Asset Manager Careers
Find out about the types of jobs you could pursue in asset management. Read on to learn more about career options along with education requirements, job growth and salary statistics.
What Does an Asset Manager Do?
The duties of an asset manager depend on their specific job title, such as financial manager or real estate asset manager. Financial managers are responsible for overseeing all financial issues for a company or organization. They prepare statements, review reports and offer advice on budgeting to senior management. In addition, they are in charge of overseeing lower-level financial employees, such as payroll and billing clerks.
Real estate asset managers are in charge of financial activities relating to commercial and residential real estate properties that serve as a source of income for their owners. For example, they ensure that tenants pay rent and that the owners make mortgage, tax, insurance and maintenance payments on time. In addition, they may counsel owners on rental rates or selling prices.
See the table below for a quick overview of the information in this article.
|Financial Manager||Real Estate Asset Manager|
|Degree Required||Bachelor's||High school diploma|
|Education Field of Study||Business administration, economics, accounting or finance||Business, finance or accounting|
|Key Responsibilities||Determine investment activities, analyze financial statements, manage cash flow and over see loans||Maintaining and increasing value of real estate|
|Licensure/Certification||Optional certification||Real estate license may be required|
|Job Growth (2018-2028)*||16%||7% (Property, real estate and community association managers)|
|Median Salary (2018)*||$127,990||$58,340 (Property, real estate and community association managers)|
Source: *U.S. Bureau of Labor Statistics
What Is Asset Management?
Asset managers can be found in financial management and real estate management. You may have many roles as a financial manager, including determining investment activities, analyzing financial statements and managing cash flow. You may also oversee loans and solicit business. As a real estate asset manager, you would focus specifically on commercial properties, maintaining and increasing value to help achieve expected revenue.
What Type of Education or Training Do I Need?
Since financial managers analyze a wide variety of tools to determine a course of action, a bachelor's degree in business administration, economics, accounting or finance is a minimum education requirement. Many employers prefer applicants with master's degrees due to their advanced understanding of analysis. You may also be required to get other certifications to advance in this field from organizations like the American Association of Financial Management (www.financialcertified.com), which offers a wide variety of certifications for financial managers.
As a real estate asset manager, you need to have strong negotiating skills and the ability to analyze financial data. Because of this, employers often look for individuals with a bachelor's or master's degree in business, finance or accounting; however, some property managers and real estate sales people have become real estate asset managers. Because you will be dealing with real estate, state requirements for real estate brokers may be required.
What Is the Job Outlook?
According to the U.S. Bureau of Labor Statistics (BLS), employment for financial managers is expected to grow 16% between 2018 and 2028 (www.bls.gov). The BLS reports there should be serious competition in this field, giving the most opportunity to those with master's degrees and certification. The median salary for financial managers as of May 2018 was $127,990. Real estate asset management jobs should see a 7% growth between 2018 and 2028, with those with a bachelor's degree having a higher possibility of employment. As of May 2018, real estate managers' median salaries averaged $58,340.
What Are Some Related Alternative Careers?
Another finance-related career option is a job as a personal financial advisor. These professionals work with individual clients to evaluate their financial situations and help them make decisions related to investments, retirement savings, tax payments and insurance. A bachelor's degree is the minimum educational requirement. However, if you are looking for a job in the real estate industry, you could become a sales agent, where you would facilitate the buying, selling and renting of residential or commercial properties. Real estate sales agents need to have a high school diploma and a license to work.