Since the profession offers stable job growth and robust annual salaries, many people are looking to become a risk management specialist either as their first career or as part of a transition from other careers in business and finance. Though risk management can certainly be tempting for those with an eye for data and experience crunching numbers, there are several key requirements that exist for those who wish to make this new their new professional field. Before simply assuming that risk management is wide open, consider the numerous educational and other requirements that often accompany job openings in risk management departments.
Education Requirements Often Exceed a Four-Year Degree
Some entry-level positions in risk management may require only a bachelor’s degree in business administration, accounting, or finance, but specialist positions tend to require a bit more. In fact, the majority of job openings in this field tend to require a master’s degree in business administration, finance, accounting, analysis, or economics. Before applying for a job as a risk management specialist, it’s extremely important to review educational requirements to ensure that any necessary degrees have been obtained. Otherwise, it’s a good idea to either apply for more entry-level risk management jobs or pursue the required degree beforehand.
Related Experience in Business or Finance
Risk management jobs, including that of the risk management specialist, are typically not the best option for those without any experience in the business world. Even those who apply to entry-level jobs have typically had at least a year of experience as an intern in a leading firm, while those who apply for the risk management specialist position often have at least five years of experience in business, management, finance, accounting, or economics. More job experience typically secures a better title and a higher salary within the risk management field, so it’s a good idea to apply with more experience rather than less.
Be Prepared to Demonstrate Computer Proficiency
In the risk management industry, computer proficiency is absolutely essential. Unlike some jobs, however, computer efficiency in this case means a certain level of familiarity with risk management applications that are specific to the industry. Applicants should also be able to demonstrate significant fluency in Microsoft Excel and Microsoft Access, and they should be comfortable using both Windows and Mac OS X platforms in the office. Risk management is all about proper use, entry, review, and manipulation of data, so it’s important to learn industry applications before a potential job interview.
Willingness to Engage in Ongoing Training
Risk management changes over time as research indicates new risks, computer programs open up new types of analysis, and risk management extends to new occupations and hazards. Most risk management specialists have an ongoing education clause in their hiring paperwork, which requires that they seek at between three and nine hours of additional education annually. This could come in the form of a higher degree, noncredit post-baccalaureate classes, or even professional conventions that pertain to risk management and analysis.
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A Thriving Field with Demanding Requirements for Entry
Risk management specialists are in demand, and the profession comes with several lucrative benefits, but careful considerations must be made prior to applying for a job in this industry. According to the Bureau of Labor Statistics, those who wish to become a risk management specialist must be highly educated, bring a great deal of experience to the table, and demonstrate proficiency with industry software applications that allow for more efficient work in this role.