Risk Analyst Jobs in India: Salary, Qualification & Career

In today’s competitive and tricky business environment, organisations must identify potential risks and detect fraud before making any financial or business decision. This has increased the demand for efficient risk analysts or risk management professionals in finance, insurance, investment, fintech and banking fields.

Risk Analyst has emerged as a futuristic career option. Risk Analysts are professionals who identify risks, detect scams, detect potential threats, evaluate financial data, ensure the security of a company’s financial data and help organisations make informed decisions.

What Qualifications Are Required To Become A Risk Analyst In India?

Key requirements to become a risk analyst include business aptitude, strategic thinking, problem-solving skills, strong knowledge, and an industry-relevant skill set. However, candidates aspiring to become a risk analyst generally need a bachelor’s degree from a recognised university in a relevant discipline, but specific employers have their own eligibility requirements; check before applying.

Undergraduate degrees that are best suited for a Risk Analyst job:

• B.Com
• B.Com (Hons).
• BBA
• BBA in Finance
• BA in Economics, Finance or Accounting
• BSc in Mathematics or Statistics

Postgraduate degrees that are best suited for a Risk Analyst job:

• MBA in Financial Planning & Analysis
• MBA in Business Analytics
• M.Com
• MSc in Mathematics or Statistics
• MA in Economics, Finance or Accounting
• Master’s in Financial Risk Management

Aspirants can also opt for certifications like:

• Chartered Financial Analyst (CFA)
• Financial Risk Manager (FRM)
• Professional Risk Manager (PRM)

These qualifications can strengthen a candidate’s academic profile and build relevant skills for the risk analyst profile.

What Skills Are Required For Risk Analyst Jobs?

Apart from academic qualifications, employers look for candidates with robust analytical and technical abilities.

Some essential skills include:

• Mathematical skills
• Statistical analysis
• Quantitative skills
• Financial Modeling
• Risk Assessment
• Data Analysis
• Problem-solving ability
• Technical expertise
• Effective communication skills
• Industry and market knowledge

Average Salary Of A Risk Analyst In India

Risk Analyst is a progressive field, as every organisation is looking for an efficient risk analyst who can save the organisation from making wrong financial decisions. This job profile promises a bright future and a high salary. However, the salary of a risk analyst will also depend upon the work location, type of organisation, experience, industry, skills and technical expertise.

The following is the approximate average salary breakdown:

Level Of Experience	Approx. Average Salary
0 – 2 years	INR 3 – INR 5 LPA
2 – 5 years	INR 5 – INR 9 LPA
5 – 8 years	INR 9 – INR 15 LPA
8 years & above	INR 15 LPA – 30 LPA & Above

Note: These are not exact figures but an estimated graph.

Career Opportunities for Risk Analysts

Risk management is a field that has numerous job opportunities across various industries. Candidates can gain expertise in market risk, credit risk, investment risk, financial risk, regulatory risk or operational risk management.

Generally, the career progression of a Risk Analyst can look like:

Junior Risk Analyst → Risk Analyst Executive → Senior Risk Analyst → Risk Manager → Chief Risk Officer (CRO) or Risk Director

With experience and specialised knowledge, professionals can also explore opportunities in financial consulting, investment banking, insurance, and risk analytics. Related career options in finance can also help candidates understand the skills and qualifications required in this field.

Frequently Asked Questions (FAQs)

Is an MBA necessary for a Risk Analyst job?

• No, an MBA is not essential for becoming a risk analyst, but an MBA in Financial Planning and Analysis can surely help a candidate to become job-ready with relevant domain knowledge and skills.

Can I become a Risk Analyst with a B.Com degree?

• Yes. B.Com graduates can pursue risk analyst roles, particularly in credit risk, banking, and financial analysis. Additional knowledge of Excel, financial modelling, and data analytics can be beneficial. 

Is Risk Analyst a good career in India? 

• Yes, the demand for efficient risk analysts is high in the job market, as every organisation needs professionals who can guide them to make informed and beneficial financial decisions. The salary of a risk analyst is also competitive and in line with market standards.

Which certification is best for a Risk Analyst?

• Certifications such as Financial Risk Manager (FRM), Professional Risk Manager (PRM), and Chartered Financial Analyst (CFA) are the best fit for a risk analyst profile.