Managing a portfolio is akin to cultivating a garden, the principle being that the different elements should create synergy. Asset Managers are strategic wizards with varying responsibilities, from trading and investing to managing various assets, such as stocks, capital, precious metals, commodities, re... Continue Reading
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What are the typical responsibilities of an Asset Manager?
An Asset Manager would typically need to:
Asset Managers typically work in well-lit indoor offices with their respective teams. Depending on organisational needs, they may have to work outdoors when on-site work is needed. Travel may be occasionally required to meet clients or visit potential investments, such as properties on sale.
Asset Managers typically follow regular schedules, putting in 40-hour work weeks in full-time roles, although part-time work is possible. Working overtime and on the weekends may be required to meet deadlines or carry out property showings and may be compensated through leave, depending on company policy.
Research suggests that flexible hours and generous telework policies appeal more than salary to the younger generation. There has been an incremental increase in employers willing to give promising employees a chance to adjust their schedules per the work pressure.
Finding a new job might seem challenging. Asset Managers can boost their job search by asking their network for referrals, contacting companies directly, using job search platforms, attending job fairs, leveraging social media, and inquiring at staffing agencies.
Asset Managers are generally employed by:
Professional associations and organisations, such as the Institute of Asset Management (IAM), are crucial for Asset Managers interested in pursuing professional development or connecting with like-minded professionals in their industry or occupation.
Professional associations provide members with various avenues for continuing education, networking opportunities and mentorship services. Membership in one or more adds value to your resume while bolstering your credentials and qualifications.
Any academic program that a potential Asset Manager takes up typically requires a period of supervised experience, such as an internship. Asset Managers will benefit from tasks outside the classroom that align perfectly with lessons inside it. One may hear countless stories and obtain valuable hands-on experience from more experienced professionals who can turn seemingly routine incidents into unique learning moments.
Summer internships, part-time work at an entry-level position or short-term paid/voluntary work offer a taste of the career, give valuable insight into how a company or institution operates, help build useful contacts and improve one’s prospects of getting a permanent job.
Your experience may also help determine whether the public, private or voluntary sector is best suited to realise your ambitions. Your educational provider’s career service department can provide information about viable opportunities for work placements, internships and voluntary work in diverse sectors.
Asset Managers typically enter the role with a few years of experience, which could be from diverse backgrounds. Some Asset Managers start their careers as asset analysts or asset coordinators. Other commonly held roles before becoming Asset Managers include project manager or property manager, as well as junior or assistant Asset Manager.
However, expertise in risk management is mandatory to identify opportunities and understand, evaluate and measure the various risks in the business. It prepares you to anticipate hurdles and make strategic decisions that will yield long-term advantages to your clients while mitigating potential losses. A portfolio that demonstrates your risk management capabilities to potential employers and that you can keep expanding will give you a competitive edge in the job market and increase your chances of professional growth.
Even while in high school, you can check with a teacher or counsellor about relevant work-based learning opportunities available in your school or community that can help you connect your school experiences with real-life work.
Join some groups, try some hobbies or volunteer with an organisation that is of interest, so you can have fun while learning about yourself and be directed toward a future career. Read about the profession and speak to experts working in asset management to prove your commitment to prospective employers.
You will receive on-the-job training, regardless of your prior experience, to better equip you with the company’s processes and procedures.
Aspiring Asset Managers must typically possess at least a bachelor’s degree in finance, business, accounting, IT, real estate, economics, statistics, management or building and construction. Some employers may prefer hiring Asset Managers with a relevant master’s degree, such as an MBA (Master of Business Administration) in finance, which can demonstrate an advanced skill set and increase your employability.
Taking high school courses in mathematics, accounting, statistics, business, economics, and finance can be beneficial. English and speech classes may help you with your writing, research and communication skills, all of which are necessary for this profession, given the level of people engagement involved.
Remember that completing a particular academic course does not guarantee entry into the profession. Be that as it may, your professional qualifications and transferable skills may open up more than one door.
Do your homework and look into all available options for education and employment before enrolling in a specific programme. Reliable sources that help you make an educated decision include associations and employers in your field.
Certification demonstrates an Asset Manager’s competency in a skill set, typically through work experience, training and passing an examination. When acquired from an objective and reputed organisation, it can help you stand out in a competitive job market, carry a significant salary premium of up to 18 per cent, increase your chances of advancement, and become an independent consultant. Successful certification programs protect public welfare by incorporating a Code of Ethics.
The Institute of Chartered Financial Analysts offers certification programs beneficial for aspiring Asset Managers. You may choose between the Chartered Financial Analyst (CFA) or the Chartered Financial Consultant (CFC) certifications, both of which entail rigorous exams that test your knowledge in several areas, including finance, ethics and investments.
The Institute of Real Estate Management (IREM) offers a Certified Property Manager (CPM) designation, which provides legitimacy to your knowledge of property and asset management. After enrolling online, you are required to complete eight CPM certification courses that provide you with core competency knowledge.
Another certification some Asset Managers may opt for is the Certified Management Accountant (CMA) Certification issued by the Institute of Management Accountants (IMA). Requiring at least two years of work experience, it is an advanced professional certification that tests and validates your accounting and financial management skills.
The Certified Commercial Investment Member (CCIM) Institute also provides opportunities to grow your commercial real estate investment skills through certificate programs and networking opportunities.
Asset Managers may also need to undergo an employment background check, including but not limited to a person’s work history, education, credit history, motor vehicle reports (MVRs), criminal record, medical history, use of social media and drug screening.
Experience, commitment to the role, the ability to drive the desired results for their clients, and the acquisition of professional qualifications and certifications drive career progression.
