Salary Information for Asset ManagersCareer News November 13, 2013
Asset managers have a lot on their plate, and it is not surprising that companies are willing to pay top dollar for their supervisory efforts. They are in charge of maintaining records, including the most important information related to licenses, warranties, contracts, and other correspondence. They create the systems needed to monitor assets for a company, or in some cases, for an individual or group of people. Assets can be both physical property or items, or intangible rights to profit.
Asset Managers Salary and Job Outlook
Asset managers earn slightly less than $90,000 per year, and the potential for more when they specialize in a niche field. Some workers may earn less than $58,000 per year, while others such as the operations manager of a chemical plant or agency could earn upwards of $150,000. Other job titles and industry roles include community association manager, rental sales agent, wealth management, data center engineer, or even a web content manager. The healthcare field is dependable, averaging about $75,000 for asset managers.
The recession has certainly taken a toll on the profession and some large cities have seen drastic cuts in the corporate workforce, with more promising to come and recession continues to slowly rebound. Remember also that this profession was the birthplace of the 2008 “Ponzi scheme” scandal, and that cost clients billions of dollars of losses. This is exactly what companies want to avoid.
Types of Jobs and Preferred Salaries
It might help to consider what salaries are common in the business and what some of the job duties entail. For example, research analysts can collect information from records while also giving opinions on industry movement. They help maximize assets by support bankers and traders. These are the highest earners, potentially taking home $150,000 to upwards of one million dollars.
Other positions include portfolio managers and financial advisers who can earn $150,000 per year. Entry-level positions such as stockbroker assistants earn sufficiently less, perhaps $50,000, while institutional relationship managers who deal with mutual funds at the mid-range level, can earn $150,000 or more.
You will find that in this business trust is essential. Considering that your employer is working with high profile clients, you are expected to track quality throughout the lifetime of the contract. This level of expertise is often associated with years of work experience, so it’s not surprising to hear that some companies look for workers with seven years of experience. In addition, they want young and educated professionals who are familiar with a field—that is, the concepts, procedures and cultures associated with that industry. They do not have time to train, but expect leadership material to work for them and guide employees.
If you want to work as a leader of your profession and exercise creativity and latitude for the good of a company, this is your ideal job. By going back to school for a bachelor’s degree or even a master’s degree, and supplementing this education with work experience, you will be creating a career path that will last a lifetime!