According to the U.S. Bureau of Labor Statistics (BLS), the median yearly salary for risk analysts is about $102,120. However, the starting salary for this role can be as low as $59,510 or $28.61 per hour. Experienced risk analysts make upwards of $175,720 annually. Factors such as education level, industry, and location may also impact salary levels.
factors that increase risk analyst salary
The salary of risk analysts depends on their experience and qualifications. In order to earn more, it's essential to have the appropriate relevant accreditations. There are five basic risk analyst certifications: Certified Risk Manager (CRM), Financial Risk Manager (FRM), Professional Risk Manager (PRM), and Chartered Enterprise Risk Analyst (CERA).
Furthermore, it is beneficial to collaborate with diverse industries. Each industry presents varying levels of risk. Gaining experience in roles like financial analysis, auditing, or compliance equips you with a versatile skillset, making you a valuable asset to prospective employers.
Another factor that helps boost risk analyst's compensation is the company they work for. If you work for a big financial institution or company, your pay is likely to be higher due to the complexity of tasks and the team you manage. Smaller companies may not have the resources to offer competitive salaries, but they are less demanding than their counterparts. If possible, you could use your extra time to earn freelance income.
Location also plays a big role in salary levels for risk analysts. In major cities like New York and San Francisco, the cost of living is higher; therefore, salaries tend to be higher as well.
Networking is another important factor in advancing your career as a risk analyst. Joining professional organizations and attending conferences can help you meet other professionals in the field and learn about new opportunities.
Finally, career advancement and professional development opportunities are crucial in increasing a risk analyst's salary. By keeping up with the latest developments in risk management, you stand out as a valuable asset to your company and have more leverage in negotiating for a higher salary.
Wondering what you can earn as a risk analyst? Find out immediately with the Randstad salary checker! You can quickly and easily see what the average salary of a risk analyst is.
