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If you have a passion for problem solving, perhaps a career in risk management would appeal to you. You might be wondering what your job prospects look like if you were to choose this career path.
Experts in this field are needed in many industries including insurance, healthcare and manufacturing. Governments also need the services risk managers provide. Since virtually all organizations can benefit from minimizing risks, the employment outlook is favorable for individuals who can deliver measurable results in risk reduction for their employers.
Employment Outlook for Loss Prevention in the Insurance Industry
The insurance industry employs significant numbers of loss management professionals called actuaries. Actuaries are responsible for analyzing and managing the financial costs an insurance company incurs in relationship to the insurance coverage it provides. These experts use their knowledge of finance, probability and statistics to suggest policies that minimize their employers’ risks.
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In the USA, the Bureau of Labor Statistics describes the job outlook for actuaries as being “somewhat favorable”. The BLS projects both strong growth and high levels of competition for jobs in this field. If you’re an undergraduate student interested in pursuing a career as an actuary, it would be beneficial to complete an internship before you graduate from college. According to the Bureau of Labor Statistics, an internship would better your chances of landing an entry-level position after graduation. You’ll also be better positioned if you’re able to pass at least 2 of the actuarial examinations.
In Australia, the Australian government’s Job Outlook organization projects that there will be growing numbers of actuary jobs becoming available through the year 2020; however, despite this projected growth, there will be low numbers of new actuary job openings overall.
Employment Outlook for Financial Examiner Careers
Financial examiners perform multiple tasks relating to the management of risks. Among other things, they are responsible for evaluating how risky various loans would be.
Experts at the US Bureau of Labor Statistics predict that employment opportunities for financial examiners in the USA will rise at a fast rate of about 10 percent until at least the year 2024. The growth rate would be even higher if not for a simultaneous decline in the numbers of available federal government jobs for professionals in this niche.
Employment Outlook for Information Security Careers
Risk management and information security are closely related topics. Information security professionals work to minimize the risks of information theft, privacy violations and other problems that hackers and cyber-vandals can cause.
The US Bureau of Labor Statistics predicts exceptionally high demand for the services performed by information security analysts through the year 2024. BLS experts anticipate that healthcare providers will hire increasing numbers of information security analysts to help safeguard patients’ electronic medical records. They also predict an increase in the availability of federal government positions for this specialization.
BLS experts expect to see 18 percent growth in overall employment opportunities for information security professionals. In the specific niche of computer systems design, they project a 36 percent rate of growth. They forecast this higher rate of growth based on their observations that many businesses are planning to adopt cloud technologies and will need information security analysts to help them make the transition.
There’s plenty of demand in these niches and others for experts who can help organizations minimize their risks and resulting financial losses. You can feel confident in pursuing a risk management career knowing that the future employment outlook is positive.