Introduction to Money Management
Money management is vital to business. As with most things finance-related, jobs in money management require a specific set of skills: a propensity toward analysis, a great aptitude for numbers, an ability to project trends, and a strong grasp of the financial market in general. Money managers can work with individual investors, groups of investors, corporations, firms, and even the government.
Money Management Job Description
Money management often goes hand in hand with long hours and extreme competition. Many money managers can expect to work anywhere from 55 to 70 hours a week, and can be employed in various capacities. Corporate work can involve directing a corporation's investment strategies, while a position within an investment firm might mean structuring and managing portfolios for individual investors. Those who thrive in this job like a competitive environment with a lot of responsibility.
Money Management Requirements
According to the US Bureau of Labor Statistics, roughly 67 percent of individuals working in money management possess at least a bachelor's degree (in areas such as finance, accounting, statistics, or economics). Many jobs also require a master's degree or certificates such as the Certified Financial Planner (CFP) or Certified Financial Analyst (CFA). These certifications show a high level of achievement and understanding of the internal nuances of the financial landscape. Because of the competitive nature of this industry, advanced education and study are a major plus. Overall, the best candidates are those who know the ins and outs of finance and management.
Money Management Career Outlook
According to information gathered from Payscale.com, the average annual salary for money managers can range from about $70,000 to over $150,000. Some money managers-especially those who have displayed great command in the field and have begun to manage firms or funds of their own-can make several hundred thousand dollars per year. The field though demanding, can be incredibly lucrative.
Money Management Trends
Growth rates in this industry have of course been affected by the financial crisis; however, as the economy begins to rebound investment and the need for investment advice will naturally increase. Globalization and retiring baby boomers should contribute to job growth as well. This career path will remain one of the more competitive, but the financial benefits can be huge for those up to the challenge.