An attractive career path in financial management can be found in investment management.
If you’re thinking about a career in finance, understanding what an investment manager does will help you define your professional objectives.
You may find employment with a wealth management company if you pursue training to become an investment manager.
In this post, we explain investment managers, discuss their typical responsibilities, specialized knowledge, and salary, and provide advice on land one of these financial positions.
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What Does an Investment Manager Do?
Investment managers are in charge of overseeing the investments made by people, businesses, or other organizations.
They may engage closely with them to ascertain their customers’ investment objectives and create a strategy to support them in achieving them.
They could also be in charge of directing the daily operations of the investment management division of their company.
Investment managers must manage their own time and resources and their client’s assets.
They need to keep up with current affairs that can affect their clients’ portfolios (such as political changes, economic trends, etc.), keep an eye on the market to ensure they’re constantly making wise decisions, and more.
Investment Manager Job Duties
Typically, investment managers are responsible for a wide range of tasks, such as:
- Meeting with clients to discuss their budget, investment objectives, and financial situation.
- Creating investment plans that are in line with the objectives of their clients
- Investing in and out of securities to maximize profits.
- Keeping an eye on portfolios and regularly updating clients on results.
- Assessing and altering investment plans in response to customer demands and market shifts.
- Addressing client inquiries regarding investments, risk factors, earnings distribution, and the stock market.
- Advising consumers to get insurance and setting up policies for them.
- If necessary, refer them to other organizations for financial services.
- Overseeing the gathering of financial, accounting, and investment data for the company.
- Creating predictions, reports, and budgets for the company.
- Visiting community and industry gatherings to talk about investment initiatives.
Investment Manager Salary
The pay for investment managers varies according to their level of education, years of experience, firm size, and industry.
Additionally, they could be paid in the form of commissions and bonuses.
- Median Annual Salary: $105,000 ($50.48/hour)
- Top 10% Annual Salary: $245,000 ($117.79/hour)
Investment Manager Job Requirements
To work as an investment manager, you’ll probably need to have:
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Education
Investment managers often need a bachelor’s degree in finance, economics, accounting, or another relevant discipline.
Employers frequently prefer candidates with master’s degrees in finance or a related field.
Training & Experience
Once they start working for an organization, most investment managers will undergo on-the-job training.
The investment manager will benefit from this training by learning the specific policies and practices of the business.
The investment manager will also benefit from learning the unique computer systems and software that the business use.
Certifications & Licenses
A Series 63 license is required for investment managers to work with clients.
To qualify for this license, a person must have accrued the necessary hours of training and work experience and passed the Securities Industry Essentials Exam in all six components (SIE).
After that, the person must pass the Securities Sales Practice Exam (SSX).
A person who possesses these components can submit an application to their state’s securities board for a license.
Investment Manager Skills
To succeed, investment managers require the following abilities:
Financial Knowledge
Investment managers must have a fundamental knowledge of financial terms and ideas.
Understanding financial markets, investing tactics, and products might fall under this category.
1. Communication Skills
Investment managers must have excellent communication skills since they frequently interact with many people, including clients, investors, coworkers, and other stakeholders.
2. Analytical Skills
The capacity to interpret facts and information is an analytical skill.
Investment managers use analytical skills to assess investment proposals, keep an eye on portfolios, and gauge the effectiveness of investment methods.
3. Problem-Solving Skills
The financial parts of a company’s investment strategy are the responsibility of investment managers.
This entails recognizing potential risks and finding ways to get around them.
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Conclusion
Investment managers often improve their careers by managing more assets and assuming greater responsibility.
They might advance to chief investment officer, senior investment manager, or portfolio manager as they gain expertise.
