Risk Management Consultant Salary
Consultants who assist organizations with risk management are known as actuaries, and are usually required to possess a minimum of a bachelor's degree in math, statistics or actuarial science. Risk management consultants earn a salary based on the industry in which they work, their location and their level of education and certification.
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Salary
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The average salary for risk management consultants in the United States is $97,450 as of May 2009, according to the Bureau of Labor Statistics. The median salary is $87,210, with the salary scale ranging from $51,950 for consultants in the bottom 10 percent to $158,240 for those in the top 10 percent.
Industry
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Because they are experts in assessing risks, actuary consultants are in particularly high demand in the insurance industry; in fact, the BLS reports that around 55 percent work for insurance carriers. The salary for risk management consultants in this industry is $96,080, while those working for agencies, brokerages, and other insurance related activities earn slightly higher at $98,630. Consultants in management, scientific and technical consulting services earn an average of $107,970 a year, while those in the management of companies and enterprises earn $91,000 annually.
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Location
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Cost of living in an area will affect the salary of a risk management consultant. The five top paying states or districts for this occupation are Pennsylvania, New Mexico, Washington, D.C., Indiana and Wisconsin, where the salary averages range from $106,220 to $120,620. In the metropolitan areas of Appleton, Wis., Fort Worth, Texas, and San Diego, Ca., the salary averages range from $136,090 to $140,920.
Certification
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In addition to a bachelor's or master's degree, risk management consultants usually become certified through passing a series of exams. The BLS reports that the two societies that sponsor programs that lead to professional status as an actuary are the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). The former is for risk management consultants who wish to work in life insurance, health benefits systems, retirement systems and finance and investment, while the latter is for those involved in the property and casualty field, which includes issues of malpractice and personal injury liability.
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References
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