Risk Analyst Salary
Job Description for Risk Analyst
Risk analysts work primarily for banks or insurance companies and their tasks include carefully verifying potential clients' application information, following up on missing documentation and data with applicants or potential clients, and obtaining data from various agencies, such as credit bureaus, to verify data and information submitted by applicants. They must also be able to interpret corporate or merchants' financial statements and/or personal credit reports and maintain good relationships with processors and other staff within the company.Read More...
Risk analysts should be able to use software and computer applications, including Microsoft Office programs (Word, Excel, PowerPoint, Outlook) and be able to multitask on a regular basis. A bachelor's degree in a relevant field is often required for this position, and some employers also require relevant work experience. Strong communication skills are important for risk analysts, and they should also be detail-oriented and able to work well under pressure. Flexibility may also be necessary in order to meet deadlines. Some may be required to attend additional training, workshops, or conferences or read relevant professional journals, while others may need to travel to meet clients.
Risk Analyst Tasks
- Analyze data to calculate risks and outcomes.
- Aggregate and transform data from multiple sources to produce consistent results.
- Audit data and establish quality control measures.
- Create reports and summaries, and document processes and procedures.
Common Career Paths for Risk Analyst
Though not the most common occurrence, Risk Analysts sometimes become Senior Risk Managers, where the average income is $114K per year. With an annual salary of $86K, Risk Manager is the most common role for Risk Analysts to subsequently assume on their way up the ladder. Transitioning into a Risk Management Analyst role — which usually pays $57K — is also typical for Risk Analysts, though less common by comparison.
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Popular Employer Salaries for Risk Analyst
For Risk Analysts, comfortable salaries can be found at Bank of America Corp. (BOFA); in fact, median earnings sit around $82K, the highest in the area.
Popular Skills for Risk Analyst
Risk Analysts seem to exploit a large range of skills on the job. Most notably, facility with R, SAS, and Financial Modeling are correlated to pay that is significantly above average, leading to increases of 28 percent, 17 percent, and 14 percent, respectively. Skills that seem to negatively impact pay include Insurance and Project Management. Those educated in Data Analysis tend to be well versed in Microsoft Excel and Financial Analysis.
Pay by Experience Level for Risk Analyst
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Risk Analysts do not generally earn higher incomes from more experience in the field. The average worker who claims fewer than five years of experience earns around $60K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $68K. After working for 10 to 20 years, Risk Analysts make a median salary of $77K. More than 20 years of experience mean a somewhat bigger median paycheck of $81K, but it's not much more than what less experienced people make.
Pay Difference by Location
San Francisco is home to an above-average pay rate for Risk Analysts, 37 percent higher than the national average. Risk Analysts will also find cushy salaries in New York (+21 percent), Washington (+20 percent), Stamford (+16 percent), and Irvine (+7 percent). Trailing the national average by 16 percent, Miami is the market with the smallest paychecks. Not at the bottom but still paying below the median are employers in Minneapolis and Philadelphia (9 percent lower and 6 percent lower, respectively).