Salary for a Risk Management Associate
The Bureau of Labor Statistics reports that “the duties of financial managers vary with their specific titles" and cites the “risk manager” as one of those specific titles. One of the duties of risk managers, sometimes referred to as risk management associates, is the protection of companies from volatile currency or commodity markets. Moreover, risk managers minimize operational risks, such as those risks that arise from the mishandling of a company’s finances or destruction to infrastructure caused by natural disasters. Their salaries vary according to qualifications, location and industry.
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Qualifications
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Whether these professionals are referred to as financial managers or risk management associates, they typically earn a four-year college degree in one of four areas: economics, accounting, finance or business administration. In addition, employers typically require managers to have a Master’s degree in economics, finance or business administration. In short, after acquiring academic credentials, financial managers combine education with experience in one of a number of areas, including risk management.
Average Salaries
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Financial practitioners responsible for risk management earned a median salary of $103,910, the Bureau of Labor Statistics reports in its 2011 publication. Those in the 10th percentile of wage earners grossed $56,120 annually, on average. Managers in the 25th percentile earned $75,920 per year. And while managers in the 75th percentile earned $142,210 per year, those in the 90th percentile earned in excess of $166,400 a year.
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Top-Paying States
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For financial managers specializing in risk management, New York was the state in which they earned the highest salaries. Managers in the state of New York earned $155,600 a year, on average, according to the BLS. New Jersey, where managers earned $136,960 a year, was the second highest-paying state. These two states were followed by Delaware, California and Massachusetts, consecutively, where managers earned $134,790, $130,040 and $129,240 per year, respectively.
Top-Paying Industries
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Industries in which financial or risk management associates earned the highest salaries were investments and brokerage firms. Risk management associates in the investment industry earned $168,640, a year, on average, according to the Bureau of Labor Statistics. Those who managed risk for security and commodity firms earned $159,830 a year.
Best Opportunity for Employment
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One of the states with the most employment opportunities for risk managers is California. Employment opportunities in California are above the national average. New York is second only to California, but has more employment opportunities per 1,000 jobs. Texas, Illinois and New Jersey follow New York. While employment opportunities are just below the national average in Texas, they are above the national average in Illinois and New Jersey because of the number of employment opportunities per 1,000 jobs.
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References
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