Financial Risk Specialists: Job Description
Analyze and measure exposure to credit and market risk threatening the assets, earning capacity, or economic state of an organization. May make recommendations to limit risk.
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What Do Financial Risk Specialists Do?
The day-to-day responsibilities of financial risk specialists include:
- Analyze areas of potential risk to the assets, earning capacity, or success of organizations.
- Analyze new legislation to determine impact on risk exposure.
- Conduct statistical analyses to quantify risk, using statistical analysis software or econometric models.
- Confer with traders to identify and communicate risks associated with specific trading strategies or positions.
- Consult financial literature to ensure use of the latest models or statistical techniques.
- Contribute to development of risk management systems.
- Determine potential environmental impacts of new products or processes on long-term growth and profitability.
- Develop contingency plans to deal with emergencies.
Related Job Titles
This career also goes by job titles like:
- Analyst
- Bank and Savings Securities Trader
- Bond Analyst
- Business Risk Manager
- Compliance Risk Manager
- Corporate Securities Research Analyst
- Credit Risk Analyst
- Energy Risk Management Analyst
Employment and Demand
The U.S. employs around 711,759 financial risk specialists working in the United States today. This occupation is expected to decline by -3.8% over the projection horizon.
Financial Risk Specialists Pay
| Statistic | Value |
|---|---|
| Annual median | $127,364 |
| Hourly median | $61.23 |
| 10th percentile | $71,738 |
| 25th percentile | $99,551 |
| 75th percentile | $155,177 |
| 90th percentile | $182,990 |
Compensation varies based on experience, location, and industry.
Pay by State
| State | Annual median salary |
|---|---|
| New York | $138,330 |
| Delaware | $130,060 |
| Alaska | $126,050 |
| New Jersey | $123,000 |
| Massachusetts | $118,960 |
| Wyoming | $115,730 |
| District of Columbia | $114,550 |
| Oregon | $113,870 |
| Virginia | $113,260 |
| Maine | $112,070 |
| California | $111,560 |
| Washington | $109,890 |
| Georgia | $107,730 |
| North Carolina | $107,120 |
| Minnesota | $106,880 |
| Connecticut | $105,930 |
| New Hampshire | $105,830 |
| Maryland | $105,320 |
| Colorado | $103,440 |
| Florida | $100,730 |
| Michigan | $100,430 |
| Pennsylvania | $100,190 |
| Iowa | $98,910 |
| Indiana | $98,820 |
| Illinois | $98,410 |
| Rhode Island | $98,040 |
| Vermont | $98,020 |
| Ohio | $97,100 |
| Texas | $96,100 |
| Missouri | $93,790 |
| Wisconsin | $93,590 |
| Arizona | $92,410 |
| West Virginia | $89,820 |
| Nebraska | $86,290 |
| Hawaii | $83,670 |
| Nevada | $83,590 |
| Alabama | $82,900 |
| Oklahoma | $82,760 |
| South Carolina | $82,210 |
| Kentucky | $80,610 |
| New Mexico | $80,220 |
| Utah | $78,940 |
| Tennessee | $77,720 |
| Arkansas | $77,540 |
| Kansas | $76,400 |
| Idaho | $72,350 |
| South Dakota | $71,670 |
| North Dakota | $69,990 |
| Puerto Rico | $60,470 |
| Louisiana | $55,050 |
Where Financial Risk Specialists Earn the Most
Earnings for financial risk specialists vary by region. Top regions by median wage:
| Region | Median annual wage | Share of U.S. jobs | Location quotient |
|---|---|---|---|
| Middle Atlantic | $129,013 | 31.8% | 2.83 |
| New England | $111,785 | 5.1% | 1.19 |
| Far Western US | $108,853 | 10.9% | 0.67 |
| Great Lakes | $97,909 | 12.0% | 0.94 |
| Southeast | $97,077 | 20.7% | 0.98 |
| Plains States | $95,113 | 5.3% | 0.82 |
| Southwest | $94,615 | 10.4% | 0.87 |
| Rocky Mountains | $93,202 | 3.2% | 0.92 |
Top Metro Areas
| Metro area | State | Median annual wage | Employment |
|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ | NY | $141,960 | 11,340 |
| San Francisco-Oakland-Fremont, CA | CA | $140,050 | 920 |
| San Jose-Sunnyvale-Santa Clara, CA | CA | $137,420 | 380 |
| Charlotte-Concord-Gastonia, NC-SC | NC | $130,750 | 1,180 |
| Bridgeport-Stamford-Danbury, CT | CT | $129,470 | 210 |
| Seattle-Tacoma-Bellevue, WA | WA | $128,440 | 550 |
| Kiryas Joel-Poughkeepsie-Newburgh, NY | NY | $125,520 | 40 |
| Bloomington, IL | IL | $124,940 | 40 |
Industry Breakdown
The largest employers of financial risk specialists work in these industries:
| Industry | Employment | Median annual wage |
|---|---|---|
| Finance and Insurance | 34,880 | $111,260 |
| Professional, Scientific, and Technical Services | 6,140 | $113,720 |
| Management of Companies and Enterprises | 6,030 | $107,730 |
| Administrative and Support and Waste Management and Remediation Services | 1,160 | $99,950 |
| Information | 1,090 | $104,690 |
| Health Care and Social Assistance | 860 | $94,050 |
| Educational Services | 760 | $83,670 |
| Arts, Entertainment, and Recreation | 580 | $77,540 |
The table below shows some of the most common industries where those employed in this career field work.
Software Financial Risk Specialists Use
- Data base user interface and query software: Amazon Web Services AWS software (hot technology)
- Data base management system software: Apache Hive (hot technology)
- Content workflow software: Atlassian JIRA (hot technology)
- Object or component oriented development software: C++ (hot technology)
- Word processing software: Google Docs (hot technology)
- Analytical or scientific software: IBM SPSS Statistics (hot technology)
- Accounting software: Intuit QuickBooks (hot technology)
- Operating system software: Linux (hot technology)
- Sales and marketing software: Marketo Marketing Automation (hot technology)
- Data base user interface and query software: Microsoft Access (hot technology)
- Development environment software: Microsoft Azure software (hot technology)
- Spreadsheet software: Microsoft Excel (hot technology)
Education and Training
This career aligns with Considerable Preparation Needed (Job Zone 4), reflecting the level of preparation typically expected.
Other Careers to Consider
Similar Occupations
- Financial Managers (Primary-Long)
- Investment Fund Managers (Primary-Short)
- Regulatory Affairs Managers (Supplemental)
- Compliance Managers (Supplemental)
- Loss Prevention Managers (Supplemental)
- Regulatory Affairs Specialists (Supplemental)
- Management Analysts (Primary-Short)
- Market Research Analysts and Marketing Specialists (Supplemental)
Degree Programs
Students preparing for financial risk specialists typically earn programs in:
Business, Management, Marketing, and Related Support Services
11 programs across 5 majors
- Accounting
- Finance & Financial Management
- Managerial Economics
- Management Sciences & Methods
- Business Administration & Management
Sources
Data on this page comes from the following authoritative sources:
- U.S. Bureau of Labor Statistics — Occupational Employment and Wage Statistics (OEWS) for employment and wage data by state and industry.
- BLS Employment Projections for total employment and growth forecasts.
- O*NET (Occupational Information Network) for skills, knowledge, tasks, work activities, work context, technology, and education-zone data.
SOC code: 13-2054.00 (Financial Risk Specialists).
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