Managing a portfolio is similar to growing a garden in that the various aspects should work together to generate synergy. Asset managers are strategic wizards with a wide range of responsibilities, from trading and investing to managing numerous assets on behalf of their clients or firms, such as stocks, money, precious metals, commodities, real estate, and bonds. Working systematically, they maximise the efficiency of individual assets and reinvest their collective yields to maximise overall portfolio revenue.
Similar Job Titles
- Investment Fund Manager
- Fund Manager
- Financial Advisor
- Portfolio Manager
Typical Job Responsibilities
What do Asset Managers do?
An Asset Manager would typically need to:
- Manage customers’ portfolios by collaborating closely with individuals and organisations to assist them in investing, trading, and managing their assets, which include capital, stocks, bonds, commodities, precious metals, real estate, and other financial instruments.
- Meet with clients to learn about their financial needs, goals, and investing preferences; assess their current portfolios and make recommendations depending on the size and value of their assets.
- Examine the markets and identify profitable long-term investment prospects using their broad knowledge of the finance business and investing processes.
- Select stocks and assets that provide long-term benefits and increase income and financial stability; provide asset acquisition guidance; make well-informed decisions and execute trades on customers’ behalf to effectively grow their wealth
- Conduct a thorough risk assessment to anticipate roadblocks; devise solutions to reduce risk and protect clients’ assets.
- Monitor investment performance in order to increase asset value and revenue earned.
- As part of investment fund management, buy and sell securities such as stocks, bonds, and mutual funds.
- Closely monitor all client accounts to verify that investment policies and procedures are followed.
- Maintain accurate and timely updates by keeping track of clients’ account statements and other related documents.
- Prepare stock market reports and forecasts, as well as charts and analyses, to identify flaws and losses.
- Communicate with clients on a frequent basis on the performance of their investments and portfolios; advocate changes to investment strategies and choices based on market dynamics and client needs.
- Collaborate with company analysts, senior executives, and other asset management team members.
- Oversee support employees and ensure they are properly trained and aware of the necessary processes and practises; supervise other parties such as leasing agents and property managers.
Standard Work Environment
Asset Managers often collaborate with their individual teams in well-lit indoor workplaces. Depending on the demands of the business, they may be required to work outside when on-site work is required. Travel may be required on occasion to meet clients or to inspect potential investments, such as for-sale houses.
Asset Managers usually work regular hours, putting in 40-hour work weeks in full-time positions, while part-time work is conceivable. Working overtime and on weekends may be necessary to fulfil deadlines or conduct property showings and may be rewarded through leave, depending on company policy.
According to research, the younger generation values flexible hours and favourable telework regulations more than money. Employers are more prepared to provide talented employees with the opportunity to change their schedules based on work demands.
Finding a new job may appear difficult. Asset Managers can improve their job search by soliciting referrals from their network, contacting firms directly, using job search platforms, visiting job fairs, leveraging social media, and contacting staffing agencies.
Asset Managers are generally employed by:
- Investment Firms
- Insurance Companies
- Financial Institutions
- Real Estate Firms
- Construction Firms
- Independent Businesses
- Government Institutions
- Non-Profit Organisations
Unions / Professional Organizations
Professional groups and organisations, such as the Institute of Asset Management (IAM), are essential for Asset Managers who want to further their professional growth or interact with other professionals in their sector or trade.
Professional associations offer members several possibilities for ongoing education, networking, and mentorship. Membership in one or more of these organisations adds value to your CV while strengthening your credentials and qualifications.
- High pressure due to tight deadlines and time constraints with deliverables for managing people’s valuables and assets
- Answerable to multiple stakeholders while managing teams of people
- Responsible for the work of other people on your team who may not always perform the way they are expected to
- Lack of work-life balance due to overtime and weekends
- Physically demanding work when on-site presence and travel are involved
Suggested Work Experience
Any academic programme in which a future Asset Manager enrols usually includes a term of supervised experience, such as an internship. Tasks outside the classroom that properly coincide with learning inside will help Asset Managers. Many anecdotes can be heard and significant hands-on experience can be gained from more experienced individuals who can turn seemingly ordinary occurrences into unique learning opportunities.
Summer internships, part-time entry-level work, or short-term paid/volunteer work provide a taste of the career, vital insight into how a firm or institution functions, assist create useful relationships, and boost one’s chances of landing a permanent job.
Your experience may also assist you in determining if the public, private, or voluntary sectors are most suited to fulfil your goals. The career services department at your educational provider can provide information about suitable opportunities for work placements, internships, and volunteer work in a variety of areas.
Asset Managers often come into the profession with a few years of experience from a variety of backgrounds. Some Asset Managers begin as asset analysts or asset coordinators. Other typical positions held prior to becoming Asset Managers include project manager, property manager, and junior or assistant Asset Manager.
However, risk management skills are required to find opportunities as well as comprehend, evaluate, and measure the many hazards in the firm. It prepares you to anticipate obstacles and make strategic decisions that will benefit your clients in the long run while limiting potential losses. A portfolio that proves to potential employers your risk management capabilities and that you can continue to build will provide you a competitive advantage in the job market and boost your prospects of professional progress.
Even if you are still in high school, you can ask a teacher or a counsellor about appropriate job-based learning opportunities in your school or community that can help you connect your educational experiences with real-life work.
