Education and Training: Bachelor’s degree in Finance, Accounting, Business or other related fields
Average Salary: $75,000 to $100,000 yearly
Job Outlook: Good
As one who works with and overseas assets management, real estate, and even software, an asset manager’s primary responsibility is to supervise the assets that are owned, leased, and negotiated. They have to increase the revenue and value of the asset.
Managers will also have to prepare charts, reports, and analysis in order to identify any deficiencies and losses. As a manager, the candidate would also need to have the skills that would motivate and empower the staff that he is handling. He has to provide proper training so that his employees would know the professional standards and practices required. He also has to supervise other people outside of his team, including leasing agents and property managers.
In addition, they have to pick stocks and investments, execute trades, create the right portfolio, propose goals for a property that the company is handling, provide reports and market studies, and make investments attractive for potential investors.
Education and Training Requirements
Ideally, the minimum education and training requirements that employers would look for in asset manager candidates is a high school diploma or a general equivalency diploma. However, nowadays, with competition being tougher in the job market, one has to have at least a bachelor’s degree in Business, Accounting, Finance, IT, Real Estate, or other related fields in order to qualify for an asset manager job position.
To push the chances of being hired, an industry accreditation like being a Certified Commercial Investment Member would be helpful. Higher and more advanced education would also be a good complementary training, especially for those who are yet to have more experience in the field.
Getting the Job
To become an effective asset manager, there are a certain set of abilities and skills required. For instance, the most important aspect that a candidate for an asset manager position has to have is strong interpersonal skills and efficient managerial skills. Additional skills that would help one to get the job would be the ability to comprehend and analyze accounting principles, modern technology, and industry-related software.
In order to survive and thrive in the job, one has to be self-driven, independent, multi-tasking, and service-oriented. This would allow one to effectively work in a fast-paced environment.
Since asset managers will be working with reports and spreadsheets, a candidate should also know how to analyze these numbers and apply them to projections and models. This is where accounting classes come into play, because even the simpler dealings and investments in bonds and real estates would require number crunching.
Job Prospects, Employment Outlook and Career Development
Investment in properties is an evolving market. While there is a considerably lessened number of people who are investing on permanent housing, there are also those who prefer to rent in temporary apartments, thus resulting in fewer businesses with the housing department.
However, the real estate industry also covers commercial property and real estate high rise development. In fact, the current workforce is still beginning to grow despite the changing economy. In fact, along with the brokerage sector, asset management has had several employments over the years. Once a candidate lands a job in this field, it is almost an assurance of a solid livelihood.
Working Conditions and Environment
Asset managers usually work indoors, in a well-lighted office with a team. However, there may be times when candidates would have to spend time outdoors while visiting on-site areas. This is done whenever they would have to showcase property to potential clients or meet with the staff based in that area.
While there are job opportunities that allow for part timers to apply, most employers prefer those who are willing to work full time with a free schedule to devote to the job. There are possibilities of extending overtime or working on weekends in order to showcase different properties, but these can be compensated through leaves.
The one important thing to remember with asset managers is that they would be required to travel from time to time, sometimes even out of town depending on the location of the new properties that will be put up for sale.
Salary and Benefits
Asset managers who have the necessary educational background of a bachelor’s degree will likely earn anywhere between $50,000 and $90,000. However, once an asset manager gets an advanced education by getting a Master’s degree, the salary earned will likely be $90,000 to $150,000.
In the industry involving asset managers, experience is related to advancement in salary and benefits. This means that even if an asset manager has already attained higher formal education, professional experience in related fields and industries would still propel the asset manager up the career ladder.
Where to Go for More Information
American Academy of Financial Management
1670-F East Cheyenne Mtn. Blvd., Box 293
Colorado Springs, CO 80906
Asset Management Council
Unit 106, 672 Glenferrie Rd. (PO Box 2249)
Hawthorn VIC, 3122, Australia
61 3 9819-2515
College for Financial Planning
Administrative Offices, 8000 E Maplewood Ave., Ste. 200
Greenwood Village, Co 80111
Hospitality Asset Managers Association
P.O. Box 381
N. Scituate, MA 02060
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