Asset management is a professional career path that deals with the effective and efficient management of an organization’s assets. These assets may include physical assets, such as property and equipment, or intangible assets, such as patents and trademarks. The main goal of asset management is to ensure that the organization’s assets are used in the most effective and efficient way possible.
There are several different career paths that an individual can pursue within asset management. Some of these paths include real estate, finance, accounting, and engineering. Each of these paths has its own unique set of skills and responsibilities.
An asset management career path can be very rewarding. It can offer opportunities to make a positive impact on the world while also providing a high level of financial security.
1. What Do Asset Management Professionals Do?
Asset managers typically work for large corporations where they are responsible for overseeing all aspects of their company’s operations. They must make decisions about how much money should be invested in different projects, which employees to hire or fire, what products or services to sell, etc. They also have the responsibility for ensuring that their company complies with any laws related to corporate governance, including financial disclosure requirements.
2. How to Be Successful in the Field of Asset Management?
The asset management career path is a highly competitive yet rewarding field. Being successful in this field requires the knowledge and expertise to manage both tangible and intangible assets for their organization. To be successful, an individual must have the ability to evaluate risks associated with investments as well as develop appropriate solutions to financial challenges faced by their company. This includes understanding how different types of assets can improve profitability or mitigate risk for companies. The success of an asset manager may also depend on his/her ability to identify new opportunities for growth within organizations.
3. What Training or Education Does One Require to Work in Asset Management Field?
Asset management professionals must have a business administration, law, finance, or economics. They may also study topics such as marketing and operations management. Asset managers are required to earn at least a bachelor’s degree in order to be employed by most firms. Some asset managers pursue an MBA with an emphasis on asset management for extra training and qualifications. It is important that individual has strong leadership skills when they enter this field because they will be responsible for making decisions concerning budgets, employees’ work hours, company assets, etc. If you’re interested in pursuing this career path, then it’s best that you research the requirements of each firm before applying so that you can match your qualifications with theirs. And remember – success does not come easy! It takes hard work, dedication, and patience to excel in any field.
4. Why Is the Career Path in Asset Management Worth Considering?
If you’re looking for a fulfilling job where your skills can be used to help organizations reach their goals while making a difference in people’s lives, then this might be right up your alley!
There are many reasons why this profession could be worth considering: it provides opportunities to develop new types of skillsets which will allow you to grow professionally; it offers opportunities for advancement within companies– especially for those who are looking to move up the ladder; it provides job security, as many businesses will need an effective asset manager in order to run smoothly; and it offers salaries that are competitive with other similar jobs.
5. Top Careers in Asset Management
There are various job options available for Asset Management professionals out there. The responsibilities, working hours, salary, and perks are usually varied from one career path to another. Please take a look at these jobs you can pursue after completing your education in this field:
- Chief Financial Officer
- Portfolio Manager
- Financial Analyst
- Investment Analyst
- Risk Management Officer
- Financial Planning and Analysis Manager
- Credit Risk Analyst
- Securities Trader
- Private Equity Fund Administrator
6. Asset Management Salaries
Asset management salaries depend on a number of factors, including location, size of the company, level within the company, industry type, etc., but generally speaking, they can be anywhere from $55k-$250k+. However, this salary varies depending on where you live in North America: In Canada, it averages around $120k, while in Texas, it ranges from about $90-170K per year.
Asset management bonuses are usually another 10-15% of the base, but this does vary depending on your company and how well it is performing. Bonuses can range anywhere from about $1k to upwards of $20,000 extra per year for those doing extremely well.
Any sub-division or sub-field within asset management has its salary levels, which can vary significantly. For instance, working as an “asset manager” for a company like Walmart could be anywhere from about $110k-$150k per year, while working as the head of asset management at that same company could see you earning upwards of $250k+.
There are also sub-division differences in salary with roles like “asset management finance” earning in the $100k-$150k range per year while others like “asset management software” can earn in the $90k-$120k range.