Join some groups, try some hobbies, or volunteer with a worthwhile organisation to have fun while learning about yourself and being guided towards a future job. To demonstrate your devotion to prospective employers, read about the profession and speak with asset management professionals.
Regardless of your existing experience, you will receive on-the-job training to further equip you with the company’s operations and procedures.
A bachelor’s degree in finance, business, accounting, information technology, real estate, economics, statistics, management, or building and construction is often required for aspiring asset managers. Some businesses may prefer to hire Asset Managers who have a relevant master’s degree, such as an MBA (Master of Business Administration) in finance, as this can demonstrate an advanced skill set and boost your employability.
Taking high school math, accounting, statistics, business, economics, and finance subjects can be advantageous. English and speech lessons may help you improve your writing, research, and communication abilities, which are all required for this occupation due to the amount of people interaction involved.
It is important to remember that completion of a certain academic programme does not ensure admittance into the profession. Regardless, your professional credentials and transferable talents may open more than one door.
Before enrolling in a specific programme, do your homework and investigate all available possibilities for education and career. Associations and employers in your field are reliable sources that can help you make an informed selection.
Certifications, Licenses and Registration
An Asset Manager’s expertise in a skill set is demonstrated through job experience, training, and passing an examination. It can help you stand out in a competitive work market, carry a large wage premium of up to 18%, boost your prospects of progression, and become an independent consultant if obtained from an objective and reputable company. By including a Code of Ethics, successful certification programmes defend the public welfare.
For aspiring Asset Managers, the Institute of Chartered Financial Analysts offers certification programmes. You can select between the Chartered Financial Analyst (CFA) and the Chartered Financial Consultant (CFC) credentials, which both require difficult tests that assess your knowledge in a variety of topics such as finance, ethics, and investing.
The Institute of Real Estate Management (IREM) offers a Certified Property Manager (CPM) designation, which validates your property and asset management knowledge. Following your online enrollment, you must complete eight CPM certification courses that provide you with core competency information.
The Institute of Management Accountants (IMA) Certified Management Accountant (CMA) Certification is another option for some Asset Managers. It is an advanced professional certification that requires at least two years of work experience and tests and certifies your accounting and financial management skills.
The Certified Commercial Investment Member (CCIM) Institute also offers certificate programmes and networking opportunities to help you advance your commercial real estate investment expertise.
Asset Managers may also be subjected to an employment background check, which may include but is not limited to, a person’s job history, education, credit history, motor vehicle records (MVRs), criminal record, medical history, usage of social media, and drug testing.
Projected Career Map
Career advancement is driven by experience, devotion to the role, the ability to produce the necessary results for their clients, and the attainment of professional qualifications and certifications.
Employees who have continuously demonstrated excellent levels of performance and have proven their asset management abilities and mettle may be eligible for advancement to Senior Asset Manager or Portfolio Manager. With an established track record, you may even consider becoming a partner in your firm and, if you are entrepreneurial, launching your own asset management company.
After working in either area for a few years, you could specialise in property or investment management. Developing such skills will also allow you to advance to senior financial roles within your ability but with better monetary rewards.
A growing number of millennials are opting to job hop and build a scattershot resume that demonstrates ambition, enthusiasm, and a willingness to master a wide range of skills in order to expedite their career progress and personal development.
Studies show that job hopping, which was formerly considered a “flaky” activity, might lead to increased work satisfaction. Employees looking for a healthy culture and fascinating work are eager to try out different roles and workplaces while learning valuable and transferrable skills.
Asset Managers with the requisite financial and accounting abilities, experience, education, and certification have the best career chances in the sector, especially as Asset Manager jobs are predicted to grow at a significantly faster rate than the national average in the coming years.
Beneficial Professional Development
Continuing professional development (CPD) will assist an active Asset Manager in developing personal skills and proficiency through work-based learning, professional activity, and formal education.
Whether conventional schooling or self-directed learning is preferred. It enables you to always improve your skills regardless of your age, career, or degree of expertise.
When starting new employment at a company, asset managers receive on-the-job training to learn about the company’s policies, procedures, and software. Given the ever-changing nature of the global business environment, no matter how much experience you have in the sector, there is always more to learn. Take relevant classes to improve your knowledge of financial markets and your ability to predict market movements.
To improve your professional growth, the Institute of Asset Management (IAM) provides a variety of online training programmes as well as globally renowned credentials and diplomas.
Innovative technologies are rapidly altering the way investment choices and assets are managed. Asset managers can improve their productivity by learning about artificial intelligence (AI) for risk management, data analytics for making informed decisions, labelling and tags, the Internet of Things (IoT), global positioning systems (GPS), and cloud technologies.
Asset managers must also constantly hone their soft skills, such as communication, decision-making, and flexibility to change, which companies look for in managing candidates. Such abilities enable you to deal with work-related crises effectively, establish long-term and dependable relationships with stakeholders, and prosper in the industry’s dynamic landscape by recognising and capitalising on possibilities to benefit their clients in good time.
Asset managers bear a great deal of responsibility for making financial decisions on behalf of their clients. If you enjoy crunching numbers and making financial decisions for others, becoming an Asset Manager could be an excellent career path for you.
Advice from the Wise
Maintain consistency in your efforts to learn the latest asset management technologies, remain current on industry trends, and improve your soft skills to gain an advantage over your competition in this job. The finest Asset Managers make sound decisions and maintain real warmth in their interactions with clients and team members.
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