How to Become a Risk Manager

If there was ever the opportunity to become a financial superhero, being a professional risk manager is at the top of the list! Risk management is essential to financial institutions, government agencies, private industry and can be found within every aspect of the economy and business. To become a proficient risk manager, you will need to have completed educational goals, 

Education For Risk Managers

In order to become a risk manager, you will need to earn the minimum of a bachelor’s degree in finance, accounting, economics, mathematics, or business administration.  Begin immediately to find a college or university to meet your needs. Make sure to research the institutions thoroughly to discern their reputations and whether or not they are accredited. Read reviews as to their suitability for your goal to become a risk manager. Online programs are available in abundance from some of the most respected colleges and universities, and of course, there are traditional on-campus options. If you cannot financially afford to attend a four-year degree program right away, consider attending a junior or community college to satisfy your general education requirements. One important thing to remember—make sure any credits you earn from the junior or community college will be transferable to the 4-year college you are interested in eventually attending.

Secure an Internship as a Risk Manager

Adding an internship to your resume will catapult you into the next level of hire-ability. Major financial institutions often offer summer internships to undergraduates and/or the newly graduated. For example, in 2025 JPMorgan Chase & Co. has a “Corporate & Investment Bank Risk Management Summer Analyst Program”. The opportunity is in New York, NY as well as in Plano and Houston, TX. The program lasts for 9 weeks, beginning with a 5-day orientation and training session in New York. According to them, during the 9 weeks, you will  “Learn about risk at a premier global investment bank; understand the role of integrity and transparency in dealing with regulators, clients, and business partners; work collaboratively across the entire organization to find and solve problems before they grow; come up with innovative ways to solve challenges and answer queries; work on complex problems that require creative solutions, and manage relationships with clients, regulators, and stakeholders to minimize risks and follow laws in various locations.

Begin today to prepare yourself for the many amazing opportunities to learn from the best. Here are the qualities JPMorgan Chase & Co. require for admittance to their program—begin today to develop these qualities and skills!

1. Exceptional quantitative, analytical and communication skills
2. Excellent project management skills
3. Strong initiative, energy, and confidence
4. The ability to thrive in a fast-paced, collaborative environment
5. Knowledge of Excel and Word 
6. Fluency in English
7. Coursework in finance or economics a plus
8. Attend college/university in the U.S.
9. Minimum preferred cumulative GPA of 3.2 on a 4.0 scale.
10. Expected graduation date of December 2025 – June 2026 from bachelor’s or master’s program
11. If you are pursuing a master’s degree, it must be completed within 2 years of your bachelor’s degree
12. Authorization to work permanently in the U.S.  

 Join Trade Associations and Professional Organizations

It cannot be overemphasized how important and valuable it is to become a member of a respected trade association or professional organization. Through these dynamic resources, you will build vital relationships and attract countless professional opportunities. The key to success is networking with those who are already successful!

1. The Risk Management Society (RIMS): RIMS is one of the largest international organizations dedicated to risk management. It provides educational programs, certification opportunities, conferences, and networking opportunities. They have their own newsroom, award programs, advocacy division, and highly specialized learning modalities. In their own words, “RIMS, the Risk Management Society®️, empowers risk professionals to make the world safer, more secure, and more sustainable. Through networking, professional development, certification, advocacy, and research, RIMS and its 80 chapters serves more than 200,000 risk practitioners and business leaders from over 75 countries. Founded in 1950, the Society publishes the award-winning Risk Management Magazine and produces RISKWORLD®️, the largest annual gathering of global risk professionals. RIMS embraces diversity, equity and inclusion and welcomes all risk professionals to connect and learn, explore the online Risk Knowledge library, tune into the RIMScast podcast series, and engage via social media.”

2. The Global Association of Risk Professionals (GARP): GARP focuses on risk management in the financial industry, and grant certifications such as the Financial Risk Manager Certification (FRM), the Energy Risk Professional Certificate (ERP), and the Sustainability & Climate Risk Certificate (SCR). In their words, “GARP creates original, cutting-edge articles, webcasts, podcasts, and white papers for our Risk Intelligence content hub. Professionals around the world have attended our annual Risk Convention and Climate Symposium, and our Global Risk Forum and Buy Side Risk Managers Forums facilitate dialogues between leading regulators, practitioners, and academic experts. The GARP Benchmarking Initiative (GBI) and GARP Risk Institute (GRI) teams study the latest industry trends and determine the best approaches to addressing today’s top systemic risk issues. GBI analyzes hypothetical portfolio exercises, quantitative impact studies, and other benchmarking activities, while GRI promotes non-partisan discussions and education on climate risk.” There are over 260,000 members in 195 countries. Research to find out if there is a chapter near you and begin networking today!

3. American Society for Healthcare Risk Management (ASHRM): ASHRM is specifically focused on risk management within the healthcare industry. It offers education, certification, publications, and networking opportunities for healthcare risk management professionals.

4. Project Management Institute (PMI): While not exclusively focused on risk management, PMI offers resources and certifications related to project risk management, including the Risk Management Professional (RMP) certification.

5. Society for Risk Analysis (SRA): SRA is an interdisciplinary organization focused on the study, understanding, and management of risks. It brings together professionals from various fields, including science, engineering, policy, and economics, to address complex risk challenges.

Job Outlook For Risk Management

According to the U.S. Bureau of Labor Statistics (https://www.bls.gov/), Financial Analysts have promising opportunities for the time period spanning 2022-2032. The field is growing by 8% per year, which is slightly faster than the 6% average growth rate. Government experts predict that each year over 27,400 openings will become available (between 2022-2032), due to replacing workers who leave the profession, leave the work force and/or retire. Over the ten-year time span (2022-2032) it is projected that a total of 29,000 new positions will be created. In 2022 there were 376,100 individuals working as risk managers. The median pay per year was $96,220, while the median hourly wage was $46,26. (As a reminder, the “median” amount is not an average, it is the middle value of a dataset. For the U.S. BLS definition go to: https://www.bls.gov/cps/definitions.htm#medianearnings/  

By pursuing your educational goals, joining trade organizations and professional associations, and securing an internship, you will be on your way to a lucrative and rewarding career as a risk manager.