Average Risk Analyst Salary in United Kingdom for 2024

In this article, we will look at the average Risk Analyst salary for 2024 in United Kingdom and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the British pound. To keep things simple, we are using the GBP currency code instead of the currency symbol £.

How Much Does a Risk Analyst Make in United Kingdom?

A Risk Analyst working in United Kingdom will typically earn around 83,400 GBP per year, and this can range from the lowest average salary of about 39,400 GBP to the highest average salary of 130,400 GBP.

Average Annual Salary
83,400 GBP
Average Monthly Salary
6,950 GBP

Lowest Annual Salary
39,400 GBP
Lowest Monthly Salary
3,283 GBP

Highest Annual Salary
130,400 GBP
Highest Monthly Salary
10,866 GBP

These are average salaries for a Risk Analyst in United Kingdom and include benefits such as housing and transport. It's also possible for a Risk Analyst to earn more or less than the average salaries shown above.

Risk Analyst salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Risk Analyst Salaries in United Kingdom

So we've looked at the average salaries a Risk Analyst will earn in United Kingdom. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Risk Analyst can earn between 39,400 GBP and 130,400 GBP on average in United Kingdom. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for a Risk Analyst in United Kingdom is 88,300 GBP. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 88,300 GBP, and 50% of the population earn more than 88,300 GBP.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Risk Analyst salary in United Kingdom, 25% of the population are earning less than 56,400 GBP while 75% of the population earn more than 56,400 GBP.

75% of the population earn less than 118,900 GBP, and 25% of the population earn more than 118,900 GBP.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Risk Analyst Salary by Experience Level in United Kingdom

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average risk analyst salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. A Risk Analyst in United Kingdom that has less than two years of experience can expect to earn somewhere in the region of 44,800 GBP.
  • 2 - 5 Years Experience. With two to five years of experience the average Risk Analyst salary would increase to 58,700 GBP.
  • 5 - 10 Years Experience. From five to ten years of experience as a Risk Analyst, the average salary would be 87,200 GBP.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 105,200 GBP.
  • 15 - 20 Years Experience. A Risk Analyst with 15 to 20 years of experience can earn an average of 114,600 GBP.
  • 20+ Years Experience. For a Risk Analyst with more than 20 years, the expected average salary increases to 124,500 GBP.

Average Salary by Experience Chart

0-2 Years
44,800 GBP
2-5 Years +34%
58,700 GBP
5-10 Years +48%
87,200 GBP
10-15 Years +22%
105,200 GBP
15-20 Years +9%
114,600 GBP
20+ Years +8%
124,500 GBP

Risk Analyst Salary by Education Level in United Kingdom

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for a Risk Analyst in United Kingdom based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Bachelor's Degree. A Risk Analyst in United Kingdom with a bachelor's degree education can earn an average salary of 50,700 GBP.

  • Master's Degree. A Risk Analyst in United Kingdom with a master's degree education can earn an average salary of 95,400 GBP.

Average Salary by Education Chart

Bachelor's Degree
50,700 GBP
Master's Degree +93%
95,400 GBP

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in United Kingdom is around 29,600 to 88,700 GBP and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Risk Analyst Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In United Kingdom, a male risk analyst will earn an average of 86,400 GBP, while a female risk analyst will earn around 80,000 GBP.

This means that a male risk analyst earns approximately 8% more than a female risk analyst for performing the same job.

Average Salary by Gender Chart in United Kingdom

Male
86,400 GBP
Female -8%
80,000 GBP

Risk Analyst Average Pay Raise in United Kingdom

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for a Risk Analyst in United Kingdom is around 12% every 16 months.

The national average pay raise across all professions and industries in United Kingdom is around 9% every 15 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 12 ÷ 16 ) × 12  = 9%

What this means is that a Risk Analyst in United Kingdom can expect to receive an average pay raise of around 9% every 12 months.

Annual Pay Raise by Industry in United Kingdom for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in United Kingdom.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
3%
Energy
6%
Information Technology
9%
Healthcare
3%
Travel
6%
Construction
9%
Education
3%

Risk Analyst Bonus and Incentive Rates in United Kingdom

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

A Risk Analyst is a moderate bonus based job, with 62% of employees reporting at least one bonus in the last 12 months.

38% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 2% to 7%.

Received Bonus
62%
No Bonus
38%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in United Kingdom earn approximately 7% more than private sector employees in the same role.

Public Sector
72,700 GBP
Private Sector -7%
68,200 GBP

Salaries for Jobs Similar to a Risk Analyst

In the table below, we have salary information for jobs that are similar to a Risk Analyst in United Kingdom.

