Should I Consider Becoming a Wealth Manager?

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Before you consider becoming a wealth manager there are skills that you will have to acquire and schooling that you will need to enroll in, as this is a challenging field. Some of the skills you need in order to succeed include communication or people skills, along with the ability to synthesize.

The medium level skills required include sales, analytical, the ability to take the initiative and creativity. It is recommended you obtain a bachelor’s degree at the very least and plan on working anywhere from 25 to 65 hours a week. You need a broad understanding of how business works to succeed in this field.

Types of Careers and Salary

According to Careers in Finance, wealth managers can work as an advisor, portfolio manager or financial planner. They can make anywhere from $70,000 to $200,000 depending on where they are working and what their pay options may be. Pay can be a flat hourly rate and/or commission. A wealth manager may work for a company doing taxes, or as a financial advisor, or may also run their own business and be self-employed. This is why it is so important not only to have knowledge of individual and family finances, but to have knowledge of business theory and how large corporations operate.

One can also become a CFP or Certified Financial Planner. You must gain knowledge of finances and obtain accounting skills, which will be your starting point in college. These will open doors for accounting jobs such as consultants, public accountant, tax advisor and even work for the government as a forensic accountant. However, it’s most impressive on a wealth manager’s resume.

Opportunities Abound

New opportunities can present themselves, and sometimes they may come from unexpected places. For example, we recommend you check with local community colleges or vocational colleges to see what other options you have. You may qualify for financial aid that will help you with the costs of attending college. You may also want to be certified. This will help ensure stronger options when you are ready to choose your career path.

Doing research will give you knowledge and power to make the right decisions for your future endeavors. When you go in to talk with the intake or enrollment representatives of the colleges you are thinking about attending, be sure to write some questions down that you can ask them in order to attain more information. Always verify these institutions are accredited and find out what is involved in getting your certification in accounting and wealth management.

Some colleges are flexible when it comes to attending classes and may allow online attendance. It is important to ensure the time and money you spend on classes is going to fit your lifestyle and needs. Remember, this is an investment in you and the education you seek is an investment not just in school, but in yourself and the ability you have to perform at a “personal best.”