If you enjoy the idea of earning an income that is unlimited, than a career as a portfolio manager may be highly attractive to you. As a portfolio manager, you may be able to earn a percentage of the earnings of portfolios that you manage. Maybe you have always wondered, “How do I become a portfolio manager?” If you have always thought about becoming a portfolio manager, then you are probably someone who enjoys watching the stock market and analyzing market trends. You also have a knack for spotting value in companies.
What’s it like to be a portfolio manager?
As a portfolio manager, your daily tasks involve analyzing the stock market in order to find the most valuable companies. You may also meet with potential clients on a given day. When you meet with clients, one of your main tasks is to assess the risk level that they are willing to take on in the creation of a portfolio. You may deal with an elderly couple that wants to save up some last-minute funds for retirement. You may meet with a young college student who wants to start building a nest egg for the future. If you want to become a portfolio manager, you should have the ability to make people trust in you. You should be able to consistently choose great investments in the market that offer the type of return that your clients seek. Being a portfolio manager requires diligence, patience and a friendly attitude. It can be frustrating to deal with angry or upset clients when the stock market takes a hit, so you should be prepared to handle these highly stressful situations.
Education Requirements
There are no formal education requirements to become a portfolio manager. The majority of individuals who enter this field do have a background in business or finance. Even if you do not have a degree in finance, you can still pursue a career as a financial analyst. There are plenty of individuals who have left careers in teaching or in operating a business in order to manage wealth for others. You just have to have a passion for working with investments and for finding the most profitability investments in the finance world. You should also have a knowledge of the latest software programs that are being used by investment firms. These software programs can perform powerful analytical functions that will allow you to save time in your daily routine.
Salary & How to Get a Job
According to the BLS, the average portfolio manager makes about $74,000 a year. The average portfolio manager will usually find his or her position through connections. You may be able to start working as an assistant for a major financial firm. If you want to get an edge in applying for positions as a portfolio manager, then you should try to participate in an internship during your college years. Finance firms will typically take on college graduates who have had experience in working for their companies in prior years.
You may also become a portfolio manager for a specific type of finance firm. You may work for a company that specializes in the sale of gold or foreign currencies. You may work for a general firm that provides wealth management services for affluent clientele. On the flip side, you may serve as a portfolio manager for people from a working-class background who seek to save up funds for their children’s college years. Working in this type of career can be a rewarding experience for the person who enjoys helping people build their wealth.
References:
1. http://www.investopedia.com/articles/financialcareers/07/portfolio_manager.asp
2. http://www.ehow.com/how_7846966_become-portfolio-manager.html
3. http://www.bls.gov/ooh/business-and-financial/financial-analysts.htm