How to Start a Career in Risk Consulting: A Complete Guide

Written By Alla Levin
June 11, 2018

How to Start a Career in Risk Consulting

Are you interested in starting a career in risk consulting? Check out this guide to learn more about the training you’ll need and how to get started. If you are looking to change your career, you might want to consider going into risk consulting.

With so many unique problems to solve, the world of risk consulting can be exciting and fulfilling. Because it’s a vast industry, there are many progression opportunities. But if you’ve never heard of risk consulting before, you might not know to get involved with this kind of work. Thankfully, becoming a risk consultant is not as complicated as you might think.

If you keep reading, you’ll learn everything you need to know about becoming a risk consultant. By the time you’re finished, you’ll know what it takes to craft a future for yourself in the industry of risk management.

Let’s begin!

Obtain a Degreecareer in risk consulting

Most careers in the risk management industry require that you have a degree. Ideally, you want to make sure this degree is mathematical in nature. So something like statistics, maths or actuarial sciences is a good idea.

You might also want to take some extra classes that teach you how to effectively use a spreadsheet. A lot of the people that work in the risk management industry use spreadsheets to help them with their work. The more skilled you are at using spreadsheets, the more you can advertise this fact when you apply for jobs.

If you are busy working, take a look at colleges that provide online courses you can take from home. You might also want to review colleges that provide classes at night or on the weekends.

Alongside your degree, it also helps to take a certain set of exams that are provided by recognized actuarial bodies. These bodies include the Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA).

Find an Entry-Level Job

Once you’ve obtained your initial qualifications, you then need to think about finding an entry-level job. Normally an entry-level job counts as someone who is a trainee at an insurance firm or brokerage.

When you are working in this position, you will be able to work alongside someone who has more experience than you. They will be able to guide you, by teaching you how certain forms of risk are calculated. They will also help you learn how to perform research and write reports that detail your findings.

Become an Associate Actuarycareer in risk consulting

After you’ve worked the entry-level job, you need to consider becoming an associate actuary. It can take a while to become an associate actuary. But you will find that employers in this industry will support you while you get the necessary qualifications. There are a number of classes and exams involved, and it can take around 4-6 years to complete this process.

Obtain Fellowship Certification and Other Relevant Credentials

Once you’ve become an associate actuary, you then need to think about obtaining a fellowship certification. In order to obtain a fellowship certification, you will require around 2-3 years’ worth of experience as an associate actuary.

You will also need to obtain some other credentials, which will put you in a prime position to become a risk consultant. You will be able to get these credentials from the SOA.

These additional credentials will vary. But they can help you narrow down the field you later want to work in. For instance, you can obtain certificates that provide you with the skills to work in the financial industry.

If you are going to specialize in the ‘pensions industry’ you need to register yourself with the correct federal agency. To do this, you will need to take some exams. You will also need to obtain some experience in this industry.

Time to Become a ConsultantPoms-Associates

After you’ve done everything we’ve covered in this post, you then have the chance to become a fully-fledged risk consultant. There are a number of different ways you can work as a risk consultant. You can be a short or long-term contract. But you can also take a ‘full-time’ position and work for companies like Poms & Associates. Make sure you keep an eye on job sites so that you are notified if any open positions come up.

For people planning to work in competitive industries, or industries that have a lot of regulation, the contractor is popular. Contracting can offer more freedom of movement but also gives you more control over the kinds of projects you work on.

Continuing Your Training and Promoting Yourself

If you want to be a highly sought-after risk consultant, it is essential you continue your training. You should go about obtaining all the relevant certifications for your industry. It’s also important you make it easy for other people to know about your training level and your accomplishments.

You should think about creating a LinkedIn profile. This profile should be fully completed and provide as much detail as possible regarding your skills and experience. You will tend to find that potential opportunities will arise, as a result of you having a LinkedIn profile.

You might even want to create some content to help promote your brand. This might mean you create a blog, where you post content based on the industry you are in. You might even want to consider publishing some of this content on LinkedIn. In doing so you can show future employers/clients that you know your industry, and you are an expert in this field.

Should You Start a Career in Risk Consulting?creating a LinkedIn profile

Risk consulting can provide incredible career opportunities. In this post, we’ve looked at how you can get involved in this industry and what it takes to succeed. Like all careers, if you want a high-paying job in risk consulting, you need to make sure you have the correct qualifications and experience.

Obtaining this can take a lot of time. But you will find that the more effort you put into becoming a risk consultant, the greater the career opportunities will be. Want to learn more about moving into a new career? Check out our section on ‘expand your career potential’ to read some of our latest content on this topic!

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