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
While not commonly seen, Risk Analysts who transition into a Senior Risk Manager position may see a rise in pay. The median salary for Senior Risk Managers is $114K per year. Becoming a Risk Manager is, more often than not, the most common role that Risk Analysts move into when they're ready for the next step in their career. The average salary for the position is $86K. Another frequent advance is for Risk Analysts to assume a Risk Management Analyst role; in this role, workers often earn $57K.
Risk Analyst Job Listings
Search for more jobs:
Popular Employer Salaries for Risk Analyst
J.P. Morgan Chase & Co. (JPMCC), Bank of America Corp. (BOFA), Citigroup, Inc., Chase Bank, and Santander are leaders in the field that employ a large number of Risk Analysts. The biggest paychecks can be found at Bank of America Corp. (BOFA) — the median salary there is $82K.
Popular Skills for Risk Analyst
Risk Analysts seem to wield many skills on the job. Most notably, skills in SAS, Risk Consulting, SQL, and Microsoft Office are correlated to pay that is above average, with boosts between 9 percent and 18 percent. At the other end of the pay range are skills like Insurance and Project Management. Most people skilled in Data Analysis are similarly competent 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.
For Risk Analysts, more experience in the field does not usually mean bigger paychecks. Although individuals who have less than five years' experience earn $60K on average, people with five to 10 years benefit from a notably larger average of $68K. After working for 10 to 20 years, Risk Analysts make a median salary of $77K. Respondents who claim more than 20 years of experience may encounter pay that doesn't quite reflect their extensive experience; these veterans report a median income of around $80K.
Pay Difference by Location
Surpassing the national average by 32 percent, Risk Analysts in San Francisco receive some of the highest pay in the country. Risk Analysts can also look forward to large paychecks in cities like Washington (+26 percent), New York (+20 percent), Stamford (+17 percent), and Houston (+14 percent). Miami is the lowest-paying area, 17 percent south of the national average. Workers in Tampa and Boston earn less than others in this profession; their salaries fall short of the national average by 7 percent.
Related Job Salaries
Key Stats for Risk Analyst
Rated 4 out of 5
based on 122 votes.