What is the salary scope of the RMP Certificate?
Managing risks is one of the most important aspects of running a successful project. Failing to recognize and plan for risks can bring failure to the project. PMI RMP Certification holders are entrusted with managing risk. These professionals possess the skills and experience necessary to identify, evaluate and mitigate risks in projects.
Before deciding whether this is the perfect career choice for candidates, it is critical for them to understand how much salary they can anticipate in this field. Risk management can be a gratifying career, depending on the country they work in, their experience level, and the industry they operate within.
How much do RMP certified professionals earn?
Risk Management is a leading profession where individuals are highly rewarded for their contribution and hard work. Possessing RMP Certificate can increase professionals’ salaries by 14 percent. Typically, they earn an annual average salary of USD 113,000. However, an RMP professional's salary is influenced by various factors.
Salary based on experience
Experience translates into higher paychecks for those who invest their time wisely. The more experience a candidate has, the higher their expected compensation. As individuals progress on risk management skills, their level of pay increases accordingly. For example, executive-level positions, which demand higher qualifications to enter, pay higher salaries than entry-level risk management jobs.
|Entry level||USD 104,868||EURO 103,958||GBP 87,985|
|Mid level||USD 124,359||EURO 123,270||GBP 104,335|
|Senior Level||USD 156,850||EURO 155,477||GBP 131,595|
Salary based on the job title
The title of one's job plays a significant role in determining their pay. RMP Certificate offers several job roles in the risk management field. The certification holders' salaries may range dependent on their job titles, since each job role has different roles and responsibilities.
|Risk Manager||USD 125,000|
|Operations Manager||USD 85,000|
|Program Manager||USD 130,000|
|Project Management Office (PMO) Manager||USD 140,000|
|Chief Investment Officer||USD 86,000|
|Project Engineer||USD 128,451|
|Risk Management Specialist||USD 140,000|
|Risk Analyst||USD 100,000|
Salary based on Industry
RMP aspirants choose to work in an industry that can have a significant impact on their salary. Fast-growing industries that depend heavily on technology and project management roles are paid the most on an average. However, there may be valid salary variations amongst companies in the same sectors. RMP practitioners can work in a wide range of fields, the following are among the highest paying.
|Finance||USD 133,466||EURO 132,618||GBP 112597|
|Engineering||USD 118,000||EURO 117,250||GBP 99549|
|Construction||USD 165,000||EURO 163,952||GBP 139200|
|Information Technology (IT)||USD 126,675||EURO 125,870||GBP 106868|
|Consultation||USD 119,732||EURO 118,971||GBP 101,010|
Salary based on country
Locations is one of the most important factors in wage determination. The compensation is also influenced by living expenses and work demand. Therefore, if there is a high demand for RMP professionals in that area, businesses are more willing to invest their money and offer greater compensation with better packages. The table demonstrates how wages for RMP practitioners vary between nations.
|Nation||Salary(local currency)||Salary(in USD)|
|USA||USD 113,000||USD 113,000|
|United Kingdom||GBP 50,0000||USD 59,185|
|India||INR 11,00,000||USD 13,768|
|Canada||CAD 98,000||USD 75,460|
|Australia||AUD 115,000||USD 79226|
|China||CNY 391,000||USD 57370|
|Japan||JPY 989,000||USD 7,223|
|Brazil||BRL 237,000||USD 45,854|
|Germany||EUR 79,000||USD 79,462|
|Saudi Arabia||SAR 247,000||USD 65,771|
|UAE||AED 198,000||USD 52,906|
Salary based on Companies
Individuals with RMP Certificates are preferred in most companies to manage risk is associated with the projects. In addition to location, country, job title, and experience, the size of the companies in which individuals work, affects the salaries of candidates. In general, the average annual salary for RMP practitioners tends to increase with organisation size.
- J.P Morgan:RMP professionals working at J.P Morgan help the firm understand, manage and anticipate risks. They work across business functions such as operational risk, credit, and market risk. These professionals are responsible for conducting risk assessments and monitoring business systems to identify potential risks. Furthermore, they mitigate potential risks and propose appropriate solutions. The average salary of RMP professionals at J.P Morgan is USD 111,067 per year.
- PayPal:Risk managers at PayPal oversee the activities of the risk management team and provide analytical and operational guidance to the team. They work closely with product managers and other risk analytical teams to identify practical solutions for risk prevention. Moreover, these professionals work with the technical team to improve systems and implement risk processes. Risk managers at PayPal earn USD 142,701 per year.
- Bank of America:The responsibility of risk management experts at Bank of America is to manage all facets of risk, including reputational, operational, operational model, market, compliance, liquidity, and strategic risks to promote profitable, sustainable business growth. It also includes managing the bank's compliance risk and communicating the organization's risk policies and procedures. Moreover, they provide hands-on development of risk models and analytical support to assure controls are operating effectively. RMP professionals at Bank of America make USD 110,801 a year.
- Deloitte:RMP specialists analyze complex business risks, risk-reducing internal controls, and opportunities to enhance internal controls. They execute capacity gap assessments, create recommended future states, and layout implementation strategies. Collaborating with subject matter experts in key risk management domains is also one of their responsibilties. RMP professionals at Deloitte earn an average yearly compensation of USD 114,995.
In the next 10 years, there will likely be an increase in the demand for individuals with risk management experience, creating an estimated 2 million new employment annually. Earning RMP Certification can help candidates position themselves as a potential candidate to fill these highly sought-after roles and earn lucrative salary packages.
An occurrence of a project risk is bound to impact a minimum of one of the project’s goals if not more. Project management is incomplete without risk quantification and estimation for which organizations recruit certified individuals. They segregate project risks from organizational risks. This trait sets them apart from non-certified professionals. No wonder certified individuals deserve and receive a relatively higher remuneration. No project is devoid of risk which further magnifies the need for professionals who have mastered its management.
The certification enables individuals with all the means of addressing project risks. These are namely, prevention, avoidance, reduction, transfer, and acceptance. They keep track of all known risks without missing out on the unknown ones. Such professionals lay the foundation for identifying risks and evaluating their consequences. The impact assessment is incomplete without the establishment of a framework. Predicting risks that are not visible but call for rigorous discovery is one of the potential skills that demand an impressive salary.