Job Title Category Salary
Actuarial Analyst Insurance 92,900 GBP
Actuarial Assistant Insurance 66,200 GBP
Actuarial Specialist Insurance 70,000 GBP
Actuary Insurance 94,300 GBP
Adjustment Insurance Clerk Insurance 26,500 GBP
Assistant Broker Insurance 46,000 GBP
Assistant Claims Manager Insurance 78,900 GBP
Associate Insurance Representative Insurance 34,800 GBP
Auditing Insurance Manager Insurance 102,700 GBP
Broker Insurance 73,800 GBP
Claim Advocacy Professional Insurance 71,200 GBP
Claims Adjuster Insurance 27,300 GBP
Claims Analyst Insurance 39,100 GBP
Claims Examiner Insurance 39,800 GBP
Claims Manager Insurance 101,400 GBP
Claims Processor Insurance 27,300 GBP
Claims Representative Insurance 32,300 GBP
Claims Resolution Specialist Insurance 79,800 GBP
Claims Supervisor Insurance 73,500 GBP
Complaints Specialist Insurance 71,200 GBP
Compliance Examiner Insurance 69,400 GBP
Compliance Officer Insurance 59,200 GBP
Compliance Reviewer Insurance 68,200 GBP
Consultant Insurance 72,700 GBP
Eligibility Interviewer Insurance 81,000 GBP
Eligibility Specialist Insurance 68,200 GBP
Insurance Account Manager Insurance 93,200 GBP
Insurance Accounts Executive Insurance 76,900 GBP
Insurance Adjuster Insurance 63,500 GBP
Insurance Agent Insurance 43,500 GBP
Insurance Analyst Insurance 68,200 GBP
Insurance Appraiser Insurance 74,100 GBP
Insurance Claims Clerk Insurance 27,600 GBP
Insurance Examiner Insurance 66,900 GBP
Insurance Investigator Insurance 69,400 GBP
Insurance Manager Insurance 124,500 GBP
Insurance Operations Manager Insurance 121,800 GBP
Insurance Policy Processing Clerk Insurance 29,600 GBP
Insurance Pricing Assistant Insurance 56,800 GBP
Insurance Program Manager Insurance 92,000 GBP
Insurance Project Manager Insurance 93,100 GBP
Insurance Quality Assurance Agent Insurance 59,800 GBP
Insurance Sales Agent Insurance 40,300 GBP
Insurance Sales Director Insurance 115,600 GBP
Insurance Sales Manager Insurance 91,700 GBP
Insurance Sales Representative Insurance 38,700 GBP
Insurance Team Leader Insurance 78,500 GBP
Insurance Underwriter Insurance 55,200 GBP
Loss Control Specialist Insurance 68,200 GBP
Loss Prevention Investigator Insurance 76,900 GBP
Loss Prevention Manager Insurance 100,700 GBP
Loss Prevention Specialist Insurance 75,400 GBP
Marine Underwriter Insurance 54,100 GBP
Medical Auditor Insurance 73,500 GBP
Monitoring and Performance Officer Insurance 46,900 GBP
Payment Services Specialist Insurance 74,100 GBP
Policy Change Director Insurance 116,400 GBP
Policy Change Supervisor Insurance 80,300 GBP
Policy Change Technician Insurance 33,000 GBP
Risk Management Director Insurance 132,000 GBP
Risk Management Supervisor Insurance 90,600 GBP
Risk Manager Insurance 137,100 GBP
Risk Modeling Manager Insurance 141,000 GBP
Title Insurance Typist Insurance 61,500 GBP
Training Manager Insurance 81,300 GBP

Salary Comparison by City

If you want to compare salaries with different cities in United Kingdom, you can use the links below to explore the data for each specific city we have researched.

City Average Salary
Aberdeen 81,150 GBP
Abingdon 70,900 GBP
Armagh 81,450 GBP
Bangor 71,050 GBP
Belfast 83,900 GBP
Birmingham 94,650 GBP
Bradford 89,900 GBP
Brighton 83,100 GBP
Bristol 94,300 GBP
Cambridge 77,150 GBP
Canterbury 73,350 GBP
Cardiff 89,950 GBP
Chester 75,450 GBP
Coventry 89,300 GBP
Derby 87,400 GBP
Derry 79,050 GBP
Dundee 80,300 GBP
Durham 71,450 GBP
Edinburgh 88,700 GBP
Exeter 81,000 GBP
Glasgow 91,850 GBP
Gloucester 81,550 GBP
Hartlepool 76,250 GBP
Inverness 74,900 GBP
Kingston upon Hull 87,000 GBP
Kirkwall 69,300 GBP
Leeds 94,300 GBP
Leicester 90,250 GBP
Lincoln 78,200 GBP
Lisburn 75,850 GBP
Liverpool 89,000 GBP
London 97,000 GBP
Manchester 91,050 GBP
Newcastle 87,200 GBP
Newport 82,000 GBP
Newry 75,950 GBP
Norwich 75,750 GBP
Nottingham 89,450 GBP
Oxford 83,750 GBP
Peterborough 80,650 GBP
Plymouth 82,950 GBP
Poole 80,150 GBP
Portsmouth 83,700 GBP
Ripon 73,350 GBP
Salisbury 71,250 GBP
Sheffield 93,400 GBP
Somerset 90,000 GBP
Southampton 82,350 GBP
St Davids 69,350 GBP
Stirling 74,050 GBP
Stromness 72,850 GBP
Strontian 69,800 GBP
Swansea 81,950 GBP
Truro 72,250 GBP
Wakefield 70,500 GBP
Wells 71,900 GBP
Winchester 76,000 GBP
Wolverhampton 84,000 GBP
York 84,450 GBP

Salary Comparison by State

The table below includes links to the average salary for each state in United Kingdom.

City Average Salary
England 156,800 GBP
Northern Ireland 76,400 GBP
Scotland 109,950 GBP
Wales 76,100 GBP

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