How much does a Risk Analyst make?
Risk analysts play a key role in many industries by helping to identify, assess, and manage risks. On average, a risk analyst earns about $99,510 each year. This figure can change based on experience, location, and the specific industry. Companies often value their ability to foresee potential issues and offer solutions.
The salary for risk analysts can vary significantly. For example, those with less than a year of experience might earn around $47,054 annually, while those with over 20 years can make up to $207,000. Here is a breakdown of what different experience levels might expect:
- 1–3 years: $61,594
- 4–6 years: $76,135
- 7–9 years: $90,676
- 10–14 years: $105,216
- 15–19 years: $119,757
- 20+ years: $207,000
What are the highest paying cities for a Risk Analyst?
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San Antonio, TX
Average Salary: $151,908
In San Antonio, analysts often work for major companies like Frost Bank and USAA. The job involves assessing financial risks and advising on strategies to mitigate them. Opportunities for career growth are plentiful in this thriving city.
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Washington, DC
Average Salary: $133,003
Working as an analyst in Washington, DC, offers a chance to engage with government entities and defense contractors. The work environment is dynamic, focusing on national security risks. This city provides a unique blend of public and private sector opportunities.
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San Francisco, CA
Average Salary: $126,841
In San Francisco, analysts contribute to tech giants such as PayPal and Uber. The role involves analyzing cyber risks and ensuring data security. The tech-centric culture offers innovative challenges and growth possibilities.
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Buffalo, NY
Average Salary: $125,554
Buffalo's market includes insurance companies like HSBC and KeyBank. Analysts here assess risks for financial products and services. The city's focus on insurance makes it a hub for risk management professionals.
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Charlotte, NC
Average Salary: $122,318
Charlotte boasts financial institutions like Bank of America and Wells Fargo. Analysts in this city focus on credit risks and market analysis. The banking sector offers a stable and rewarding career path for risk professionals.
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San Jose, CA
Average Salary: $121,466
In Silicon Valley, analysts for companies like Intel and Cisco evaluate tech-related risks. The city's tech industry demands sharp analytical skills and a proactive approach to risk management.
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Phoenix, AZ
Average Salary: $113,906
Phoenix is home to companies such as Avnet and UnitedHealth Group. Here, analysts work on assessing operational and strategic risks. The city's diverse business environment provides various opportunities for growth.
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St. Louis, MO
Average Salary: $113,593
In St. Louis, analysts support companies like Edward Jones and Boeing. The focus is on financial and operational risks. The city's strong presence in finance and aerospace offers a rich landscape for risk management careers.
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Seattle, WA
Average Salary: $112,584
Seattle offers opportunities with tech companies such as Amazon and Microsoft. Analysts here evaluate risks related to IT and cybersecurity. The tech-savvy culture makes it an exciting place for risk professionals.
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Dallas, TX
Average Salary: $110,401
In Dallas, analysts often work for firms like AT&T and American Airlines. The role involves managing financial and operational risks. The city's strong business environment provides diverse opportunities for career development.
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What are the best companies a Risk Analyst can work for?
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Citi
Average Salary: $142,441
Citi offers exciting Risk Analyst roles in various locations. Citi operates in over 100 countries, providing a global platform to make a significant impact.
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USAA
Average Salary: $141,504
USAA, based in San Antonio, TX, provides Risk Analysts with a rewarding environment. They focus on the needs of military members and their families.
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Fannie Mae
Average Salary: $136,650
Fannie Mae, located in Washington, D.C., offers Risk Analysts a chance to work in the mortgage industry. They have a focus on ensuring financial stability.
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M&T Bank
Average Salary: $133,108
M&T Bank provides Risk Analyst positions across the Northeast. They offer a family-oriented culture with a strong emphasis on community service.
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Fidelity Investments
Average Salary: $116,975
Fidelity Investments, based in Boston, MA, offers Risk Analysts opportunities in the investment industry. They have a strong focus on innovation and customer service.
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U.S. Bank
Average Salary: $115,339
U.S. Bank offers Risk Analysts roles in various locations across the U.S. They focus on providing personalized financial services to customers.
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Booz Allen Hamilton
Average Salary: $114,792
Booz Allen Hamilton, with offices nationwide, offers Risk Analysts roles in consulting and technology. They work on critical projects for government and commercial clients.
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SoFi
Average Salary: $110,400
SoFi, based in San Francisco, CA, offers Risk Analysts roles in a fast-paced fintech environment. They focus on modernizing financial services.
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Navy Federal Credit Union
Average Salary: $103,081
Navy Federal Credit Union, with locations across the U.S., offers Risk Analysts roles that support military members and their families. They have a strong focus on member service.
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The Cigna Group
Average Salary: $99,100
The Cigna Group, headquartered in Bloomfield, CT, offers Risk Analysts roles in the healthcare industry. They focus on providing comprehensive health services.
How to earn more as a Risk Analyst?
A Risk Analyst can increase earnings by focusing on various strategic factors. Specializing in a specific industry, such as finance or healthcare, helps in becoming an expert. This expertise allows for higher-paying opportunities. Building a network within the industry also opens doors to better positions. Certifications can boost credibility and salary potential. Continuing education keeps skills sharp and competitive.
Negotiating salary effectively is crucial. Understanding market rates and company budget helps in asking for a fair raise. Taking on leadership roles or projects with significant impact can lead to bonuses and promotions. Maintaining a strong professional reputation through consistent, high-quality work encourages higher pay. These efforts can lead to more substantial earnings over time.
Here are some key factors to increase earnings as a Risk Analyst:
- Specialize in a specific industry.
- Build a strong industry network.
- Obtain relevant certifications.
- Continuously update skills through education.
- Negotiate salary based on market rates and company budget.
