How to Become a Risk Manager

A risk manager is a specialty type of financial manager. Financial managers help organizations in their quest for financial health – analyzing costs, reviewing budgets and sales records, and working with employees at all levels to help track finances and expenses. Whether it’s a contract position or an internal job, these kinds of jobs are vital to the financial stability of companies from Fortune 500 businesses to non-profits.

A risk manager works with the finances of a business in a slightly different way – by trying to minimize financial losses or exposure to financial instability. Usually risks are in the form of currency changes or commodity prices. Risk can also include major financial decisions like taking a company public and selling shares on the stock market – this will drastically effect the potential for overall profit and stability, and a risk manager can help the company decide if they were in the right place for that financially.

Becoming a risk manager starts with the right degree – because risk managers deal with such important, indispensable details, most companies want a bachelor’s degree with several years of financial work experience or a master’s degree in finance, accounting, or business administration. Classes that anyone interested in risk management should be sure to take would include financial markets, derivatives, portfolio management, and investment and stock analysis.

Relevant experience can be gained by working as an accountant, loan officer, financial advisor, or personal banker. Gaining a few years of experience in the finance sector, particular as it relates to rates, currency, and the stock market, is invaluable in moving up to a successful risk management position. Additionally, having years of financial analysis practice in several markets is also critical.

A career in risk management can be a high paced, detail driven job – companies depend on their risk manager to keep them out of financial trouble and to help their investments grow. Effective, responsible risk managers can make over $100,000 a year working for the right business or financial institute. Ultimately, earning money, respect, and success in this industry requires a specialized education and years of experience – but, just years after a serious recession, it is a career that is increasingly important in today’s global business age.

Online Risk Management Programs

Kaplan University BSBA - Risk Mgmt and Insurance BSBA - Risk Mgmt MS - Financial Analysis BSBA - Financial Analysis Kaplan University – Kaplan University offers a BSBA in Risk Management with a specialization in Insurance. Kaplan also provides a graduate program for Financial Analysis for students interested in furthering their careers. Kaplan is accredited by the Higher Learning Commission and is a member of the North Central Association of Colleges and Schools.
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University of the Rockies MA - Org Dev and Leadership: Risk Mgmt PhD - Org Dev and Leadership: Risk Mgmt University of the Rockies – For students wanting to pursue graduate degrees, the University of the Rockies can provide distance learning options for working professionals and continuing scholars. UOR offers two programs with a Risk Management specialization: an MA in Organizational Development and PhD in Organizational Development. UOR is accredited by the Higher Learning Commission.
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