Is the Gender Gap in Insurance Compensation Closing?
Overall, higher education Risk Management Specialists who are male earn roughly 13 percent more than their female counterparts, but the gap between genders is gradually closing as female risk managers accumulate more experience, according to a survey by the University Risk Management and Insurance Association of Bloomington, Indiana.
Currently, male risk managers with higher education earn more than $110,000 annually. On average, women earn only about 87 percent of that amount, or $95,700. That is a three percentage point increase from 2013, when women’s annual salaries for risk management were on average only 84 percent of men’s.
The prime reason for women’s salary gains is that women in the profession now have more experience. In 2013, men, on average, had almost five years more experience than women. Now, men overall have only about one year more experience than women.
Overall, men have 18 years’ experience as risk managers, while women have a little more than 17. On average, each additional year of experience on the job translates into an additional $850 annually in salary.
Educational level also affects salary. Those holding a master’s degree make about $7,500 more annually than those with just a bachelor’s degree, while those holding a Ph.D. make $30,000 more than those with a master’s.
The survey of risk management specialists also shows that those working in the Northeast earn about $15,000 more on average than those working in other regions of the country. Those working at top-flight research universities also earn about $15,000 more annually than their counterparts at other institutions.
As might be expected, titles reflected levels of compensation as well. People who hold the title of “Risk Manager” earned the least on average; about $77,000. Those with the title of “Director of Risk Management” earned $22,000 more on average. And people who hold the title of “Executive Director of Risk Management” or something similar earn, on average, almost $150,000 a year.
The survey covered almost 200 higher learning institutions of all types. Half of the respondents were male, the other half female.
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