Independently tests the financial and AI models banks rely on to make sure they are sound, accurate and used correctly. BLS does not publish separate figures for financial risk specialists; it counts them within financial risk specialist (SOC 13-2054), whose median pay is $117,330 a year (BLS OEWS, May 2025). Typical entry-level education: Bachelor's degree.
- SOC 13-2054
- Business and Financial Operations
- Last updated October 9, 2026
At a glance
Model Risk Analyst in four numbers
- Median pay
- $117,330a year, or $56.41/hrBLS OEWS, May 2025Lowest 10% $65KTop 10% $196K
US median, all jobs: $50,980
- Projected growth
- +7.4%Much faster than averageBLS EP, 2025–2035This career+7.4%All jobs+3.5%
Projected employment change, 2025–2035 Item Value This career +7.4% All jobs +3.5% - Openings a year
- 4,80066,000 jobs todayBLS EP, 2025–2035
- Jobs in 202566K
- Projected 203570.8K
Employment, 2025–2035 Item Value Jobs in 2025 66K Projected 2035 70.8K - Typical education
- Bachelor'sneeded to enterBLS EP, 2025–2035; mix: O*NET
Also advertised as: Model Validation Analyst, Model Validator, Model Risk Manager, Quantitative Model Validation Analyst, Model Governance Analyst.
Pay
How much do Financial Risk Specialists make?
Every model risk analyst in the US, by percentile of annual wage
Median
$117,330
Middle half earn $83,980 to $158,250
- 10th
- $64,820
- 25th
- $83,980
- 75th
- $158,250
- 90th
- $196,110
All US occupations: $50,980
| Percentile | Value |
|---|---|
| 10th | $64,820 |
| 25th | $83,980 |
| Median | $117,330 |
| 75th | $158,250 |
| 90th | $196,110 |
| All US occupations | $50,980 |
Source: BLS OEWS, May 2025
- Median annual wage
- $117,330
- Median hourly wage
- $56.41/hr
- Mean annual wage
- $124,420
- People employed
- 63,850
Versus all US occupations
At $117,330, Financial Risk Specialists earn 130% above the $50,980 median across all US occupations, a difference of $66,350 a year.
Versus business and financial operations occupations
Inside the Business and Financial Operations group, where the middle occupation pays $80,730, this is 45% above the group median.
Pay range
The top 10% earn $196,110 or more while the bottom 10% earn $64,820, a gap of 3.0×. That is an unusually wide spread, which usually tracks specialisation, employer type and years of experience.
Rank in the bank
This median pays more than 84% of the 1,741 occupations in the NueCareer career bank.
Highest-paying state
New Hampshire pays the most at $158,320, and still leads at $151,990 once local prices are taken into account.
Pay by state
Which states pay Financial Risk Specialists the most?
State medians come from the same OEWS release as the national figures. The cost-of-living column divides each state median by that state's BEA Regional Price Parity, restating pay in national-average dollars so a high-cost state and a low-cost one can be compared directly.
| State | Median | COL-adjusted | Employed |
|---|---|---|---|
| 1New Hampshire | $158,320 | $151,990 | 300 |
| 2Maine | $141,020 | $145,307 | N/A |
| 3Delaware | $139,440 | $139,708 | 1,160 |
| 4New York | $136,830 | $126,787 | 12,060 |
| 5North Carolina | $132,040 | $139,983 | 3,200 |
| 6Massachusetts | $130,400 | $123,302 | 1,440 |
| 7New Jersey | $129,220 | $118,763 | 2,760 |
| 8California | $129,110 | $116,609 | 5,740 |
| 9Virginia | $126,510 | $125,129 | 1,770 |
| 10Washington | $123,150 | $115,079 | 900 |
Job outlook
Is Model Risk Analyst a growing career?
Employment change over 2025–2035, against every US occupation
Much faster than average. +7.4% projected growth vs 3.5% for all occupations.
| Item | Value |
|---|---|
| Financial Risk Specialists | +7.4% |
| All US occupations | +3.5% |
Source: BLS EP, 2025–2035
Much faster than average
BLS projects employment of Financial Risk Specialists to change 7.4% over 2025–2035, roughly 2.1× the 3.5% projected for all occupations. That is 4,900 more jobs.
Annual openings
About 4,800 openings are projected each year, 7.3% of the 66,000 jobs that existed in 2025. Most come from workers leaving the occupation, not from growth alone.
Getting in
How to become a Model Risk Analyst
Most model risk analysts have a master's or PhD in a quantitative field such as statistics, mathematics, financial engineering, economics or physics, though some start with a bachelor's degree. Programming in Python, R or SAS is essential.
The Financial Risk Manager certification from the Global Association of Risk Professionals is common, and some analysts pursue the CFA charter. Knowledge of the Federal Reserve and OCC model risk guidance, now SR 26-2, which replaced SR 11-7, is expected. Many move into validation from modeling roles, or from academic research.
- 1
Typical entry-level education
Bachelor's degree
- 2
Work experience in a related occupation
None
- 3
Typical on-the-job training
None
- 4
Preparation needed (O*NET job zone)
Medium preparation
BLS Employment Projections, 2025–2035; job zone from O*NET 31.0 Database.
The work
What does a Model Risk Analyst do?
Banks use models for nearly everything: approving loans, pricing derivatives, setting capital, detecting fraud and forecasting losses. Model risk analysts are the independent reviewers who check those models before and after they go live.
