How Do I Start A Career InRisk Management

How do I start a career in risk management? 

Hi, there!

Yesterday, a friend of mine was exploring a job portal and came across a job description which goes as follows. 

[The company] is looking for a skilled Risk Management professional to join their team in Mumbai. 

The selected candidate will be responsible for monitoring and managing equity portfolio risk, scenario analysis, multi-factor modeling, and tail-risk analysis in this highly visible post. The Risk Manager will meet with portfolio managers and senior management regularly to discuss all equities risk-related issues. 

The ideal applicant will have a master’s degree in a quantitative subject and at least 5 years of risk and/or quantitative analysis experience with a major asset manager. Extensive factor modeling experience is a must. A thorough understanding of fundamental stocks trading methods is essential. Python or R programming skills are strongly preferred. Regular interaction with the desk and senior management is an essential aspect of this function, thus clear, deliberative, and intelligent communication skills are required.

Well with this job description one thing is very clear,  it is a role to be played by a professional risk analyst. Professionals in any field are respected and given more importance and respect+importance = More money. 


Risk management is a very important aspect of any business there is no doubt. The conclusion of the job description above is that every organization, no matter how big or small, faces risks, and knowing how to deal with them effectively can help a firm survive in a competitive environment.

A risk manager is hired by a corporation to assess, identify, and analyze these risks. Knowing these experts’ key responsibilities, earning potential, and skill set might help you decide if this is the right career for you. In this article, we will address the question “What does a risk manager do?” as well as analyze the different types of risk management, the salaries these professionals earn, the skills required, and the processes to becoming a risk manager. 

“If you don’t invest in risk management, it doesn’t matter what business you’re in, it’s a risky business.” -Gary Cohn 

Also, Read more on how to start a career in Consulting.

How to become a risk manager? 

A career in risk management is in high demand right now, thanks to the challenges that numerous sectors are experiencing as a result of Covid-19. Here are the degrees and certifications available, as well as the abilities required, as well as the development prospects, job opportunities, and salary in this sector.

The skills required to be a risk manager? 

To be successful in their job, there are some risk management skills a risk manager must have, that includes both hard and soft talents. If you wish to work in risk management, work on the following skills:

Knowledge of risk assessment tools: Depending on your position, you may be required to apply several assessment techniques to assess and identify the risk associated with an organization. This profession requires the ability to use methods such as decision trees, effects analysis (FEMA), and the Bowtie model.

Organizational abilities: As a risk manager, you may review or work on many projects at the same time, which necessitates great organizational abilities. This profession requires a great deal of planning and time management.

Knowledge of business: Because a risk manager works with a wide range of organizations, this position necessitates knowledge of regulatory and legal issues. Depending on the industry in which you work, you may need a thorough awareness of that sector and industry.

Thinking strategically and analytically: A risk manager must be great at analytical thinking and have a keen eye for details, regardless of the risk category in which they specialize. A desirable talent for this profession is the capacity to analyze data to make strategic business decisions. c as well as analytical thinking:

Problem-solving: After evaluating potential risks, you may be able to design a solution to overcome or lessen the impact of risk on your organization. Employers appreciate problem-solving talents because they seek strategic solutions to every company issue.

Computer literacy: After evaluating potential risks, you may be able to design a solution to overcome or lessen the impact of risk on your organization. Employers appreciate problem-solving talents because they seek strategic solutions to every company issue.

Communication skills: One aspect of your job entails offering risk training to other employees in your organization. You must have strong communication skills when describing risk ideas and how a specific risk may influence your organization. 

Mathematics: A risk manager works with rupees, numbers, and other data, therefore basic numerical and mathematical abilities are required. As a result, firms prefer to hire candidates with great mathematical skills.

Risk management techniques: In the realm of risk management, there are four risk management techniques:

  • Avoid it.
  • Reduce it.
  • Transfer it.
  • Accept it.


Professional risk analysts in the field of risk management are prone to have all these skills and techniques for a successful career in Risk Management.

The departments that hire the risk managers

  • Financial institutions.
  • Manufacturing companies. 
  • Risk management consultancy firms.
  • Cyber security firms etc

The risk management professionals play various roles as per their qualifications the below are given some popular job positions to be held by the risk management professionals:

  • Risk Analyst 
  • Risk Manager
  • Risk surveyor 
  • Safety Consultants
  • Risk management advisor

How to start a career in risk management? 

Get a Bachelor’s degree 

A bachelor’s degree is the minimum for becoming a risk manager. Having a degree in a business-related field such as economics, accounting, finance, or business administration. You can even take several risk management courses. Risk management courses such as BBA or B.Com can also help you become a qualified professional. A bachelor’s degree in risk management, which may include a specific course, is an option.

Obtain a position in risk management.

A risk manager is a managerial position that necessitates some prior expertise. So, after graduation, look for opportunities in industries that hire risk managers to assess the risk of their firm. You may, for example, look for an internship or entry-level employment in a stock brokerage firm where they select investments for their clients. Experience in such roles can help you build the abilities needed to succeed in this field. The abilities you get in such a financial risk management position are transferable and will assist you in transitioning into any risk-management specialist role. 

Many companies recruit risk managers at the entry-level too. Some of them are given below : 

  • SBI life insurance 
  • Policy Bazar
  • LIC
  • Bajaj Alinanze etc. 
Complete your post-graduate studies.

Though post-graduate education is not required, it can be beneficial if your bachelor’s degree does not relate to risk management. A master’s degree in risk management or a similar field is an option. Many courses concentrate on specific topics such as financial, business, or health and safety management. You can advance your career by pursuing a Master of Business Administration (MBA) in risk management. 

Obtain a risk management professional credential.

Various risk management certificates might help you advance in your job. There are numerous online and offline courses available to help you advance your career. Look up several certifications online and pick one that piques your interest. Some examples of common certificates are: 

  • Manager of financial risk (FRM).
  • Enterprise risk analyst with a certificate (CERA).
  • Certification as a risk management specialist from the Project Management Institute (PMI).
  • Professional in risk management certification (CRMP).
  • Risk manager certification (CRM).
  • Risk manager on the job (PRM).

The salary of a Risk Management Professional

Salaries for risk analysts can range from INR 51,000 to INR 10 lakh per year, while compensation for risk managers can range from INR 10-20 lakh per year. Chief Risk Officers (CROs) might earn between INR 14 lakh and INR 1 crore per year, depending on their level of expertise and skills. Along with other benefits of risk management, this might be the best one. 



In short, the Risk Manager will be in charge of the organization’s entire insurance and risk management program, assessing and detecting risks that could jeopardize the organization’s reputation, safety, security, or financial success. Risk management is important since it affects your reputation and connections. The importance of honesty and integrity cannot be overstated. Trust is critical.

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