Canadian risk management professionals earn less than US counterparts
Published: December 6, 2017
Updated: July 24, 2018
Author: Luke Jones
CATEGORY: Industry News
Canadian insurance analysts and risk managers are earning more money thanks to rising salaries, but average pay rates still sit below those in the United States.
The 2017 Risk Management Compensation Survey was released this week by RIMS and shows risk management (RM) professionals in Canada earn on average 2% more in 2017 than they did in 2016. The increase means RM professionals in the country earn an average base salary of CAD$105,000 (as of June 1, 2017).
While a boost in pay is nice, RMs in Canada will still look enviously to the south, where risk management professionals earn more. In the United States, the base salary for RM professionals is USD$120,000, a 3.5% increase.
In both North American countries, men continue to each more than women. The study shows men in risk management tend to have a general high level of education, with 13-14% more holding a university degree.
96% of RM males in the United States have at least a bachelor’s degree, compared to 83% of females. In Canada, there appears to be an education gap, without only 26% of males holding a degree and just 12% of women. RIMS explains the differing levels of education could explain the salary gap between the US and Canada.
“Whether you are in the very beginning stages of your risk management career, a seasoned professional or if you hold a leadership position tasked with establishing a risk management department, the RIMS Compensation Survey provides a wealth of knowledge that facilitates informed decision-making.”