Average Risk Manager Salary in United States for 2024

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

How Much Does a Risk Manager Make in United States?

A Risk Manager working in United States will typically earn around 175,100 USD per year, and this can range from the lowest average salary of about 82,300 USD to the highest average salary of 281,100 USD.

Average Annual Salary
175,100 USD
Average Monthly Salary
14,591 USD

Lowest Annual Salary
82,300 USD
Lowest Monthly Salary
6,858 USD

Highest Annual Salary
281,100 USD
Highest Monthly Salary
23,425 USD

These are average salaries for a Risk Manager in United States 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 United States

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

Salary ranges

We already know that a Risk Manager can earn between 82,300 USD and 281,100 USD on average in United States. 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 United States is 190,400 USD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 190,400 USD, and 50% of the population earn more than 190,400 USD.

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 United States, 25% of the population are earning less than 124,500 USD while 75% of the population earn more than 124,500 USD.

75% of the population earn less than 254,400 USD, and 25% of the population earn more than 254,400 USD.

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 United States

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 United States that has less than two years of experience can expect to earn somewhere in the region of 93,100 USD.
  • 2 - 5 Years Experience. With two to five years of experience the average Risk Manager salary would increase to 124,500 USD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Risk Manager, the average salary would be 183,900 USD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 222,300 USD.
  • 15 - 20 Years Experience. A Risk Manager with 15 to 20 years of experience can earn an average of 241,000 USD.
  • 20+ Years Experience. For a Risk Manager with more than 20 years, the expected average salary increases to 260,300 USD.

Average Salary by Experience Chart

0-2 Years
93,100 USD
2-5 Years +34%
124,500 USD
5-10 Years +48%
183,900 USD
10-15 Years +22%
222,300 USD
15-20 Years +9%
241,000 USD
20+ Years +8%
260,300 USD

Risk Manager Salary by Education Level in United States

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 United States 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 United States with a bachelor's degree education can earn an average salary of 107,700 USD.

  • Master's Degree. A Risk Manager in United States with a master's degree education can earn an average salary of 206,700 USD.

Average Salary by Education Chart

Bachelor's Degree
107,700 USD
Master's Degree +93%
206,700 USD

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 States is around 39,500 to 118,000 USD 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 United States, a male risk manager will earn an average of 183,900 USD, while a female risk manager will earn around 172,300 USD.

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 United States

Male
183,900 USD
Female -7%
172,300 USD

Risk Manager Average Pay Raise in United States

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 United States is around 12% every 18 months.

The national average pay raise across all professions and industries in United States 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 United States can expect to receive an average pay raise of around 8% every 12 months.

Annual Pay Raise by Industry in United States for 2024

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

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 United States

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 United States earn approximately 6% more than private sector employees in the same role.

Public Sector
98,800 USD
Private Sector -6%
93,100 USD

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 United States.

Job Title Category Salary
Actuarial Analyst Insurance 130,400 USD
Actuarial Assistant Insurance 94,000 USD
Actuarial Specialist Insurance 89,400 USD
Actuary Insurance 134,700 USD
Adjustment Insurance Clerk Insurance 35,500 USD
Assistant Broker Insurance 61,600 USD
Assistant Claims Manager Insurance 107,300 USD
Associate Insurance Representative Insurance 46,900 USD
Auditing Insurance Manager Insurance 148,300 USD
Broker Insurance 100,700 USD
Claim Advocacy Professional Insurance 95,200 USD
Claims Adjuster Insurance 39,500 USD
Claims Analyst Insurance 49,300 USD
Claims Examiner Insurance 52,300 USD
Claims Manager Insurance 140,200 USD
Claims Processor Insurance 33,000 USD
Claims Representative Insurance 45,000 USD
Claims Resolution Specialist Insurance 107,300 USD
Claims Supervisor Insurance 95,000 USD
Complaints Specialist Insurance 83,100 USD
Compliance Examiner Insurance 94,900 USD
Compliance Officer Insurance 78,700 USD
Compliance Reviewer Insurance 84,800 USD
Consultant Insurance 100,100 USD
Eligibility Interviewer Insurance 97,600 USD
Eligibility Specialist Insurance 98,900 USD
Insurance Account Manager Insurance 124,500 USD
Insurance Accounts Executive Insurance 105,200 USD
Insurance Adjuster Insurance 90,000 USD
Insurance Agent Insurance 57,100 USD
Insurance Analyst Insurance 88,500 USD
Insurance Appraiser Insurance 93,600 USD
Insurance Claims Clerk Insurance 35,000 USD
Insurance Examiner Insurance 90,900 USD
Insurance Investigator Insurance 86,600 USD
Insurance Manager Insurance 163,500 USD
Insurance Operations Manager Insurance 158,900 USD
Insurance Policy Processing Clerk Insurance 36,600 USD
Insurance Pricing Assistant Insurance 73,100 USD
Insurance Program Manager Insurance 132,000 USD
Insurance Project Manager Insurance 127,700 USD
Insurance Quality Assurance Agent Insurance 87,000 USD
Insurance Sales Agent Insurance 59,800 USD
Insurance Sales Director Insurance 165,900 USD
Insurance Sales Manager Insurance 130,500 USD
Insurance Sales Representative Insurance 51,300 USD
Insurance Team Leader Insurance 98,800 USD
Insurance Underwriter Insurance 71,800 USD
Loss Control Specialist Insurance 94,300 USD
Loss Prevention Investigator Insurance 102,700 USD
Loss Prevention Manager Insurance 134,100 USD
Loss Prevention Specialist Insurance 100,700 USD
Marine Underwriter Insurance 72,800 USD
Medical Auditor Insurance 96,400 USD
Monitoring and Performance Officer Insurance 65,900 USD
Payment Services Specialist Insurance 100,100 USD
Policy Change Director Insurance 146,900 USD
Policy Change Supervisor Insurance 105,800 USD
Policy Change Technician Insurance 49,700 USD
Risk Analyst Insurance 109,000 USD
Risk Management Director Insurance 192,600 USD
Risk Management Supervisor Insurance 116,400 USD
Risk Modeling Manager Insurance 183,900 USD
Title Insurance Typist Insurance 82,300 USD
Training Manager Insurance 107,700 USD

