Which risk management specialization track should I choose? There’s employee benefits, healthcare risk management, and property liability/ corporate risk management.
I’m currently a student enrolled in college and I’m looking to switch my major to risk management, and I’m not really sure which track I should do. I’m also looking into an accounting minor, but I’m not entirely sure how much that will help me. #college-major #colleges #risk #accounting
I agree that Risk Management is a rewarding field and offers a diverse range of positions/opportunities. The previous responder provided a great resource.
In terms of my personal experience, I obtained degrees in Accounting & Financial Services and worked for the largest insurance company in North America for 31 years. My educational background combined with property/casualty work and leadership experience provides a competitive advantage for a wide range of opportunities in a variety of industries.
So, taking a long-term view (considering your interests as well as positions that will likely be in high demand) to planning your career is a wise approach.
Thank you for your question and best of luck!
Risk management is a great field with a lot of diverse opportunities. Picking out which one is right for you should ultimately be in what field interests you the most. I would recommend researching jobs under each career path and see if any grab your attention. I looked into this field, and thought about becoming an underwriter for a while. When I looked into this, I then saw a lot of other opportunities that fell under the same umbrella which also peaked my interest. I now work in pension administration, which falls into the employee benefits field you listed above, however my work now doesn't fall completely in the risk management field. I am looking to become an actuary soon, which I would also recommend looking into if you're also interested in math (which it sounds like you are since you're considering minoring in accounting).
Here's some broad information about risk management that gives a list of companies in the field:
Here's some information from Temple about what your undergrad/post-grad education/career may look like (of course it may differ a bit depending on your school):
Hope this helps! Good Luck!
I would look up to those who are ahead of you in school and browse graduates' profiles to get a sense of what's sought after in the industry. I think it would be great to reach out to those students/graduates via social media and have a friendly, honest chat. Another thing that you could look into is to get a general understanding of all possible paths in risk management; you could probably do this with your education and through talks with your professors, especially those that work a day job in the risk management sphere.
An accounting background will always be useful even if you don't work in an accounting position; in a business setting, you will always be better off with a fundamental understanding on how business transactions are recognized and recorded.
Enjoy the journey!
Craig recommends the following next steps:
Risk Management is indeed a vast area and there are many specializations that you could look into. Energy Risk Management is an interesting area and one in which I have worked for 25 years. This field focuses on managing price, credit, operational or enterprise risk. Currently I am the Global Head for Commodity Risk Management Solutions for Shell Trading & Supply and lead a team that looks for digital solutions to support those who have oversight of Energy Trading Risk. This is a very specialized area but likely to become very important as the whole world moves toward Energy transformation from fossil fuels to New forms of energy. Another area of Risk Management that has recently been very much in demand and highlighted due to COVID 19 is supply chain risk.
Savita recommends the following next steps:
I would also recommend taking some time to consider reaching out to someone that has some experience working in the field as well. Searching online even in Google can help you achieve this!