Are you thinking about traveling down the path to Funding Manager? If you are good at communicating, writing reports and staying current on policy, this may be the right fit for you. Before you make a commitment to pursuing this career, there are a few things you should know.
According to the U.S. Bureau of Labor Statistics, your education is the first thing you should consider. Most prospective employers will require a Bachelor’s in Finance. But wait.. There’s more. A Funding Manager is not an entry level position. In addition to your education, you will need at least 5 years experience in the Finance area. Some Funding Managers have started out as accountants, or loan officers.
If you are willing to put the time and effort into getting a degree, then be sure to get the most of your work experience. Working as a loan officer is very beneficial to becoming a Funding Manager. In this position, you learn your lending products and policies. With a median salary of just over six figures, it’s worth digging the loan officer trenches to achieve Funding Manager.
All lending institutions need Funding Managers to oversee the flow of money. For starters, you will need to have good knowledge of loans for funding activities. You will also evaluate loan policies and procedures. Having experience as a loan officer is a benefit for Funding Managers because they need to know both the products they offer and the legalities of policy.
Understanding loan policies and being able to communicate them to employees and customers is extremely important. Aside from having complete knowledge of your offered products, you have to remain current on the legal aspects of funding. Laws and policies tend to change, so stay sharp, and do your homework.
Pursuing a career as a Funding Manager has its challenges. There are many roads to choose from, and it’s a matter of personal taste. You could choose to work for a company that specializes in consumer credit cards. There are many different types of credit cards. Some deal with bad credit and credit rebuilding, some are only for the credit elite. Some cards come with a yearly fee, while others do not. You would have to know everything about every single credit offering in the credit card world, as well as policy and procedure.
A very focused aspect of funding is the Mortgage Company. As a Funding Manager in Mortgage, you will also need to know your loans. There are pages of policy and law for every different type of Mortgage. Luckily, most lending and policy laws for mortgages are state specific. Meaning, it may be a bit easier to remember the legal aspects and stay current. You will need to understand and be able to communicate Lending flow, as well as payment systems.
If you choose to pursue a career as a Funding Manager in a bank, you will have constant homework to do. A Banking institution will have a vast array of lending products to offer, and you can’t just be ‘familiar’ with them. You have to know them all. You will have to know all aspects of lending, from procedure and policy on auto loans, to payment systems on mortgages, and every type of credit you offer.
Each type of funding has its own legal aspects, and you have to sustain proficiency. Laws, as well as policy, change often. No matter what area of Funding you choose, they all come with great responsibility, and you must stay current.