The following article discusses the career path of Asset Manager. Learn about how to become one, education requirements, job duties, traits and qualities, national salary outlook as well as top national employers of Asset Managers.
Asset managers are responsible for the disposition, valuation, procurement, and management of the company’s documents, data, and properties. These are all important assets and can range from simple things like cellphones to complex things such as apartment complexes. Asset managers create reports based on records that they keep on those assets.
They are also responsible for the budget of their department, as well as property repairs. This means that they may have to make financial decisions on behalf of the company and this includes taking bids. Because of this, they have to build extensive networks with external partners such as contractors, suppliers, and vendors.
Travel is often required as part of the job. Asset managers work with the senior executive team, but equally with grassroots staff and external partners. While their job is often office based, they also spend a lot of time on different sites.
Other duties of asset managers are:
- To be responsible for the strategic development of increasing returns on assets
- To write statements and reports on the status of properties, loans, repayments, and so on
- To determine that payments and collateral are maintained appropriately
- To manage a portfolio of properties
Where We Work
According to the U.S. Bureau of Labor Statistics, there were 317,300 property, real estate, and community association managers in 2016, a professional group that includes asset managers. The largest employers of these professionals are:
- Real estate: 45%
- Self-employed workers: 42%
- Civic, social, professional, and similar organizations: 3%
How to Become
An asset manager will be expected to have a bachelor’s degree as a minimum, usually in a field such as finance, accounting, or business. More and more organizations now look for those with a master’s degree. They also have to have excellent IT skills and strong communication skills, while always maintaining the strictest levels of confidentiality. They often have to work according to tight deadlines in a stressful, fast paced environment.
Work experience is also very important and most asset managers have worked in the field for several years. Usually, they come from a real estate sales background. That said, others have more technical backgrounds, such as in property maintenance.
An asset manager is usually required to hold at least a bachelor’s degree. However, those with a graduate degree are certainly in higher demand, because they have an in-depth understanding of contract management and property finances. Popular majors for asset managers include public administration, real estate, finance, accounting, and business administration. See top affordable Online MBA Degrees for 2018.
If they need to buy or sell real estate property, they must be licensed to do so in their state. If they manage public housing that receives federal government subsidies, they must also be certified. In certain states (the District of Columbia, Virginia, Nevada, Illinois, Hawaii, Georgia, Florida, Delaware, and Alaska), they must also be licensed or hold professional credentials. Certifications are offered through the Communication Association Managers International Certification Board, the National Association of Residential Property Manager, the Institute of Real Estate Management, the Community Associations Institute, and BOMI International. All are usually valid for a limited time only and must be renewed periodically.
Asset managers may also have to complete additional training as it relates to their particularly employer. For instance, they must learn how to operate certain mechanical systems, how to conduct risk assessments, or what different accounting principles are. Some of these training sessions also lead to certification. Usually, however, the asset manager must be sponsored by their employer in order to be able to take part in this training.
Traits & Qualities
The most effective asset managers have the following traits to some degree or other:
– Excellent communication skills, both verbal and written
– Strong customer service skills
– Great interpersonal skills
– Excellent listening skills
– Strong organizational skills
– Great problem solving skills
Bachelor’s but master’s preferred Degree
- Most Reported
Salary by State
The following section lists Asset Manager salaries in each state around the country. The figures are based on the total number of job postings through Indeed.com. For example, Massachusetts had the largest quoted salary of $109,673 while Missouri had the smallest quoted salary of $41,203.
Top 20 National Employers
According to Indeed.com, the following states had employers looking to hire a Asset Manager. The quoted salary figure represents the average salary from all job postings by this employer.
|Employer Name||Location||Average Salary|
|Hamlyn Williams Asset Manager||Massachusetts||$200,000|
|Pelham Berkeley Search Asset Manager||New York||$200,000|
|Kforce Finance and Accounting Asset Manager||New York||$177,027|
|The Forum Group Asset Manager||New York||$175,000|
|The Quest Organization Asset Manager||New York||$175,000|
|Piper Companies Asset Manager||DC||$169,707|
|JD Consulting Asset Manager||Massachusetts||$160,850|
|SOAR Staffing Asset Manager||New York||$142,674|
|Genuine Search Group Asset Manager||New York||$140,000|
|Oldbury Howard Limited Asset Manager||New York||$135,000|
|Huxley Associates Asset Manager||Massachusetts||$133,666|
|The Michaels Organization Asset Manager||New Jersey||$132,887|
|Velossent Asset Manager||Georgia||$130,000|
|Selby Jennings Asset Manager||Massachusetts||$129,954|
|Eclipse Recruiting Asset Manager||New Jersey||$128,503|
|eBay Inc. Asset Manager||California||$123,743|
|City & County Of San Francisco Asset Manager||California||$123,253|
|Compliance Search Asset Manager||New York||$121,120|
|Department of Energy Asset Manager||Colorado||$119,910|
|Twenty Recruitment Group Asset Manager||New York||$118,556|
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|Career Name||Average Salary|
|Director of Communications||$81,076|
|Business Process Analyst||$77,432|
|Real Estate Manager||$76,119|