Which Stream Offers the Most Job Opportunities in India: Risk Management
Undoubtedly, the opportunities for a Risk Management professional have increased tremendously in India in the past few years. This field is not only evolving but also showing remarkable growth, making it an exceptionally lucrative career choice. Below, we will explore the increasing job opportunities in the field of risk management and why an education in this area can be the best choice for those looking to secure a stable and promising career.
Market Overview
The market for risk advisory services in India is growing at an impressive rate of 40-45% annually, with the market size currently exceeding 10 billion. Top 250 companies in India spend around 30-50 million each on risk-related activities. Such market growth translates into a significant career opportunity for trained risk management professionals. The increasing demand for professionals with specialized risk management skills means that this field is not only robust but also likely to continue growing in the future.
Evolving Role in MNCs and After the Pandemic
A well-trained risk manager should be able to recognize and examine the business environment, assess the risks the business is exposed to, and define a risk mitigation strategy. In multinational corporations (MNCs), the role of a risk manager extends beyond traditional functions like marketing, production, or finance. They are expected to analyze risks across all business functions and help in defining an effective risk mitigation strategy for the firm. Furthermore, the role of risk management has become increasingly crucial post the pandemic.
Companies now understand the importance of having robust risk management strategies in place. Risk management acts as a safeguard for an organization, preparing it to withstand any challenges it may face, both short-term and long-term. Before the pandemic, there was already a high demand for risk management professionals, but the need for these professionals has increased dramatically in recent months, underscoring the value of this specialized skill set.
Rising Role of Risk Management Post-Pandemic
It has been highlighted that now is the time for risk and crisis management education, as creating a risk-based culture helps in managing the constantly evolving external environment proactively. Taking strategic and proactive steps is essential in today's uncertain business climate. Companies are increasingly recognizing the importance of having trained risk professionals on their teams to help navigate these challenges.
What PGDRM Offers
Stable Career: The field of risk management offers a stable career with great scope. Every organization is realizing the need for risk managers, not just because of the pandemic but also because of the increasing complexity of the business environment. Risk management is a career that will never be at an end, as every organization will continue to need risk management expertise.
Job Security: Despite the widespread job loss in other sectors, risk managers are not facing the same uncertainty. Companies are always seeking risk management professionals, and many of these professionals are working more than 24/7 to deliver their services to new clients.
Organizations are hiring more trained risk professionals, and their roles are expected to elevate post-pandemic at an exceptionally high rate. This is the ideal time to be on the path to a specialized risk management qualification, as it provides opportunities for better career progression early in the career.
Potential Recruiters and PayScale
Students specializing in risk management have bright chances of getting hired as risk consultants in multinational corporations (MNCs) and other large corporate organizations across various verticals.
Potential recruiters include large consulting and risk consulting organizations such as Accenture, EY, KPMG, PwC, Deloitte, Protiviti, Grant Thornton, among others. Other potential recruiters include General Electric, Tata Group, PepsiCo, and more.
The starting salary for a student with a degree in risk management may range from Rs 6-8 lakh annually, with the potential to grow significantly based on experience and the specific role. The vast range of career opportunities in different industries and functions includes services, manufacturing, insurance, banking, retail, healthcare, corporate governance, controller-ship/audit departments, and finance functions.
Conclusion
The field of risk management in India offers immense opportunities for those looking for a stable and fulfilling career. With a growing market, evolving roles in MNCs, and the increasing recognition of the importance of proactive risk management strategies, this field continues to be a promising choice for aspiring professionals. Whether you are interested in a career in risk management or are simply curious about this evolving field, there has never been a better time to explore the opportunities that this sector offers.