Risk Jobs in the United States
Among the top 15 highest paying finance jobs in the US, according to a recent survey by LinkedIn, senior risk jobs in particular command salaries of around $160,000 to $187,000 with companies including PwC, Edelman and Johnson & Johnson being among those seeking talent.
As regulators increase their demands and expectations of global business, the need for specialists in risk, compliance and legal has continued to influence the hiring agenda. Financial services firms are placing particular emphasis on those individuals with experience in regulatory risk, with banks intent on finding skilled candidates with a background in risk management and legal compliance.
Certainly candidates with an understanding of current and impending regulations and industry standards are highly sought after with regulatory risk jobs in the US taking precedence over market risk especially. The smaller firms and banks are also more likely to provide opportunities in risk than their larger counterparts, as many have yet to meet their compliance deadlines and while the bigger firms are tending to keep their risk teams in-house, the smaller firms and some smaller international banks are continuing to outsource their risk functions.
Employers and hiring managers at US firms are looking for those risk professionals with strong CCAR and stress testing experience as well as those individuals who can expertly navigate relationships with key business and management stakeholders, as well as apply their knack for analytical thinking to provide strategic insight to help influence key decisions for the business.
Those working in risk jobs in the US typically find themselves tasked with forecasting, thwarting and planning for all the risks the business may face, both from the ever-increasing threat of cybersecurity breaches and the potential for stock market collapse. Responsible for advising the board and key decision makers for the business on how to address and react to these and other risks, risk professionals are required to be expert communicators both verbally and in the reports they write up to surmise their findings and recommendations.
Expected to be results-driven, organised and well-versed in the various control-related regulatory frameworks active on the market, from SOX to COSO 2013, candidates applying for risk jobs in the United States must be able to demonstrate skills and expertise that will enable them to add value to their business in a meaningful way. Average salaries for those starting on the risk ladder in New York, looking at risk analyst positions, range between $50,000-100,000 depending on which discipline of risk you’re applying to.
Academic qualifications in areas including accounting, finance or business are a requirement for jobs in risk, and if you have an MBA it will set you at a definite advantage. Knowledge of non-consumer regulations such as the Volcker Rule, Regulation W, Regulation O and additional market regulations are also highly valued by employers. Candidates who are able to stay in pace with developments in digital media and technology in terms of evaluating controls will stand out from the crowd as the focus on new information technologies and systems are driving demand and shaping the criteria for who companies are hiring. Certifications including CRCM, CIA, CRMA and CFSA are among those employers and recruiters are looking for as well as proven experience in banking and regulation.