Asset managers are the ones who work with money, property, and all other assets—they are the very backbone of business. Companies literally keep trillions of dollars in assets, and this helps to drive business, sometimes regardless of the actual cash flow. However, recession has affected all industries, and with these dangerous ebbs, companies do see the need to consolidate, cut, and control.
Goals and Outlooks
It is the goal of an asset manager to make more money, relying on assets, and planning financial strategies, whether in managing or investing. They have specific objectives in their planning, and may work with a variety of avenues, such as mutual funds, hedge funds, and retirement options.
The job outlook has changed ever since the crash of 2008, and one reason was simply because so much money was lost in asset management and brokerage accounts. The business actually dropped 18 percent back in 2008. It didn’t help that Ponzi schemes and corporate scandals made the news.
The asset management industry still continues to host many jobs and has actually been slightly increasing since 2009, according to the U.S. Bureau of Labor Statistics. There are now additional opportunities in 401k, IRA and retirement planning, as many retirees, as well as white and blue collar workers, are becoming investors in their future. Small time investing options look promising.
Learning Your Clients
What you must be aware of is some new found suspicion of clients who want to avoid any scandal or costly errors. They are banking their future on you, the asset manager, and want to see proven experience, proven education and an honest, ethical approach to your work. Furthermore, you are expected to answer questions and perform due diligence, constantly earning their trust.
Educationally speaking, this means a bachelor’s degree, but don’t think that earning a master’s degree is a waste of time. Contrary to popular belief, earning a higher degree is not a gamble—not if you are following a specific career path. Get your degree and then pursue certification, namely a CFA or Chartered Financial Analyst title.
This, along with solid investment experience at the entry level and a promotion, will start your career in asset management firmly, with job stability. Why, many MBA students are actually reporting that they start work as an analyst or researcher based on their higher degree.
Experts in the field explain that working for private banks that cater to affluent account holders is often the best way to maintain a high salary. Of course, much of this has to do with location and what specialization you might seek. Your skills may also differ from competing asset managers, as well as your style of investment.
In the meantime, it is best that you hone your skills early on, going beyond accounting and financial projection, and also boning up quantitative skills, analysis skills, and managerial knowledge.
This will help you to stand tall as a leader of finance and investment, precisely what a panicked community needs right now. You can be the one true thing that protects their money—and make a lot of money yourself in the process.