Average Salary with a Masters in Risk Management Degree
With a master’s degree in risk management, you can qualify for advanced positions in this industry, working with your employer to prevent loss and maximize profits. Your daily tasks could include anything from working with a retailer to prevent theft to being a liaison with insurance representatives to ensure your company has a great policy. Risk managers most commonly work directly for insurance companies, helping the company determine what kind of policy to offer their clients. You can get started working in the risk management field with just a bachelor’s degree – so what’s the draw to going back to school to get your master’s degree in risk management? Is the salary increase you can expect if you get an advanced degree worth the time and money you’ll spend to go to graduate school?
Salary Information for Risk Management Workers
Risk managers make an average of $97,860, according to reports by Salary.com, with the middle 50% earning between $83,754 and $115,347. Most employers require you to have at least seven years of experience before becoming a risk manager, or at least before working independently, rather than as part of a risk management team. With your master’s degree, you can earn even more, as you’ll be better prepared to assess risk in a variety of situations.
Salary by Career
The career path you take with a degree in risk management can play a role in the salary you receive in this field. Some of the job options include risk management consultant, claims adjustment specialist, or insurance broker. The highest-paying jobs are in management and administration, where you’ll serve in a leadership position with your company. In this kind of role, you can easily earn over $100,000 annually, but the top positions are typically only open to those who have a master’s degree in risk management.
Earning More as a Risk Management Professional
Getting your master’s degree in this field is just a start if you’re interested in earning more money as a risk management professional. Obviously, as you gain experience in the field, you’ll earn more – according to reports, starting salaries for risk management professionals are around $50,000, while more experienced risk management professionals make six figure salaries. If you live in certain locations, you can also make more money. Risk management professionals working with corporate accounts or working in consulting for private companies also typically make more money.