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Many persons dream of a job that checks right on all boxes of; good pay, flexibility, passion, and career growth. Unfortunately, not many jobs in the mainstream fulfill all these considerations for an ambitious risk expert. When it’s time to decide on your career path, consider all options. Your skills in finance and risk management can be applied almost anywhere across many industries.
Here is a list of non-conventional career paths in financial risk management to consider.
Sales and business development specialist
How would you like a job in product development and revenue generation? A role in sales and business development will have you working closely with manufacturing and sales teams. Your job is to help find the right product-market fit.
You work closely with the product team on the competitive positioning of features and the marketing team for value proposition.
This match-maker job makes you savvy in both marketing and product development. This may be your alternative path to a senior position since all business leaders must have a deep understanding of both products and markets.
Senior leaders in investment banks spend much of their time on client development. Hedge fund managers spend their time on the road selling investments. When you get to the top, the entire career structure of financial management is about relationships and deals.
Find a promising startup to grow with
Salary is not the sole motivator in all career paths. Some people want personal fulfillment and the building of legacies. Some people are more about creating change and impacting the lives of others in significant ways. Working at a startup could allow you to fulfill these career ambitions. And for ventures with massive potential, money eventually comes pouring in.
If you want an exciting career path that doesn’t tie you to the same duties and responsibilities every day, consider a startup. You may find that you are called upon to multi-task from risk management to accounting, strategy, marketing, and administration.
Such jobs expand your business management skills and knowledge of the business process. From there, getting to the top is easier.
Work with a non-profit organization
Non-profits require financially savvy people like you. Like all other businesses, these organizations face risk as well, from fundraising fraud to compliance issues and theft, among other threats. An FRM expert at a non-profit helps these organizations track, trace, and mitigate the risk of fraud, improve transparency and accountability in spending and achieving regulatory compliance.
These jobs are a part of your way of giving back. You can choose a cause or organization that you relate with the most for an impactful career journey. Working at such a place accelerates career growth through varied job responsibilities and diverse projects.
The daily multitasking and collaboration make you an all-rounder in business and people.
Working with the military
The military needs financial managers, planners, auditors, and even risk managers. Like all other organizations, there is money involved in peacekeeping missions, drilling, and wartime operations. Your role may be to oversee the proper financial management and risk mitigation for successful military missions.
You may serve as an advisor to military leaders regarding accounting, budgeting, and cost analysis. From here, you establish performance standards and set priorities for finance teams and create strategies for safeguarding assets.
You may even be responsible for ensuring the effective distribution and utilization of limited funds and resources.
A place at the Treasury Department
Both federal and state government agencies need financial risk experts. Consider career paths that involve the Department of the Treasury or Office of Management and Budget. Similar to banks and corporates, your responsibilities may include overseeing resource mobilization and mitigating different forms of risks.
You could be tasked with managing and reporting treasury risks and directing the department’s activities towards sound financial decisions. You will be responsible for building control frameworks and ensuring that policies and Asset Liabilities Management (ALM) guidelines adhere to standards.
With a financial job position at the Treasury Department, you may directly play a role in deciding the country’s economic direction. You will have the power and opportunity to impact the lives of millions through what you do. And there are endless opportunities for learning and growth.
Becoming a claim adjuster
Claims adjusters evaluate losses and facilitate claims payment. You can be an independent adjuster who contracts with insurers…for a fee. You can also be a public adjuster that helps the insured and not the insurance company at a price.
This job can be exciting as you get to work in different environments and maintain a positive work-life balance.
Since there are a few barriers to entry with these types of jobs, you can use that as a stepping stone to building experience and landing bigger roles. The job can similarly be rewarding as you work closely with people and businesses, helping them get paid and get back on their feet after an accident or incident.
Being a risk underwriter
Underwriters work in worldwide markets and banking/insurance industries. They analyze, research, and undertake a clients’ risk for a fee. For success in this field, you must be an analytical thinker and an excellent communicator with exceptional research skills.
You will thrive here if you are an expert in risk analysis and have remarkable decision-making skills.
Your responsibilities will include assessing clients and deciding on the right risk level for a policy. You will review policy applications based on personal history and prepare reports based on risk assessments.
You will compare different plans and conduct evaluations to decide on your company’s loss records.
Become a risk consultant
Risk consultants or consulting actuaries use their skills and expertise in finance, business, and risk management to assess clients’ financial decisions. A risk consultant compiles and analyzes data to make certain financial predictions.
They then develop strategies to help clients mitigate these risks for a fee. The journey to becoming a risk consultant involves getting proper qualification in the field of finance. You will then need to get an internship or land an entry-level job to get the experience and build a network. Professional certification in this specialty will further give you the credibility you need to venture out on your own.
Your skills in finance and risk management are valuable everywhere you go. There is work for you in so many industries. There are also limitless opportunities for entrepreneurship and consulting.
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