How to Become a Money Manager

If you don’t want to pursue an advanced degree, such as an M.B.A., you could consider being a money manager. While they need to be highly skilled in business and finance, unlike an investment banker, they are not required to possess a graduate degree. A Bachelor’s degree in Finance, Business, or Economics is preferred and you must obtain the certificate as a CFA (Certified Financial Analyst) to perform the duties required as a money manager.


How to Become a Money Manager

You are taking on a great deal of responsibility when you manage someone else’s money, and they trust you with your decisions.

A money manager obviously, should be good at handling money. That is really the essence of what you will do in this position. You are managing someone else’s money. It may be an individual or corporation, or group of individuals. You may be working for a particular company or you may be in business for yourself. In general, you should be an expert accountant, money manager of your own funds, and expert at making wise investment and financial decisions.

Typical Education

A Bachelor’s degree is generally required to be an effective money manager, in the field of Business and/or Finance or Economics. You need to also obtain the CFA certificate if you want to be recognized as having the certification requirements backed by national financial entities.

An Alternate Route

You could opt to get coursework in this field without the degree, but this would not get you to where you need to go in the long run. Most successful money managers have the four-year degree and CFA certificate as a minimum.

Steps to Becoming a Money Manager

If you would like to become a money manager, here are some steps to take to make that dream a reality.

1) Get a Bachelor’s degree in Business or Finance or a related field from a school or college. It is generally considered more important to get a Bachelor’s degree than a particular Bachelors if you plan to seek a career as a money manager. For instance, some people have a degree in Law or another field that is not a Business field, but which touches it indirectly because of the way the disciplines intertwine. The best idea though is to seek a degree in a business related field.

2) Gain experience in an entry level position, such as a banker or analyst. Many times, banks or other financial institutions will allow bank workers to serve as a financial analyst in order to gain experience in their careers. If you already work in a bank, ask your supervisor to put you in a position to help make some of the financial decisions. Then you can put this experience on your resume for later when you work into a money manager position.

3) Illustrate your skills with your own portfolio. People who do well with their own money management skills and portfolio are generally seen as someone others will want to advise them. Have a good working money portfolio that you are investing in and growing over time, to show your skills to potential clients or employers.

4) Get the CFP certificate. Though not required, this certification shows that you have passed the nationally recognized Certified Financial Planner Board of Standards‘ requirements for a Certified Financial Planner certificate. This may open more doors for you as a money manager by holding this nationally recognized certificate of finance.

5) Work on interpersonal skills. While the money manager is most expected to be skilled in money management, interpersonal skills are also required.

Bachelor's Degree
More than 5 years
Find Related CareersSOURCE: US Bureau of Labor Statistics
They have to deal with people on a personal level and gain their trust, in order to best advise them on what they should do regarding one of the most important aspects of their lives-their money. So the better you can be with people and gaining their trust, the more successful you will be as a money manager.

Being a money manager takes math skills, analytical skills, interpersonal skills, and the ability to care about someone’s finances as though they were your own. You are taking on a great deal of responsibility when you manage someone else’s money, and they trust you with your decisions. Being strong in Ethics, as well as business and financial skills is paramount to being a success in this business. If you think this is a career that you are well-suited for, begin by enrolling in business and finance courses with a degree program of your choice. Remember everything big started with just one small step!

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