Average Risk Manager Salary in Australia for 2024

In this article, we will look at the average Risk Manager salary for 2024 in Australia 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 Australian dollar. To keep things simple, we are using the AUD currency code instead of the currency symbol $.

How Much Does a Risk Manager Make in Australia?

A Risk Manager working in Australia will typically earn around 166,600 AUD per year, and this can range from the lowest average salary of about 75,900 AUD to the highest average salary of 266,300 AUD.

Average Annual Salary
166,600 AUD
Average Monthly Salary
13,883 AUD

Lowest Annual Salary
75,900 AUD
Lowest Monthly Salary
6,325 AUD

Highest Annual Salary
266,300 AUD
Highest Monthly Salary
22,191 AUD

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

Risk Manager 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 Manager Salaries in Australia

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

Salary ranges

We already know that a Risk Manager can earn between 75,900 AUD and 266,300 AUD on average in Australia. 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 Manager in Australia is 180,500 AUD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 180,500 AUD, and 50% of the population earn more than 180,500 AUD.

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 Manager salary in Australia, 25% of the population are earning less than 114,300 AUD while 75% of the population earn more than 114,300 AUD.

75% of the population earn less than 241,200 AUD, and 25% of the population earn more than 241,200 AUD.

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 Manager Salary by Experience Level in Australia

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 manager 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 Manager in Australia that has less than two years of experience can expect to earn somewhere in the region of 86,100 AUD.
  • 2 - 5 Years Experience. With two to five years of experience the average Risk Manager salary would increase to 114,300 AUD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Risk Manager, the average salary would be 172,300 AUD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 209,700 AUD.
  • 15 - 20 Years Experience. A Risk Manager with 15 to 20 years of experience can earn an average of 227,600 AUD.
  • 20+ Years Experience. For a Risk Manager with more than 20 years, the expected average salary increases to 245,400 AUD.

Average Salary by Experience Chart

0-2 Years
86,100 AUD
2-5 Years +34%
114,300 AUD
5-10 Years +48%
172,300 AUD
10-15 Years +22%
209,700 AUD
15-20 Years +9%
227,600 AUD
20+ Years +8%
245,400 AUD

Risk Manager Salary by Education Level in Australia

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 Manager in Australia 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 Manager in Australia with a bachelor's degree education can earn an average salary of 100,700 AUD.

  • Master's Degree. A Risk Manager in Australia with a master's degree education can earn an average salary of 193,200 AUD.

Average Salary by Education Chart

Bachelor's Degree
100,700 AUD
Master's Degree +93%
193,200 AUD

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 Australia is around 37,800 to 114,000 AUD 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 Manager 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 Australia, a male risk manager will earn an average of 172,300 AUD, while a female risk manager will earn around 160,600 AUD.

This means that a male risk manager earns approximately 7% more than a female risk manager for performing the same job.

Average Salary by Gender Chart in Australia

Male
172,300 AUD
Female -7%
160,600 AUD

Risk Manager Average Pay Raise in Australia

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 Manager in Australia is around 12% every 18 months.

The national average pay raise across all professions and industries in Australia is around 8% every 16 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 ÷ 18 ) × 12  = 8%

What this means is that a Risk Manager in Australia can expect to receive an average pay raise of around 8% every 12 months.

Annual Pay Raise by Industry in Australia for 2024

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

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

Banking
4%
Energy
8%
Information Technology
3%
Healthcare
7%
Travel
2%
Construction
6%
Education
1%

Risk Manager Bonus and Incentive Rates in Australia

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 Manager is a high bonus based job, with 87% of employees reporting at least one bonus in the last 12 months.

13% 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 5% to 9%.

Received Bonus
87%
No Bonus
13%

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 Australia earn approximately 5% more than private sector employees in the same role.

Public Sector
92,500 AUD
Private Sector -5%
87,900 AUD

Salaries for Jobs Similar to a Risk Manager

In the table below, we have salary information for jobs that are similar to a Risk Manager in Australia.