There are also differences when it comes to asset managers for small businesses (those who manage less than 100 staff) and larger companies, with smaller organizations paying their managers an average of around $80k per year while larger organizations pay on average between about $110-180k.
Asset management careers are some of the highest-paid in finance, but they can also prove quite challenging as you are tasked with taking over assets, improving them where possible, and maximizing their value to both your company and the economy. There is no doubt that asset management is a rewarding career path, but it can also be quite demanding and stressful.
7. Best Places to Work as an Asset Management Professional
Landing a great asset management position is not easy and often requires years of experience and expertise in this area. However, once you are able to land one of these careers, you will find that the rewards are worth the effort. Here are some of the best places to work as an asset management professional.
- Goldman Sachs
- Bank of America Merrill Lynch
- Macquarie Group Limited
- KPMG LLP
- Towers Watson & Co.
- BlackRock, Inc.
- JPMorgan Chase & Co.
- The Boston Consulting Group (BCG)
- McKinsey & Company
8. Top Colleges to Study Asset Management
Texas Tech University
Texas Tech University has a great asset management program. One of the reasons that Texas Tech is such a good school for this major is because they have both an undergraduate and graduate program in this area. This gives students some flexibility to choose whether they want their higher degree to be at the undergraduate level or graduate level. The only downside to Texas Tech is the cost of attending the school, which is about $18,000 per year on average.
Kennesaw State University
Kennesaw State University is a school that offers a certificate and an associate’s degree in the area of asset management. The cost for this degree is about $7,000 per year, and the school has a wide range of classes to choose from for those interested in this field. One downside to the school is that it does not offer any graduate programs.
West Chester University of Pennsylvania
The West Chester University of Pennsylvania is a school that offers a certificate and an associate’s degree in the area of asset management with the cost is about $7,000 per year.
George Mason University
George Mason University is a school that also offers a certificate and an associate’s degree in the area of asset management but it does not offer any graduate programs.
University of California, Irvine
The school offers an Undergraduate Division for bachelor’s degrees, Graduate Division for master’s degrees and doctoral degrees, as well as six professional schools. The school is ranked among the top 15 universities in the world by Times Higher Education World Reputation Rankings 2017-2018.
UCI offers many undergraduate majors, including Business Administration & Management Studies; Communication Sciences & Disorders; Dance; Design; Film/Video/Digital Arts; History at Social.
9. Pros & Cons of Pursuing a Career in This Field
An asset management career has many benefits. The salary is competitive, the work environment is usually good, and there are opportunities for short-term contracts or long-term employment with some firms.
On the other hand, an asset manager’s job can be stressful because of the high level of responsibility that comes with this position. It can also be demanding on your time as you need to put in long hours at times to meet deadlines.
Below are the pros and cons that one will have to face as a part of this field:
- Interesting work
- Lots of chances for learning new skills, knowledge, and abilities
- Variety of topics – you are likely to have diverse working days
- Income security
- Large range of available jobs – from being a bank analyst to hedge fund or private equity – so there are multiple jobs paths within this field
- Fast-growing industry: managing assets is becoming easier and more accessible to people with very different backgrounds. In 2013, the total amount of global financial assets under management was estimated at $130 trillion
- Long work hours, which can be very stressful (e.g., you don’t know when your next day off will be) – often traveling also comes with long working days and no consecutive days off
- A very competitive environment where only the best succeed; it is hard to make a good first impression, as this field is very relational and people build their reputations over years
- Not a stable industry. Changes happen fast, so you have to adapt quickly – working outside of your comfort zone can sometimes become the only way forward if you want to succeed. If things go well, it could bring better opportunities, but failing at a job can be a setback for your career
You must be wondering if you should pursue a career in asset management. It is important to know that there are many different paths you can take with an education in this field so that it might be a good fit for you. Some people find success and fulfillment through these types of jobs. If you’re considering pursuing a degree in finance or business administration, consider taking classes specific to asset management as well because it will provide you with more options when searching for your desired position after graduation. Thanks for spending your time reading this article! Good Luck!