High School

In high school, take classes that help you to develop your communication skills (including those in English, speech, and creative writing), financial and business acumen (economics, mathematics, accounting, and business), computer skills (database management, computer and information security), and critical-thinking abilities (philosophy, history, and social studies). 

Postsecondary Education

You’ll need a minimum of a bachelor’s degree in risk management, insurance, accounting, finance, economics, business, computer science, or management information systems to work in risk management, although some employers prefer to hire those with graduate degrees. Be sure to augment your studies in one of these areas with classes in financial planning or wealth management so that you can obtain a working understanding of the financial aspects of the business.

Many colleges and universities in the United States and Canada—including Baylor University, Kent State University, Temple University, and the University of Pennsylvania—offer degrees in risk management. Visit https://www.aria.org/education/ for a list of schools that offer certificates and bachelor’s and graduate degrees in the field.

Other Education or Training

Professional associations offer a wealth of continuing education classes, workshops, and webinars that help risk managers keep their skills up to date. For example, the Global Association of Risk Professionals offers Foundations of Financial Risk, a class for entry-level professionals that details how banks operate, how they’re governed, and how they’re regulated. RIMS-The Risk Management Society provides webinars such as “Cybersecurity Risks in a Mobile Device and Internet of Things World” and “Continuity Risk Management: What Every Risk Professional Should Know.” The Public Risk Management Association and the American Bankers Association also provide professional development opportunities.

Certification

The Professional Risk Managers’ International Association offers the associate professional risk manager; credit and counterparty manager; market, liquidity, and asset liability management risk manager; and operational risk manager certificates. Visit https://www.prmia.org to learn more. The Institute of Risk Management offers the international certificate in financial services risk management to applicants who pass multiple-choice and written examinations. Visit https://www.theirm.org/qualifications/international-certificate-in-financial-services-risk-management for more information. 

Certification or Licensing

Several associations offer certification programs for risk management professionals. For example, the Global Association of Risk Professionals offers the financial risk manager (FRM) credential. According to the association, “earning the FRM signals to employers that you are serious about risk management and that you have had your knowledge validated against international professional standards.” To learn more about the FRM credential, visit https://www.garp.org. Other certification credentials are offered by the: 

• National Alliance for Insurance Education & Research (certified risk manager, https://www.scic.com/crm)
• RIMS—The Risk Management Society (RIMS-certified risk management professional, https://www.RIMS.org/certification)
• Professional Risk Managers’ International Association (professional risk manager, https://www.prmia.org)

Some firms seek risk managers who have earned the chartered financial analyst credential, which is administered by the CFA Institute (https://www.cfainstitute.org/en/programs/cfa).

Chief risk officers must have a minimum of 10 years of experience in lower-level risk management positions. Risk managers need at least five years of experience in risk management, and risk analysts need a year or two of experience (a combination of an internship, co-operative education experience, or part-time job) in a risk management position at a corporation.

To be a successful risk management professional, you’ll need excellent communication and interpersonal skills, confidence, and an independent mindset to effectively interact with colleagues who may not always agree with your risk assessments; expertise in risk identification and analysis techniques; strong quantitative skills and the ability to use risk management software; excellent analytical and problem-solving skills; creativity; and intellectual curiosity.