This Is Why You Should Become a Financial Risk Manager
The risk management industry is growing at a steady rate and is currently worth approximately $10 billion. Are you interested in using your financial knowledge and finding a career in this expanding field? If so, you might want to consider working as a financial risk manager (or FRM for short).
Never heard of this position before? Not sure if it’s a good fit for you? Read on to learn everything you need to know before pursuing your FRM certification.
What Does a Financial Risk Manager Do?
A financial risk manager is in charge of identifying and analyzing various threats to a business’s assets, earning capacity, and overall success. They assist the leadership team and ensure they are making wise decisions that will have a positive impact on the company’s future.
FRMs can work for companies in a variety of industries, including the following:
- Sales
- Trade
- Marketing
- Loan origination
- Banking
- Financial services
They might also specialize in a specific field, such as market risk or credit risk.
Why Should You Get Your FRM Certification?
There are lots of benefits that come with working as an FRM. The following are some of the most significant perks that this particular career offers:
- Generous salary: The average FRM salary falls somewhere in the ballpark of $67,000 per year
- High demand: There’s an increasing demand for risk management experts, especially now that we’re in an economic recession
- Challenging and unique position: There are lots of different roles available for FRMs, so it’s easy to find a job that works with your specific talents and is fulfilling to you
- Realistic requirements: For most FRM positions, a bachelor’s degree is all that’s required to make you a viable candidate
If the high financial risk manager salary isn’t enough to pique your interests, these other benefits likely are.
How to Become a Certified FRM
Are you interested in working as an FRM now? If so, the process to become one is pretty straightforward, although it will take some time. Here are some steps you can take to ensure you’re qualified for the position:
- Obtain a bachelor’s degree in a field like finance or accounting
- Gain experience in a related career, such as auditing, accounting, financial analysis, or working as a loan officer
- Get licensed (if your state requires it)
- Search for job openings and apply
When you’re applying for FRM positions, be sure to emphasize the experience you’ve gained working in accounting, auditing, or another similar field. If you’re familiar with tasks like using FRM past papers, be sure to share that as well. This information will make you a more valuable candidate.
Are You Ready to Earn Your Financial Risk Manager Certification?
What do you think? Does a career as a financial risk manager seem like a good fit for you? Be sure to keep the information in mind as you start to weigh your options.
If you’re interested in learning more about other career options, we have plenty of other helpful articles on our site. This one on starting a food business might a great one to read next!
Trevor Anderson wrote this article on behalf of FreeUp. FreeUp is the fastest-growing freelance marketplace in the US. FreeUp only accepts the top 1% of freelance applicants. Click here to get access to the top freelancers in the world.
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