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Introduction to CareerI chose to my project on money managementbecause I felt as if the job would be the bestfor me and that the conditions were nice.
Nature of WorkMoney managers are responsible for controllingand investing vast amounts of money forlarge institutions, such as banks, trustcompanies, pension funds, and mutual funds.They are expected to increase the moneythey control by investing it in the rightindustries, companies, and funds, at the righttime.
Working ConditionsMoney managers are employed by banks, trustcompanies, pension funds, mutual funds, etc.They usually work in large cities that havemajor financial centers. Money managerswork in an office environment, sometimeswith a team of research analysts and othermanagers. They spend many hours each dayreading financial reports, monitoring the stockmarket online, attending meetings, andtalking on the phone.
Training, Qualifications,and AdvancementMoney management is a highly competitivefield that is difficult to break into. At aminimum, a bachelor’s degree in a field thatwill give you a solid understanding of thefinancial world, such as economics, finance,business, or statistics. It is advisable forthose serious about becoming moneymanagers to earn a master’s degree or PhD.Some employers require a Master ofBusiness Administration.
Job Outlook/EmploymentAlthough it is hard to get into the moneymanagement business, they are expecting forthere to be a raise in the need of moneymanagers throughout the next few years.
EarningsMoney managers’ incomes vary greatly dependingon experience and where they work. The betterthe companies that they invest in perform, themore money they make. Managers’ performancebonuses can be larger than their salaries.Managers in the US have a median salary ofabout $103,000 a year, and a median totalcompensation of about $165,000 a year. Thosewith less than 5 years of experience may earnless than $90,000 a year, Senior managers whocontrol the largest funds can earn over$1,000,000 a year.
Uses of Technology inCareerMoney managers are constantly online readingreports and managing accounts. They usetheir phones a lot for contact with theiremployers and co-workers. There are lots ameetings within firms, so they have to usepresentations a lot to show the rise and fall ofcertain reports.
SummaryTo summarize money management, they aremanagers of money for institutions. Theyspend large amounts of time in an office andin meetings. A bachelors degree is thelowest degree you can have to enter this fieldof work. People are expecting for there to bea raise in the need of money managers. Youcan earn up to and possibly over $1,000,000in this job.