Want to know an unfortunate truth about business ownership and management? It's frighteningly easy to lose money. As a result, the job of risk manager was created, with the mission of loss prevention.
Risk managers analyze data and produce financial proposals to minimize risk. If you're a talented problem-solver who's as comfortable speaking in public as you are crunching numbers, you may want to look into bachelor's degrees in risk management.
Earning bachelor's degrees in risk management
The undergraduate curriculum focuses mostly on math and finance, with subjects like accounting and statistics. Programs should provide an understanding of financial institutions, banking, financial support services, credit management and investments.
Additional classes in economics, business and international trade can help round out your knowledge. Classes in English, speech and social sciences like psychology may also be useful if your interpersonal communication skills need polishing.
Career outlook and salary information for risk managers
The U.S. Bureau of Labor Statistics does not calculate wages for risk managers separately, but risk management is a key component of related careers such as accountants, actuaries, financial analysts, financial managers and personal financial advisers. The bachelor's degree serves as an entry point into the world of finance, but experience is often needed for risk management careers, and many in this profession go on to earn master's degrees.
With a bachelor's degree and certification, you could seek work as an actuary. These analytical experts study the financial costs of risk using mathematics, statistics and financial theory. Actuaries earned a median 2010 wage of $87,650 per year. The BLS projects faster than average job growth of 27 percent for this occupation between 2010 and 2020.
Experience and education needed for risk managers
With extensive experience in the field, you could become a financial manager. These professionals earned a median annual wage of $103,910 in 2010. The BLS expects employment growth to be slower than average, at 9 percent for the 2010-2020 decade. In this competitive field, the BLS notes the advantages of advanced degrees, certification, top-notch communication and updated computer skills.
Work experience is clearly important in financial careers, and online education allows you to continue at your current position while you beef up your academic qualifications. With convenient scheduling, online classes can help prepare you for a career in risk management without the constraints of brick-and-mortar schooling.