Salary Comparison by City

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

City Average Salary
Atlanta 167,100 USD
Austin 200,600 USD
Baltimore 184,700 USD
Boston 193,400 USD
Bristol 152,900 USD
Chicago 218,500 USD
Cincinnati 152,700 USD
Cleveland 163,500 USD
Dallas 206,300 USD
Denver 195,200 USD
Detroit 185,900 USD
Honolulu 150,100 USD
Houston 206,100 USD
Indianapolis 190,400 USD
Iowa City 151,800 USD
Jacksonville 197,600 USD
Kansas City 177,200 USD
Kent 157,600 USD
Las Vegas 182,400 USD
Long Beach 160,600 USD
Los Angeles 212,500 USD
Memphis 177,200 USD
Miami 163,800 USD
Minneapolis 161,300 USD
New Orleans 165,900 USD
New York 206,300 USD
Oakland 171,300 USD
Oklahoma City 184,700 USD
Orlando 157,600 USD
Philadelphia 195,500 USD
Phoenix 209,700 USD
Sacramento 171,300 USD
San Antonio 195,200 USD
San Diego 195,500 USD
San Francisco 199,700 USD
San Jose 210,600 USD
Seattle 183,900 USD
Tampa 152,900 USD
Vancouver 150,100 USD
Washington D.C. 191,100 USD

Salary Comparison by State

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

City Average Salary
Alabama 185,900 USD
Alaska 160,700 USD
Arizona 184,700 USD
Arkansas 184,700 USD
California 206,700 USD
Colorado 183,900 USD
Connecticut 172,100 USD
Delaware 172,200 USD
District of Columbia 165,900 USD
Florida 201,000 USD
Georgia 193,400 USD
Hawaii 161,300 USD
Idaho 176,300 USD
Illinois 201,000 USD
Indiana 189,800 USD
Iowa 169,700 USD
Kansas 183,600 USD
Kentucky 184,700 USD
Louisiana 182,400 USD
Maine 164,100 USD
Maryland 197,600 USD
Massachusetts 193,400 USD
Michigan 195,500 USD
Minnesota 183,900 USD
Mississippi 166,600 USD
Missouri 193,400 USD
Montana 166,600 USD
Nebraska 168,700 USD
Nevada 167,100 USD
New Hampshire 172,200 USD
New Jersey 197,600 USD
New Mexico 172,300 USD
New York 195,200 USD
North Carolina 187,500 USD
North Dakota 163,800 USD
Ohio 199,700 USD
Oklahoma 175,100 USD
Oregon 172,300 USD
Pennsylvania 206,700 USD
Rhode Island 165,900 USD
South Carolina 183,900 USD
South Dakota 158,900 USD
Tennessee 199,700 USD
Texas 206,700 USD
Utah 172,300 USD
Vermont 157,600 USD
Virginia 184,700 USD
Washington 197,600 USD
West Virginia 172,300 USD
Wisconsin 183,600 USD
Wyoming 153,800 USD

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