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Finance & Accounting

Risk Manager

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Primary Secondary Post-16

A Risk Manager is responsible for identifying, assessing, and minimising risks that could threaten an organisation's operations or reputation. They work closely with other departments to develop strategies and policies that ensure legal compliance and protect assets. Typical tasks include analysing risk data, preparing reports for senior management, and advising on financial, operational, or strategic risks. Most Risk Managers have a background in finance, business, or mathematics, and many hold professional qualifications such as the Institute of Risk Management (IRM) diploma. The role requires strong analytical skills, attention to detail, and the ability to communicate complex issues clearly.

Risk Manager

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📊 Statistics

Average Salary

Risk Managers in the UK typically earn between £40,000 and £80,000 per year, with senior positions exceeding £100,000.

Job Openings

As of 2023, there are over 5,000 job postings for Risk Managers and related roles across the UK, with high demand in London and major financial centres.

Top Industries

The majority of Risk Managers work in banking, insurance, and financial services, but roles are also found in healthcare, energy, and the public sector.

🚀 Careers in this path

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Operational Risk Analyst

Focuses on identifying and assessing risks within an organisation's operations, such as supply chain or internal processes, and develops strategies to minimise potential losses.

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Credit Risk Specialist

Assesses the likelihood of borrowers defaulting on loans or credit agreements, mainly within banks or financial institutions, and recommends risk mitigation solutions.

Enterprise Risk Consultant

Advises organisations on comprehensive risk management strategies, covering areas like financial, reputational, technological, and regulatory risks.

Build a Strong Educational Foundation

Complete GCSEs and A-levels

Achieve good grades in GCSEs, especially in Maths, English, and Business Studies or Economics. Progress to A-levels focusing on subjects like Maths, Economics, or Business.

A strong academic background in numeracy and analytical subjects will help you understand the concepts involved in risk management. Subjects such as Economics, Business Studies, and Mathematics are particularly valuable. Most universities require at least 3 A-levels with good grades for entry into relevant degree courses.

Obtain a Relevant Degree

Study for a university degree in a relevant subject such as Finance, Business Management, Economics, or Risk Management.

Many risk management roles require a degree. Some universities offer specific degrees in Risk Management or related fields. A degree in Finance, Business, Economics, or Law can also provide a solid foundation. Courses will typically cover areas such as financial analysis, compliance, and corporate governance.

Gain Practical Experience

Undertake Internships or Placements

Apply for internships or work placements in risk management, banking, insurance, or finance firms during or after your degree.

Internships provide valuable hands-on experience and help build your understanding of how risk is managed within different organisations. They also allow you to develop contacts in the industry and enhance your employability after graduation.

Start in an Entry-Level Role

Apply for graduate schemes or entry-level risk analyst positions in financial institutions, insurance companies, or large corporations.

Most Risk Managers begin their careers as Risk Analysts or in compliance roles, where they learn to assess, quantify, and manage various organisational risks. These positions help you develop analytical, research, and communication skills essential for further progression.

Develop Professional Skills and Progress

Obtain Professional Qualifications

Pursue professional certifications such as IRM (Institute of Risk Management) qualifications or the Chartered Insurance Institute (CII) qualifications.

Professional qualifications demonstrate your expertise and commitment to the field. The IRM offers a range of certificates and diplomas in risk management. Depending on your chosen sector, membership with the Chartered Insurance Institute or similar bodies can also be beneficial.

Advance to Risk Manager

With experience and further training, move into a Risk Manager position, taking responsibility for identifying, assessing, and mitigating risks at a higher level.

As you gain experience, you may be promoted to a Risk Manager role where you will be expected to lead teams, develop risk management policies, and advise senior management on risk-related matters. Continued professional development and networking can help with career advancement.

🎯 View Apprenticeships

Explore relevant apprenticeships that can help you kickstart your career in Risk Manager. Apprenticeships offer hands-on experience and training while earning a wage.

🎓 View Apprenticeships

Career Progressions

No career progressions found for

Sample Qualifications

A Risk Manager and a Bank Manager both require a strong understanding of financial risks, compliance, and operational oversight. Both roles involve assessing potential threats, implementing mitigation strategies, and ensuring the organization remains within regulatory and financial safety parameters.

How to become

You can get into this job through:

  • a university course
  • a college course
  • an apprenticeship
  • working towards this role

University

You could take a degree before applying for a management trainee scheme. Most degrees are acceptable, though you may gain relevant skills from subjects like:

  • management
  • accounting
  • economics
  • finance
  • law
  • marketing
  • maths

You could get work experience during your degree through:

  • taster days or work shadowing opportunities
  • banking vacation schemes
  • spring or summer internships
  • a year in industry placement

Work experience will give you a head start when applying for trainee manager jobs when you graduate.

Entry requirements

You'll usually need:

  • 2 to 3 A levels, or equivalent, for a degree

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College

You could do a course at college that may give you some of the skills and knowledge to apply for trainee bank manager positions.

For example you could do a T Level in Finance.

Entry requirements

You'll usually need:

  • 4 or 5 GCSEs at grades 9 to 4 (A* to C), or equivalent, including English and maths for a T Level

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Apprenticeship

You could join a bank as an apprentice and work your way up to management positions.

Relevant apprenticeships include the:

  • financial services administrator advanced apprenticeship
  • senior financial services customer adviser advanced apprenticeship
  • financial services professional higher apprenticeship
  • chartered manager degree apprenticeship

If you want to work in commercial or investment banking you could do a Level 7 senior investment and commercial banking professional, higher apprenticeship.

Entry requirements

You'll usually need:

  • 5 GCSEs at grades 9 to 4 (A* to C), or equivalent, including English and maths, for an advanced apprenticeship
  • 4 or 5 GCSEs at grades 9 to 4 (A* to C) and A levels, or equivalent, for a higher or degree apprenticeship

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Work

You could apply to join a bank in a customer service job and work your way up.

You'll usually need a least 5 GCSEs at grades 9 to 4 (A* to C), including English and maths, or equivalent qualifications.

You could take further training on the job while you study for management qualifications.

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Further information

You can find more advice about training and working in banking from the:

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