2024 GARP Global Risk Careers Survey
Risk Career Trends and Future Insights
What skills are hiring managers looking for? Which departments have been adding staff? What competencies are most important for progression? In today’s rapidly changing risk profession, a new study provides valuable insights to address these questions.
The rising complexity of risk, along with evolving economic and regulatory conditions, continues to drive demand for risk management skills. According to the Global Association of Risk Professionals’ Second Global Risk Careers Survey Report 2024, the need for risk professionals is high and is expected to remain elevated well into the future.
Below are five key takeaways from data gathered from more than 1,800 GARP members, across 118 countries and regions, representing organizations with fewer than 10 employees to the largest global banks with more than 200,000 employees around the world.
Career Satisfaction
Risk management careers offer a wide variety of challenges and opportunities to make an impact on an organization’s success. As a result, nearly 79% of survey respondents globally reported high degree of satisfaction in their work with 85% likely to recommend a career in risk.
Risk Career Outlook
73% of survey respondents anticipate opportunities in risk management will increase slightly or significantly over the next 18 months. Leading drivers of demand include increasing regulatory oversight, financial innovation, geopolitical and economic uncertainty.
Hiring Trends
54% of survey respondents expect their firms to increase staffing across the risk team over the next 18 months, 38% expect staffing levels to remain the same. Expected hiring in non-traditional risk areas, including technology and cyber risk, data risk, sustainability and climate risk, and AI risk, compliance and governance is the highest.
Knowledge and Skill Acquisition
GARP-certified professionals are in high demand. More than 40% of survey respondents said the Financial Risk Manager (FRM®) Certification is listed as preferred or required in job postings. Over 20% of respondents reported the Sustainability and Climate Risk (SCR®) Certificate is preferred or required in recruitment for teams focusing on sustainability and climate related threats.
Professional Development
Nearly seven in 10 survey respondents ranked leadership and management skills as most important to maintaining their current role or supporting future advancement in their organization. Other noteworthy skills include interpersonal, communication, presentation, and “soft” skills, cited by 66% of respondents; technical and management skills, 58%; technology skills, 54%; and climate risk skills, 38%.
Download the full report for additional insights on hiring trends, top skills needed for current and future roles, and compensation below.
