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What is a Career in Money Management?

By Brenda on November 7th, 2011
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Most people know what a career in accounting or finance entails, but what about the newest job trend – a money management career?  If you like to analyze business trends or get excited every time you see the stocks rise, a career in money management may be the perfect fit.

Skills Required

The most important skills necessary for a career in money management is the ability to analyze and synthesize numbers.  Critical thinking skills are useful in order to be successful in the field and the money manager must be able to possess a broad and thorough understanding of business.

For the most part, money managers have a bachelor’s degree in business or a related field such as accounting, finance or economics.  Most entry level positions require a four year bachelor’s degree.  For mid-level and upper level management positions, an MBA or master’s degree in a related field is required.

Most jobs in money management require lengthy work hours of between 55 and 75 hours per week.  For those looking for banker’s hours, this is not a career field worth going into.  Be prepared to work long hours, especially if you are looking to advance quickly in the field.

Employment Options

There are several job options in the field of money management.  These niches include:

Investment managers – Firms all over the country provide investment consulting and counseling for individuals and businesses.  These firms hire entry level investment counselors and managers to fulfill these positions.

Portfolio managers – Marketing professionals are needed to work in portfolio management marketing.  These professionals put together presentations for companies and individuals who are looking to hire someone to manage their funds and investments.

Hedge fund/traders – Some of the highest paid careers in money management are hedge fund traders and managers.  Private funds are managed and invested in a variety of sources such as stocks, bonds and currencies.

Mutual fund analysts – Mutual fund analysts do just that, they analyze and investigate mutual and pension funds before investments take place.  This can occur on an individual or company level.  Strong analytical and investigative skills are necessary to be successful in this career.

Money Management Career Outlook

The outlook for a career in money management is highly favorable, although breaking into the field can be a bit of a challenge.  Most jobs require experience, which most recent college graduates do not have.  It is recommended that an internship or externship in business take place during a college student’s senior year to make them more employable.

The salary ranges with regards to performance.  Most beginning analyst positions require long hours and pay based on production.  Banks and some of the nation’s leading mutual funds offer competitive salaries starting at $60,000 to $80,000 per year.

Experience equity managers earn well over $500,000 annually and some top ranked hedge fund managers earn nearly $50 million per year.  The key is to work hard and long hours with the intention of moving up the corporate ladder.

 

Category: Business and Management,Careers and Employment,Online Degrees