitigating the potential impact of various types of risk. Organizations of all kinds can use risk management to proactively evaluate possible problems on the horizon and either prevent them from happening or reduce the effects they may have.

If you enjoy thinking analytically and proactively planning for solutions to problems, then perhaps a risk management career path could be a good choice for you. What is a risk management career like? There are many different career options in this specialization, and so it depends on the path you take. Explore some common jobs to see which one resonates with you.

A career in risk management can provide opportunities to make a positive impact on the growth and direction of an organization. A risk management career can be a rewarding line of work because it’s essential for the protection and growth of companies, as well as the mitigation of risk to individuals.

Risk management professionals also have plenty of career versatility, as they can work within a wide range of industries, and there are different types of risk management jobs to choose from, some of which may offer opportunities for career growth.

Is risk management a good career for you? Before making your decision, you may wish to take a look at the salary expectations of risk management professionals. According to the U.S. Bureau of Labor Statistics (BLS), financial risk specialists made a median annual salary of $106,090 as of May 2023.^{(See disclaimer 1 )}The BLS notes that financial analysts, another type of risk management professional, made a median annual salary of $101,910 as of May 2024.^{(See disclaimer 2)}

If you’re looking for a line of work that can offer a higher meaning and purpose, risk management could fit the bill. Risk management professionals are needed to assess and address vulnerability to natural disasters. By improving capacities to mitigate and recover from the impact of natural disasters, risk management professionals can support the most vulnerable populations.^{(See disclaimer 3)}

What is a risk management career? There are many different risk management career paths you might take. Consider arranging for some job shadowing opportunities to see which career option best suits your interests and work preferences.

Financial Risk Specialists

Many risk management careers involve finance, such as financial risk specialists. A financial risk specialist’s main responsibility is to evaluate credit and market risks that may affect an organization’s assets, revenue streams or overall financial health. Financial risk specialists also analyze new legislation to determine how it might affect the organization’s finances.

Some tasks they handle include:

• Developing a deep understanding of the organization’s finances and the factors that may affect its financial health
• Identifying areas of potential risk
• Doing statistical analyses to understand risk and its possible impacts
• Communicating findings to organizational decision-makers

Budget and Credit Analysts

Budget analysts are generally responsible for helping organizations and individual departments plan finances and monitor spending. Budget analysts collaborate closely with project managers and department heads to develop a budget, and they review budget proposals, track and analyze organizational spending and project future financial needs.

Credit analysts, meanwhile, are tasked with assessing the credit worthiness of securities, companies and individuals. They evaluate the likelihood of a borrower being able to repay financial obligations like loans, thereby having a direct impact on whether a loan gets approved. To do so, credit analysts will assess the applicant’s financial and credit history.

Financial and Investment Analysts

Financial and investment analysts help companies and individuals manage their risk by making informed decisions about growth, revenue and investments. These analysts research and analyze the performance of investments, such as stocks and bonds, and keep an eye on current and emerging business and economic trends. They prepare reports on their findings and make recommendations.

Loan Officers

Loan officers evaluate applications for credit from individuals, businesses and other organizations. They meet with loan applicants, gather information and analyze financial data such as income or revenue and credit ratings. Loan officers help applicants understand the different loan options and the terms.

These professionals review loan agreements and either approve loan applications or reject them. Loan officers must also ensure that the terms of a loan agreement comply with all applicable regulations.

Underwriters

Underwriters are responsible for evaluating risk and determining whether an insurance company should issue a policy for an individual, business or asset. They assess the likelihood of a claim being filed and establish appropriate coverage terms, conditions and premiums. Underwriters may analyze information such as property details, financial records, inspection reports, claims histories and market data. They review applications, verify accuracy, evaluate potential exposures and prepare written determinations that guide policy approval and pricing.

If you intend to pursue a career in risk management, you may want to look at some of the important skills for professionals in this field. These essential skills and traits include:^{(See disclaimer 4)}

• Analytical reasoning
• Problem-solving skills
• Ability to quantify risks
• Mathematics ability
• Regulatory and financial knowledge
• Interpersonal and leadership skills
• Technology literacy
• Communication skills
• Business savvy

There is no universal degree requirement for individuals who wish to pursue a risk management career, as there are many different types of jobs and each organization has its own requirements. Professionals come to this field from a range of academic backgrounds. They may hold degrees in finance, accounting or business administration.^{(See disclaimer 5)}

GCU offers a dedicated risk management degree for students planning on pursuing a career in this area. This risk management degree offers a multidisciplinary curriculum that draws from the disciplines of finance, mathematics and business management or administration.

You may expect to study any of the following topics: 

• The principles and practices of financial accounting, including a close look at developing and analyzing financial statements
• Business and managerial finance, including concepts such as asset valuation, assessment of risk, capital budgeting and time value of money
• Property and casualty insurance with a look at commercial liability and property protection coverage
• The principles and applications of life and health insurance
• Concepts in enterprise risk management and organizational risk management, with an eye toward minimizing risk in support of a company’s long-term growth strategies

Working at an internship while in college is a great way to get an insider’s look at various careers in the field. Talk to your career services department, attend job fairs and contact professional organizations to find internship opportunities near you.

While working at an internship, take the initiative to ask questions about the field. For instance, you could ask your supervisor how they advanced to their position. Be positive when receiving feedback about your work and take plenty of notes.

Lastly, be sure to obtain contact information for your internship supervisors. You may need to ask them for letters of recommendation later on. It’s also a good idea to keep the line of communication open, because the company where you interned may extend a job offer as you approach graduation.

Many professionals who work in risk management get started with a bachelor’s degree. Although a master’s degree isn’t a universal requirement, some companies do prefer it for some positions. Earning a master’s degree may help improve the competitiveness of your resume.^{(See disclaimer 5)} 

No matter where your career takes you, you’ll have opportunities to build a foundation for your future as an online or on-campus student at Grand Canyon University. The Colangelo College of Business is pleased to offer the Bachelor of Science in Risk Management degree program. Fill out the form on this page to connect with a university counselor and start planning your future at GCU.