Operational Risk Managers: How to Become One
If you were to ask a group of operational risk managers about how they arrived at their current job, there's a good chance you would get several different answers about the paths and steps that each person took.
That said, there are still ways that you can develop a baseline understanding of the preparation that is necessary to become one.
The Best Adult Colleges and Careers Guide has gathered data to provide you with insight into the type of education that's commonly required for operational risk managers to land a job. This page contains information, sourced from real job postings, that describes the experience levels and specific skills that employers of operational risk managers expect candidates to have. In the end, this information will help you create an education or professional development plan that aligns with your career aspirations.
Keep reading to learn more about career steps for operational risk managers.
What Education & Experience is Needed for Operational Risk Managers?
Do operational risk managers need a degree? What kind of experience do operational risk managers typically need? Thanks to data sourced from Lightcast™ from real job postings, we can get some clarity on those questions, as well as the level of education that is commonly required for operational risk managers to secure jobs.
Education Level Required in Job Postings for Operational Risk Managers
Jobs Postings for Operational Risk Managers By Education
- Bachelor's degree: 38,406 (57%)
- Master's degree: 13,474 (20%)
- No Education Listed: 10,658 (16%)
- High School or GED: 2,937 (4%)
- Ph.D. or professional degree: 2,228 (3%)
A bachelor's degree is the level of education sought the most by employers of operational risk managers. According to job data, a bachelor's degree was required for 57% of positions. In 20% of job listings a master's degree was required and in 16% of postings no education level was listed.
Experience Level Required in Job Postings for Operational Risk Managers
Jobs Postings for Operational Risk Managers By Experience
- 0-1 Years: 2,436 (6%)
- 2-3 Years: 9,138 (24%)
- 4-6 Years: 15,186 (40%)
- 7-9 Years: 5,968 (16%)
- 10+ Years: 5,674 (15%)
While the amount of required experience will vary based on the responsibility and seniority of the position, an aggregate view of job posting data can help paint a picture of the experience level sought for most job openings for operational risk managers. In 40% of job postings for Operational Risk Managers, employers were looking for candidates with 4-6 years of experience. In 24% of listings employers were looking for candidates with 2-3 years of experience, while 7-9 years of experience was sought in 16% of job postings for operational risk managers.
What Kind of Degree Do Operational Risk Managers Need?
So far this page has provided detail into the level of education and the amount of experience required in job openings for operational risk managers, but what type of education or degree will help prepare you for a career in the field?
According to occupational data obtained through Lightcast,™ there are 16 key academic programs that can help prepare prospective operational risk managers, and in 2021 a total of 84,766 of those programs were completed at institutions in the United States.
Check out the information below to learn more about the specific programs that should be considered by prospective operational risk managers.
Top Degree Programs for Operational Risk Managers
Top 5 Degree Programs for Operational Risk Managers (2021)
| Program | Completions |
|---|---|
| Finance, General. | 51,430 |
| Entrepreneurship/Entrepreneurial Studies. | 8,340 |
| Applied Mathematics, General. | 4,658 |
| Financial Mathematics. | 4,612 |
| Project Management. | 4,155 |
| Program | Completions |
|---|---|
| Finance, General. | 51,430 |
| Entrepreneurship/Entrepreneurial Studies. | 8,340 |
| Applied Mathematics, General. | 4,658 |
| Financial Mathematics. | 4,612 |
| Project Management. | 4,155 |
| Financial Planning and Services. | 4,087 |
| Accounting and Finance. | 3,644 |
| Accounting and Business/Management. | 1,537 |
| Banking and Financial Support Services. | 991 |
| Risk Management. | 396 |
| Entrepreneurial and Small Business Operations, Other. | 387 |
| Investments and Securities. | 346 |
| International Finance. | 121 |
| Public Finance. | 48 |
| Financial Analytics. | 13 |
| Financial Risk Management. | 1 |
What Skills Do Operational Risk Managers Need?
Education and experience have been covered, so what are the specific skills and traits needed by operational risk managers to secure a job?
A good way to understand this is to examine actual job postings for skills commonly sought by employers. Continue reading for a breakdown of specialized skills found in job postings for operational risk managers, as well as common skills that can help you thrive in the workplace.
In-Demand Skills for Today's Operational Risk Managers
Based on 52,369 job postings
Top 5 Specialized Skills for Operational Risk Managers
| Skills | Postings | % of Total Postings |
|---|---|---|
| Risk Management | 38,047 | 73% |
| Risk Analysis | 21,186 | 40% |
| Auditing | 17,324 | 33% |
| Finance | 13,452 | 26% |
| Project Management | 13,262 | 25% |
Top 5 Common Skills for Operational Risk Managers
| Skills | Postings | % of Total Postings |
|---|---|---|
| Management | 34,141 | 65% |
| Communications | 28,301 | 54% |
| Leadership | 18,685 | 36% |
| Operations | 16,033 | 31% |
| Governance | 14,297 | 27% |
Based on 52,369 job postings related to operational risk managers, risk management was the top specialized skill sought by employers, with 73% of all postings looking for that skillset. Skills for risk analysis, auditing, finance, project management and financial services were also highly sought.
As for common skills, management was the most desired skill found in job postings for operational risk managers, followed by communications, leadership, operations, governance and microsoft excel.
| Skill | Postings | % of Total Postings |
|---|---|---|
| Risk Management | 38,047 | 73% |
| Risk Analysis | 21,186 | 40% |
| Auditing | 17,324 | 33% |
| Finance | 13,452 | 26% |
| Project Management | 13,262 | 25% |
| Financial Services | 9,904 | 19% |
| Operational Risk | 9,763 | 19% |
| Accounting | 8,630 | 16% |
| Data Analysis | 8,585 | 16% |
| Risk Mitigation | 6,952 | 13% |
| Regulatory Compliance | 6,800 | 13% |
| Internal Controls | 6,626 | 13% |
| Internal Auditing | 6,029 | 12% |
| Mitigation | 5,915 | 11% |
| Process Improvement | 5,722 | 11% |
| Risk Appetite | 5,573 | 11% |
| Economics | 5,559 | 11% |
| Business Process | 5,556 | 11% |
| Underwriting | 5,182 | 10% |
| Emerging Risk | 5,050 | 10% |
| Skill | Postings | % of Total Postings |
|---|---|---|
| Management | 34,141 | 65% |
| Communications | 28,301 | 54% |
| Leadership | 18,685 | 36% |
| Operations | 16,033 | 31% |
| Governance | 14,297 | 27% |
| Microsoft Excel | 14,081 | 27% |
| Problem Solving | 13,329 | 25% |
| Writing | 11,724 | 22% |
| Detail Oriented | 11,338 | 22% |
| Microsoft PowerPoint | 11,088 | 21% |
| Influencing Skills | 10,795 | 21% |
| Presentations | 10,679 | 20% |
| Microsoft Office | 10,466 | 20% |
| Planning | 8,706 | 17% |
| Research | 8,412 | 16% |
| Consulting | 8,185 | 16% |
| Verbal Communication Skills | 7,771 | 15% |
| Interpersonal Communications | 7,738 | 15% |
| Analytical Skills | 7,642 | 15% |
| Coordinating | 7,313 | 14% |
Additional Links
Ready to dig deeper into career information about operational risk managers? Visit our other pages focused on salary and education for operational risk managers.
What do operational risk managers do?
How much do operational risk managers make?
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