Employees with consistently high levels of performance and who have proven their skills and mettle in asset management may be eligible for promotion to Senior Asset Manager or Portfolio Manager. With a proven track record, you may even look towards becoming partners in your firm and, if inclined towards entrepreneurship, launch your asset management company.
You could specialise in property or investment management after spending a few years working in either of those sectors. Developing such expertise would also help you progress to senior financial roles within your capacity, but with better monetary benefits.
The desire to accelerate career growth and personal development has an increasing number of millennials choosing to job hop and build a scattershot resume that showcases ambition, motivation and the desire to learn a broad range of skills.
Studies prove that job hopping, earlier dismissed as “flaky” behaviour, can lead to greater job fulfilment. Employees searching for a positive culture and interesting work are willing to try out various roles and workplaces and learn valuable and transferable skills along the way.
Asset Managers with the necessary financial and accounting skills, experience, education and certification have the best job prospects in the field, especially because Asset Manager jobs are expected to grow much faster than average in the next few years.
Continuing professional development (CPD) will help an active Asset Manager build personal skills and proficiency through work-based learning, a professional activity,
formal education or self-directed learning. It allows you to continually upskill regardless of age, job or level of knowledge.
Asset Managers undergo on-the-job training when they start a new role at an organisation to grasp its specific policies, procedures and software. No matter your experience in the field, there is always more to learn, given the ever-changing nature of the current business environment worldwide. Take relevant courses to enhance your understanding of financial markets and your ability to anticipate market trends.
The Institute of Asset Management (IAM) offers various online training programs and globally-recognised certificates and diplomas for you to choose from to further your professional development.
Innovative technologies are quickly changing how investment decisions are made and assets are managed. Asset Managers can boost their efficiency by familiarising themselves with artificial intelligence (AI) to manage risk, data analytics to make informed choices, labels & tags, the internet of things (IoT), global positioning systems (GPS) and cloud technologies.
Asset Managers must also constantly sharpen their soft skills, such as communication, decision-making and adaptability to change, which employers seek in candidates for managerial positions. Such skills equip you to deal with work-related situations efficiently, build lasting and reliable connections with stakeholders, and thrive in the industry’s dynamic landscape by identifying and cashing in on opportunities in good time to benefit their clients.
An Overlap Among Roles
Depending on organisational discretion, one may find considerable overlap in the roles of Asset Managers, Investment Fund Managers, Fund Managers, Personal Financial Advisors and Portfolio Managers. However, while professionals in these roles essentially handle assets and investments while helping their company or clients make various financial decisions, there may also be a clear distinction in their work responsibilities. Your job title and role can depend on the organisation and sector you work in and the level of experience you possess.
Some Important Attributes of Asset Managers
Asset Managers must be quick thinkers with a deep knowledge of financial handling and risk assessment. They should be able to grasp and apply various accounting principles to their work, which requires number crunching, whether a simpler deal or a complex investment. A careful eye for detail, with meticulous mathematical and analytical skills, helps Asset Managers evaluate reports and spreadsheets and generate models and projections. Staying proficient in and current with modern technology and industry-relevant software can boost their efficiency and support their decision-making.
Certain soft skills are also necessary for Asset Managers to succeed at work. They must be proficient communicators who manage their time and stress well enough to produce optimal results for their employers or clients. Besides being self-driven and independent, they must be multi-taskers who also enjoy serving others. Strong interpersonal and managerial skills can help Asset Managers lead teams to excellence.
Current Scenario
The employment outlook of Asset Management may be impacted by diverse factors, such as the time of year, location, employment turnover, occupational growth, size of the occupation and industry-specific trends and events that affect overall employment.
Over the next decade, Asset Manager jobs can expect a rapid growth rate with many opportunities projected to arise. It is worth noting that salaries for this occupation have also increased in recent years.
With financial products and markets becoming increasingly complex, there is expected to be an even greater need for Asset Managers who can evaluate changes and advise clients on how to manage their assets effectively and where to invest their money. These professionals will also be required to manage the major investments made by large institutions, such as pension funds and insurance companies.
More Roles in the Public Sector
Governments are increasingly looking towards the asset management industry to stabilise economies while meeting growing compliance and regulatory requirements. Asset Managers can adapt to these requirements by hiring compliance officers and developing processes and procedures to help themselves stay updated with modified regulations and ensure adherence to them.
Non-Asset-Based Operations Enter the Scene
Asset Managers are also moving into non-asset-based businesses due to the need to provide comprehensive services to clients and be innovative while staying competitive in a dynamic business environment. Asset Managers can better meet clients' needs by expanding their operations into unexplored areas.
The Role of Resilience in Investment Decisions
The investment decisions that Asset Managers currently make in the uncertain economic climate worldwide are increasingly based on resilience to protect against the risks of volatility. Individual investors, businesses and Asset Managers are growing in their awareness that investments which can potentially survive economic downturns and have historically recovered quickly from them must be strategically identified and included in a well-balanced portfolio.
Asset Managers hold considerable responsibility for making financial decisions for their clients. If you find that a career crunching numbers and making financial decisions for people is fulfilling, then being an Asset Manager could be an ideal choice of profession for you.
Remain consistent in your efforts to know the latest technologies for asset management, stay updated with the latest trends in the industry and hone your soft skills to have the edge over your competitors in this career. The best Asset Managers provide accuracy in decision-making and genuine warmth in relationship-building with their clients and team members.
Whether an asset is bought with cash or a loan, it is accorded the same value and depreciation on a business accounting system.
What do Asset Managers do?
An Asset Manager would typically need to:
Accredited
$42,359
