2. Introduction to Career
I chose to my project on money management
because I felt as if the job would be the best
for me and that the conditions were nice.
3. Nature of Work
Money managers are responsible for controlling
and investing vast amounts of money for
large institutions, such as banks, trust
companies, pension funds, and mutual funds.
They are expected to increase the money
they control by investing it in the right
industries, companies, and funds, at the right
time.
4. Working Conditions
Money managers are employed by banks, trust
companies, pension funds, mutual funds, etc.
They usually work in large cities that have
major financial centers. Money managers
work in an office environment, sometimes
with a team of research analysts and other
managers. They spend many hours each day
reading financial reports, monitoring the stock
market online, attending meetings, and
talking on the phone.
5. Training, Qualifications,
and Advancement
Money management is a highly competitive
field that is difficult to break into. At a
minimum, a bachelor’s degree in a field that
will give you a solid understanding of the
financial world, such as economics, finance,
business, or statistics. It is advisable for
those serious about becoming money
managers to earn a master’s degree or PhD.
Some employers require a Master of
Business Administration.
6. Job Outlook/Employment
Although it is hard to get into the money
management business, they are expecting for
there to be a raise in the need of money
managers throughout the next few years.
7. Earnings
Money managers’ incomes vary greatly depending
on experience and where they work. The better
the companies that they invest in perform, the
more money they make. Managers’ performance
bonuses can be larger than their salaries.
Managers in the US have a median salary of
about $103,000 a year, and a median total
compensation of about $165,000 a year. Those
with less than 5 years of experience may earn
less than $90,000 a year, Senior managers who
control the largest funds can earn over
$1,000,000 a year.
8. Uses of Technology in
Career
Money managers are constantly online reading
reports and managing accounts. They use
their phones a lot for contact with their
employers and co-workers. There are lots a
meetings within firms, so they have to use
presentations a lot to show the rise and fall of
certain reports.
9. Summary
To summarize money management, they are
managers of money for institutions. They
spend large amounts of time in an office and
in meetings. A bachelor's degree is the
lowest degree you can have to enter this field
of work. People are expecting for there to be
a raise in the need of money managers. You
can earn up to and possibly over $1,000,000
in this job.