While risk managers on average enjoyed healthy raises last year, it's important to keep in mind that not all jobs in risk management are created equal, with particular industries and areas of the country paying more than their counterparts, the “2007 Risk Management Compensation Survey” confirmed.

Indeed, Bill Perry, president of New York-based Logic Associates–who for the sixth-consecutive year conducted his annual survey based on National Underwriter's risk manager subscribers–points out that while his report provides valuable national benchmarks, risk managers need to delve deeper into the survey results to see how they truly stack up.

Mr. Perry noted that many risk managers are earning salaries, raises and bonuses much higher than the national averages–while some fall below those general benchmarks.

The key differences are the type of industry and the location of the firm doing the hiring, according to Mr. Perry.

“You need to slice and dice the data so that the circumstances are as close as possible to a risk manager's particular place in terms of size of company, type of industry and geographic location–as all these factors impact pay scales,” he noted.

While the average salary nationwide for risk managers was $187,215 last year–up 6.6 percent–that was still significantly higher than the average for those in the five lowest company categories, as measured by annual sales volume.

While those working at firms with between $2 billion and $4 billion in annual sales came in right on average at $184,078, those at the next three higher levels were paid substantially more, topping off at $311,803 for risk managers at companies with over $15 billion in sales.

Meanwhile, the national average for the full survey of 1,317 risk managers was 74 percent higher than the $107,567 average salary booked for those at firms with less than $200 million in sales. Even those at much larger companies–with up to $1 billion in sales–booked a relatively modest average salary of $132,988.

Beyond mere size of company, the industry in which one works can make a big difference. For example, you could definitely say it pays to be a risk manager in the oil business. Those at oil companies doing between $501 million and $1 billion in sales averaged $148,550 in salary–11 percent higher than the benchmark for that size firm overall.

As risk managers go up the ladder in the oil business, the trend held, posting an average salary of $170,763 at firms between $1 billion and $2 billion (9.4 percent higher than the general average in this size category); $200,200 at firms between $2 billion and $4 billion (8.8 percent higher); and $267,000 for firms between $4 billion and $7 billion (19.7 percent higher).

The same trends could be seen when comparing salaries in other hot industries such as communications, pharmaceuticals and entertainment.

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