Job Title Category Salary
Actuarial Analyst Insurance 130,400 AUD
Actuarial Assistant Insurance 85,400 AUD
Actuarial Specialist Insurance 88,300 AUD
Actuary Insurance 123,000 AUD
Adjustment Insurance Clerk Insurance 34,900 AUD
Assistant Broker Insurance 58,400 AUD
Assistant Claims Manager Insurance 99,400 AUD
Associate Insurance Representative Insurance 49,300 AUD
Auditing Insurance Manager Insurance 147,900 AUD
Broker Insurance 92,100 AUD
Claim Advocacy Professional Insurance 98,000 AUD
Claims Adjuster Insurance 31,700 AUD
Claims Analyst Insurance 49,000 AUD
Claims Examiner Insurance 46,700 AUD
Claims Manager Insurance 132,000 AUD
Claims Processor Insurance 37,200 AUD
Claims Representative Insurance 42,800 AUD
Claims Resolution Specialist Insurance 107,300 AUD
Claims Supervisor Insurance 95,400 AUD
Complaints Specialist Insurance 90,300 AUD
Compliance Examiner Insurance 87,900 AUD
Compliance Officer Insurance 78,200 AUD
Compliance Reviewer Insurance 87,800 AUD
Consultant Insurance 92,200 AUD
Eligibility Interviewer Insurance 105,200 AUD
Eligibility Specialist Insurance 97,400 AUD
Insurance Account Manager Insurance 114,900 AUD
Insurance Accounts Executive Insurance 103,600 AUD
Insurance Adjuster Insurance 90,300 AUD
Insurance Agent Insurance 57,900 AUD
Insurance Analyst Insurance 96,000 AUD
Insurance Appraiser Insurance 93,800 AUD
Insurance Claims Clerk Insurance 34,700 AUD
Insurance Examiner Insurance 88,600 AUD
Insurance Investigator Insurance 92,400 AUD
Insurance Manager Insurance 160,700 AUD
Insurance Operations Manager Insurance 167,100 AUD
Insurance Policy Processing Clerk Insurance 35,000 AUD
Insurance Pricing Assistant Insurance 75,000 AUD
Insurance Program Manager Insurance 117,100 AUD
Insurance Project Manager Insurance 118,900 AUD
Insurance Quality Assurance Agent Insurance 79,500 AUD
Insurance Sales Agent Insurance 51,900 AUD
Insurance Sales Director Insurance 146,900 AUD
Insurance Sales Manager Insurance 119,700 AUD
Insurance Sales Representative Insurance 45,600 AUD
Insurance Team Leader Insurance 105,200 AUD
Insurance Underwriter Insurance 72,400 AUD
Loss Control Specialist Insurance 93,300 AUD
Loss Prevention Investigator Insurance 103,600 AUD
Loss Prevention Manager Insurance 130,500 AUD
Loss Prevention Specialist Insurance 96,400 AUD
Marine Underwriter Insurance 69,800 AUD
Medical Auditor Insurance 93,600 AUD
Monitoring and Performance Officer Insurance 63,500 AUD
Payment Services Specialist Insurance 99,600 AUD
Policy Change Director Insurance 142,100 AUD
Policy Change Supervisor Insurance 97,300 AUD
Policy Change Technician Insurance 46,400 AUD
Risk Analyst Insurance 107,700 AUD
Risk Management Director Insurance 185,900 AUD
Risk Management Supervisor Insurance 123,000 AUD
Risk Modeling Manager Insurance 168,700 AUD
Title Insurance Typist Insurance 75,900 AUD
Training Manager Insurance 102,700 AUD

Salary Comparison by City

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

City Average Salary
Adelaide 171,300 AUD
Brisbane 187,500 AUD
Canberra-Queanbeyan 169,700 AUD
Gold Coast-Tweed 182,400 AUD
Gosford 160,600 AUD
Melbourne 193,400 AUD
Newcastle 169,700 AUD
Perth 177,200 AUD
Sunshine Coast 172,300 AUD
Sydney 201,000 AUD
Wollongong 157,600 AUD

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