They review model design and assumptions, test performance with historical data, replicate calculations, and look for weaknesses such as bias, instability or misuse. They write validation reports, set conditions for using a model, and track whether issues are fixed. Increasingly they also review machine learning and generative AI models. The work follows federal supervisory guidance on model risk management, which bank examiners use when reviewing banks.
Day-to-day tasks
- Review model design, assumptions and documentation
- Test model performance against historical data
- Replicate model calculations independently
- Identify limitations, bias and misuse risks
- Write validation reports with findings and conditions
- Track remediation of model issues
- Support regulatory examinations of model governance
Typical tasks, researched by NueCareer from the sources below.
Working conditions and hours
Model risk analysts work at banks, insurers, consulting firms and regulators, usually in offices with hybrid schedules. Hours are mostly regular, with deadlines around regulatory exams and stress testing cycles. The work is analytical and writing heavy, with little travel.
Tools and software
- Accounting software · in demand
- Analytical or scientific software · in demand
- Business intelligence and data analysis software · in demand
- Content workflow software · in demand
- Customer relationship management CRM software · in demand
- Data base management system software · in demand
- Data base reporting software · in demand
- Data base user interface and query software · in demand
- Development environment software · in demand
- Document management software · in demand
- Electronic mail software · in demand
- Enterprise resource planning ERP software · in demand
“In demand” marks an O*NET Employer-Based Hot Technology, software named in real job postings for this occupation.
Personality fit
What personality type suits a Model Risk Analyst?
NueCareer estimate (Holland code ICE) built on O*NET's Financial Risk Specialist profile, scored 1 to 7
| Axis | Model Risk Analyst |
|---|---|
| Realistic | 2 |
| Investigative | 5 |
| Artistic | 1 |
| Social | 2 |
| Enterprising | 5 |
| Conventional | 5 |
Source: O*NET 31.0 Database
What the work is built around
Day to day this is work built around organising, following procedures and working precisely with data, combined with investigating, analysing and solving problems with ideas and data.
- Conventional5.4
- Investigative5.3
- Enterprising4.9
- Social2.5
- Realistic1.7
- Artistic1.3
Closest MBTI types
NueCareer fit scores: cosine similarity between each MBTI type's interest vector and this occupation's O*NET interest profile. Not a BLS or O*NET figure; the method is documented on our methodology page.
Explore further
Careers related to Model Risk Analyst
O*NET related occupations
- Business and Financial Operations
- Business and Financial Operations
- Business and Financial Operations
- Management
- Business and Financial Operations
- Business and Financial Operations
More business and financial operations careers
Median annual pay, with financial risk specialists highlighted
- Model Risk Analyst$117,330
- Financial Advisor$105,070
- Accountant$83,680
- Insurance Underwriter$81,370
- Coroner$80,730
- Claims Adjuster, Examiner, and Investigator$78,000
- Loan Officer$76,690
- Human Resources Specialist$75,940
- Appraiser and Assessor of Real Estate$67,960
| Item | Value |
|---|---|
| Model Risk Analyst | $117,330 |
| Financial Advisor | $105,070 |
| Accountant | $83,680 |
| Insurance Underwriter | $81,370 |
| Coroner | $80,730 |
| Claims Adjuster, Examiner, and Investigator | $78,000 |
| Loan Officer | $76,690 |
| Human Resources Specialist | $75,940 |
| Appraiser and Assessor of Real Estate | $67,960 |
Source: BLS OEWS, May 2025
Lists Model Risk Analyst appears on
Questions
Model Risk Analyst: frequently asked questions
How much do Financial Risk Specialists make?
BLS does not publish a separate wage for financial risk specialists. It counts them within financial risk specialist, whose median pay is $117,330 a year (BLS OEWS, May 2025). The middle half of that occupation earn between $83,980 and $158,250, and the top 10% earn $196,110 or more.
Do you need a degree to become a Model Risk Analyst?
Yes. BLS reports a bachelor's degree as the typical entry-level education for Financial Risk Specialists, and O*NET rates the preparation needed as medium preparation.
Is Model Risk Analyst a growing career?
Yes, strongly. Employment is projected to grow 7.4% over 2025–2035, more than double the 3.5% projected for all occupations (BLS EP, 2025–2035). BLS still projects about 4,800 openings a year, mostly from workers retiring or moving to other work.
What does a Model Risk Analyst do?
Banks use models for nearly everything: approving loans, pricing derivatives, setting capital, detecting fraud and forecasting losses. A typical task: review model design, assumptions and documentation. Employers most often ask for Accounting software, Analytical or scientific software, Business intelligence and data analysis software.
Which states pay Financial Risk Specialists the most?
The highest state medians for Financial Risk Specialists are New Hampshire ($158,320), Maine ($141,020), Delaware ($139,440) (BLS OEWS, May 2025).
What personality type suits a Model Risk Analyst?
O*NET scores Financial Risk Specialists highest on the Conventional, Investigative and Enterprising interest areas, so the work mixes organising, following procedures and working precisely with data with investigating, analysing and solving problems with ideas and data. On NueCareer's MBTI-to-interest mapping the closest types are ESTJ, ISTJ, ENTJ. Personality is a fit signal, not a gate. The free NueCareer quiz scores your own profile against all 1,731 careers in the bank.