Risk management training gives graduates the tools needed to manage and define risks to companies, employees and the public that will cause a company to be deterred from financial goals and targets. The risk can be financial or physical. Either way, reducing the level of risk is a money saving prospect for businesses. It also protects employees and the general public from accidents due to risk issues that could be prevented. The level of risk is distinguished by classifying the severity and frequency of such potential risks. The stated risks can then be quantified by the possibility of financial burden, since the nature of risks is that they carry financial impact. The aspects of risk might be managed by setting aside funds to protect against financial risk through purchase of insurance policies to cover those risks that have been quantified. In addition to the acquisition of insurance, a risk manager will recommend implementation of risk control measures and loss prevention procedures.
Risk Management Education and Training
Risk management specialists usually begin the path to a career with an associate’s degree, a bachelor’s degree or a graduate certificate in risk control. Classes that would enhance your progress toward a degree include personal risk management, money and banking and business risk identification.
Actuarial science is a related field that requires analysis of financial risks. Reducing the impact of risks and insurance protection is important for the financial security of the business. A background in statistics, business and mathematics is helpful in finding employment as a risk manager.
Other risk management class work could include finance, economics or math. Actuaries must have certification and must have completed applied statistics and corporate finance. In addition, one might take courses in:
- Risk Assessment and Management
- Capital Market Theory
- Liability Assessment
Staying current with economic and social trends is a key part of the background. The risk manager should be competent with spreadsheets and keyboarding. Interpersonal and communication skills are a help to those in management positions.
Risk Management Careers
A graduate of training in risk procedures might be able to work in insurance, consulting firms, corporations, universities and for investment and banking firms. Duties of the job require operation of computers, a strong ability to stay organized and to meet work deadlines. A thorough understanding of how businesses operate is an important characteristic.
Work experience in related fields is important when looking for a career in risk management and actuarial science. Working for a commercial insurance company, bank or risk management firm is considered applicable experience. Positions may include:
- Insurance investigator
- Market research analyst
- Management analyst
- Insurance broker
- Actuarial Scientist
- Corporate risk assessment specialist
A candidate that has a master’s degree such as a Master of Business Administration with an emphasis in risk management. Certain certifications such as Certified Risk Manager or Chartered Property Casualty Underwriter may give prospective employees an edge over other candidates.
Estimated Income and Projected Career Outlook
Employment projections are expected to remain at about the average level for all careers through the next decade. There is expected to be significant competition for open positions that occur. The competition is keen because of the growing numbers of managers with MBAs. A master’s degree and further certification is likely to help with job placement.
Risk management training prepares graduates to take part in the management level of corporations, government agencies and other organizations. As of 2008, the median annual salary for risk managers was listed at $99,330. Most managers are part of policy decisions within a business or organization.
The Bureau of Labor Statistics (BLS) reports that the median annual wage of insurance underwriters was $59,290 in 2010. The lowest 10%percent earned less than $36,700 while the top 10% earned more than $102,540. The employment of underwriters is expected to increase 6% from 2010 to 2020.
For 2010, according to Bureau of Labor Statistics data, the median annual wage of actuaries was $87,650. The lowest 10% earned below $53,100 while the top 10% earned over $160,000 a year. The employment of actuaries is expected to increase by 27% from 2010 to 2020.
Business Managment Programs
- Bachelor of Arts in Business - Disaster Management
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