Airmic survey finds an overall fall in salaries across almost all age groups

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The industrial and manufacturing sector is the most lucrative industry for risk managers, according to Airmic’s 2016 Salary and Status Survey.

The study showed that, on average, Airmic members in the industrial and manufacturing sector receive a total remuneration package (salary plus bonus) of £133,357. With an average of £125,344, financial institutions was the second most lucrative sector, followed by the food, drink and tobacco sector, where the average income is £125,220.

Education was the lowest paid sector for risk professionals, with an average remuneration of £47,000.

The UK risk management association’s biannual survey also revealed an overall fall in salaries across all age groups, with the exception of the 40-49 age bracket, which has seen average salaries rise from £88,000 to £91,000.

Airmic salary graph

Airmic said the fall in average salaries can in part be explained by a higher-than-usual number of very senior members retiring. It added, however, that more investigation is needed to understand what is driving lower salaries in under-forties.

As with previous years, members’ salaries peak in their fifties at £93,000. However, the gap in earning potential between members in their forties and fifties has narrowed to just £2000.

Airmic’s Salary and Status Survey is conducted every two years. A total of 246 members completed this year’s survey, which represents over 20% of the membership as at November 2016.