Navigating the world of politics and international relations can be daunting, especially when trying to secure a job in the political risk industry. The political risk industry offers unique and lucrative career opportunities for those who possess the required skills and knowledge to succeed. In this blog post, I will provide an overview of the types of political risk jobs available, the skills and experience needed to get a job in the political risk industry, and how to find the right position for you. With a comprehensive understanding of the political risk industry and the right qualifications, you can put yourself in the best position possible to succeed in one of these invaluable positions.
- Earn a degree. Begin your career journey by earning a bachelor’s degree. …
- Gain industry experience. Look for jobs that require you to use the same types of skills as political risk professionals. …
- Secure an internship. …
- Network with industry professionals. …
- Apply for jobs.
Political Risk Explained: How to Reduce Political Risk
Types of political risk analysis
Depending on your employer, your role will have a specific focus. Some jobs are generalists that cover many different areas, while others are more specialized. It is possible to concentrate on:
Internal data is typically used in in-house roles to advise companies on risk factors in the context of the markets and industries they operate in. In this case, you would participate throughout the entire investment or business decision-making process.
Working on various projects for a variety of clients as a consultant would involve providing businesses, governments, and other organizations with ongoing or one-time information about the political landscape.
Risk analysts work for think tanks, non-governmental organizations, and research organizations and provide information to inform and have an impact on national and international policy, strategy, and humanitarian endeavors. Your work will likely be centered on a particular theme or issue in this type of environment.
As a political risk analyst, youll need to:
Salaries vary widely. If you work in the financial services industry, for a private company, or for one of the larger, more reputable political risk consultancies, you’ll typically make more money. Think tanks, research institutions, and NGOs may pay much less in salaries.
Depending on your job and employer, your working hours will vary, but you’ll generally work from Monday through Friday. Your work will typically be project-based, so the length of your hours will depend on the demands of your clients and their deadlines.
Some jobs will also require travel or time spent working abroad, which frequently entails putting in extra and unsociable hours.
In larger organizations, it’s more common to find part-time employment and career breaks.
The most common way to enter the field of political risk analysis is with a degree in a social science or humanities subject. The following subjects in particular may help:
Other subjects are acceptable, but you’ll need to show that you’ve done research before and that you’ve developed a passion for politics, current events, and international relations.
For some roles, having a related Masters degree is both a clear advantage and a requirement. For an entry-level position or training program, an undergraduate degree alone might be sufficient, but you would also need to provide proof of additional training or quantitative and qualitative research experience.
Some positions may benefit from having a PhD, especially if your research is relevant to your field of employment. However, its not normally a requirement.
Consider which level of education and subject matter would be most appropriate for the political risk analysis area you would like to work in. You can check to see what employers are asking for.
For jobs with a focus on that region, a degree in African Studies would be advantageous. If you want to work in banking or financial services, a degree in economics or finance is also beneficial.
A degree and proficiency in a foreign language are also highly desired and may be prerequisites for some roles. Your potential for financial success will also be boosted by knowing one or more languages.
As a political risk analyst, youll need:
Given how competitive the field of political risk analysis is, having relevant work experience is crucial.
Search the websites of the businesses and organizations you are interested in working for for any advertised internship or summer placement opportunities. Application early, perseverance, and openness to other opportunities are advised because competition for these positions may be fierce.
Directly approach organizations and express your enthusiasm for their field of endeavor while highlighting your qualifications for the position in question.
Any work experience that aids in the development of the skill set required for the position is especially beneficial. This includes:
Learn more about the various work opportunities and internships that are offered.
Opportunities exist within:
Jobs may be posted on general job boards, but it’s more likely that you’ll need to research the businesses and organizations you’re interested in and look for openings there. To see if they have a directory of these, check with the Chamber of Commerce in the nation you’re interested in visiting.
Openings can be competitive, and many roles are not advertised. The development of speculative applications and a network within the industry will be crucial. It is typical to complete an internship that may eventually lead to a permanent position, so this may be a place to start.
There are some specialist recruitment firms and headhunters, such as Lawson Chase and Barclay Simpson. However, these typically work with experienced professionals and do not have extensive opportunities at entry-level.
Some political risk analysts also work freelance for clients. Once you’ve gained experience and expertise in your field, this is an option.
Most employers provide training and development relevant to the role. This could include both general business and professional skills training and training specific to working in risk environments.
Additionally, you could pursue additional postgraduate study in a relevant field, such as a master’s degree in risk, international relations, or security studies, or you could choose to specialize in a field like risk and finance or insurance.
A professional association in your area of interest that offers training programs and events is another option. For example:
These organisations can help with continuing professional development (CPD). You must continue doing this throughout your career if you want to advance in your position and keep your skills up to date.
Given the nature of the work, you’ll need to put in some effort to stay current on local and international politics as well as any developments. Reading trade publications, going to conferences and events, and connecting with other professionals are all necessary.
It’s typical to begin in an analyst or associate role where your primary duties would be research and analysis while also producing periodic and special reports. You’re likely to advance to a more senior position after two to three years, where you’d be in charge of projects and have more client contact. You could then advance to managing a political risk team or division and get more involved in business development and operations management.
Moving between jobs and employers is also common, so you might advance by gaining expertise working in various industries or with various clientele.
As an alternative, you could decide to focus on a specific nation, area, risk category, or industry, eventually becoming a specialist in that area. This could result in writing and media opportunities as well as freelance consulting opportunities.
Your skills and experience will also be highly transferable. For instance, you could transition into private sector management or financial/credit risk analysis. Additionally, you could pursue careers in security or crisis management, as well as roles in government research and policymaking or at think tanks.
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What is a political risk analyst and what do they do?
In general, a political risk analyst’s job is to analyze a variety of data, such as trade, economic, and political information, in order to provide others with advice and direction on the current global situation as it relates to their client’s or employer’s work.
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FAQ
What are the four types of political risks?
Types of political risk. Business may be impacted by a variety of political risks, including potential political and economic instability, labor issues, local product safety laws, and environmental regulations.
How do I become a political risk consultant?
Political risk analysts typically hold degrees in business, international relations, political science, economics, or related fields, but they can also come from a background in law, intelligence, journalism, or law enforcement. ENTERTAIN THE FIELD +
What skills do you need to be a risk analyst?
- strong numeracy, analytical and strategy skills.
- good research skills.
- planning and organisational skills and problem-solving ability.
- IT competence and computer literacy.
- negotiation skills.
- written and oral communication skills.
- the capacity to clearly communicate technical information and explain complex issues
What are the main types of political risk?
Common types of political risks. Expropriation/government interference. Transfer & Conversion. Political violence.
