Financial Risk Specialists in Michigan
Want to work as a Financial Risk Specialists in Michigan? Below are the key facts. Analyze and measure exposure to credit and market risk threatening the assets, earning capacity, or economic state of an organization. May make recommendations to limit risk. Excludes “Credit Analysts” (13-2041).
What do Financial Risk Specialists Make in Michigan?
For financial risk specialists working in Michigan, the median annual wage is $100,430 per year (or about $48.28/hour).Annual wages span from $61,040 at the 10th percentile to $160,010 at the 90th percentile.
| Wage Statistic | Annual | Hourly |
|---|---|---|
| 10th percentile | $61,040 | $29.35 |
| 25th percentile | $78,560 | $37.77 |
| Median (50th) | $100,430 | $48.28 |
| 75th percentile | $129,400 | $62.21 |
| 90th percentile | $160,010 | $76.93 |
Location quotient — how concentrated this career is in Michigan compared to the national average — is 0.62, meaning fewer financial risk specialists per worker than the national average.
National Wage Comparison
Nationally, financial risk specialists earn a median of $127,364 per year ($61.23/hour), lower than the Michigan median.
Employment Outlook
National employment for 711,759 financial risk specialists across the United States. In Michigan alone, about 1,000 people work in this role. That’s higher than the typical state, which employs around 520 financial risk specialists.
Top Michigan Metros for Financial Risk Specialists
The metro areas below employ the most financial risk specialists in Michigan.
| Metro Area | Number Employed | Annual Median Salary |
|---|---|---|
| Detroit-Warren-Dearborn, MI | 640 | $100,950 |
| Grand Rapids-Wyoming-Kentwood, MI | 90 | $103,180 |
| Lansing-East Lansing, MI | 40 | $92,360 |
| Ann Arbor, MI | 30 | $99,500 |
Top States for Financial Risk Specialists Employment
View the states that employ the most financial risk specialists work.
| State | Number Employed |
|---|---|
| New York | 10,980 |
| California | 4,460 |
| Texas | 4,440 |
| Florida | 4,140 |
| Illinois | 2,810 |
| New Jersey | 2,370 |
| Pennsylvania | 2,240 |
| North Carolina | 2,160 |
| Ohio | 1,700 |
| Georgia | 1,560 |
| Massachusetts | 1,490 |
| Virginia | 1,420 |
| Delaware | 1,280 |
| Arizona | 1,150 |
| Missouri | 1,020 |
| Michigan | 1,000 |
| Maryland | 950 |
| Minnesota | 920 |
| Colorado | 880 |
| Washington | 790 |
Highest-Paying States for Financial Risk Specialists
These states pay the most for financial risk specialists.
| State | Annual Median Salary |
|---|---|
| New York | $138,330 |
| Delaware | $130,060 |
| Alaska | $126,050 |
| New Jersey | $123,000 |
| Massachusetts | $118,960 |
| Wyoming | $115,730 |
| District of Columbia | $114,550 |
| Oregon | $113,870 |
| Virginia | $113,260 |
| Maine | $112,070 |
Daily Tasks
Common tasks include:
- Analyze areas of potential risk to the assets, earning capacity, or success of organizations.
- Analyze new legislation to determine impact on risk exposure.
- Conduct statistical analyses to quantify risk, using statistical analysis software or econometric models.
- Confer with traders to identify and communicate risks associated with specific trading strategies or positions.
- Consult financial literature to ensure use of the latest models or statistical techniques.
- Contribute to development of risk management systems.
- Determine potential environmental impacts of new products or processes on long-term growth and profitability.
- Develop contingency plans to deal with emergencies.
- Develop or implement risk-assessment models or methodologies.
- Devise scenario analyses reflecting possible severe market events.
- Devise systems or processes to monitor validity of risk assessments.
- Document, and ensure communication of, key risks.
Tools & Technology
Common tools and software used in this occupation include: Hot technologies: Amazon Web Services AWS software, Apache Hive, Atlassian JIRA, C++, Google Docs, IBM SPSS Statistics In-demand technologies: Amazon Web Services AWS software, Microsoft Azure software
What Major Will Prepare You For This Career?
Related college programs include:
- Accounting
- Finance & Financial Management
- Managerial Economics
- Management Sciences & Methods
- Business Administration & Management
- Applied Mathematics
Featured schools near , edit
Related Careers
Related occupations to financial risk specialists include:
- Financial Managers
- Investment Fund Managers
- Regulatory Affairs Managers
- Compliance Managers
- Loss Prevention Managers
- Regulatory Affairs Specialists
Also Known As
Analyst, Bank and Savings Securities Trader, Bond Analyst, Business Risk Manager, Compliance Risk Manager, Corporate Securities Research Analyst, Credit Risk Analyst, Energy Risk Management Analyst, Enterprise Risk Manager, Equity Research Analyst, Estate Executor, Financial Risk Analyst, Loss Control Consultant, Loss Control Inspector, Market Risk Analyst.
References
- U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics — https://www.bls.gov/oes/
- O*NET Online — https://www.onetonline.org/
- BLS Employment Projections — https://www.bls.gov/emp/
- O*NET-SOC code: 13-2054.00
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