If you're good at managing and organizing money, then money manager might be the right job for you. Also referred to as portfolio manager, financial manager and investment manager, a money manager is responsible for making investments, monitoring assets and deciding when to sell them.

Usually, money managers have a number of different clients and work as individuals directly for that client or as an employee of a financial firm. Unlike a bookkeeper or an accountant that does a lot of day-to-day money management, a money manager typically deals with much larger portfolios over a longer period of time. Money managers must be hardworking, good with numbers, detail oriented, organized and have excellent communication skills.

Money Manager Job Description

Some money managers work with just one client, others with a large investor group. They varied tasks and responsibilities. First and foremost, their main duty is to manage the securities portfolios of their clients, including bonds, stocks and hedge funds. Along with providing financial advice to their clients, money managers have many skills and responsibilities, including:

• Hiring a team with specific expertise to allocate certain tasks.
• Developing an investment strategy aligned to the client's goals.
• Being able to interpret data in order to find strategies to improve the financial situation of the organization.
• Analyzing and forecasting finance trends based on data. 
• Buying and selling securities when appropriate.
• Working with high-level executives to come up with ways to maximize the company's profits.
• Finding ways to cut costs.
• Writing detailed financial reports.
• Being extremely organized.

Money Manager Education Requirements

To become a money manager, you have to meet a few requirements. You need at least a bachelor's degree to be considered for the role, and a master's degree is preferred. Your bachelor's degree should be in the areas of finance, business, accounting, economics, mathematics or a related field. Many future money managers continue their education and earn a master's degree as well as a portfolio manager certification to make themselves stand out to HR departments.

You will also need the appropriate experience and skill set. Although every money manager must start somewhere, in general, institutions are looking higher for those with more than five years' experience in the finance sector. Many people, therefore, start their careers at a company and work their way up or begin with an internship.

The Money Manager Industry

Money managers can work for all types of people and companies, but typically, their clients are high-profile investors with large portfolios and big bank accounts. They may be hired on their own if they have a lot of experience, but generally, they work for a firm and are assigned to various clients through that firm. An example of a well-known money manager firm is J.P. Morgan Asset Management.

Years of Experience and Money Manager Salary

In 2018, the median money manager salary was $127,990, according to the federal Bureau of Labor Statistics. This level of earnings is typical if you are hired with five years' related experience already under your belt. After getting hired, though, how much you earn depends largely on the size of the investment portfolio you're managing. Sometimes, this number is calculated by taking a certain percentage of the total amount in the portfolio.

Job Growth Trend

A money manager's job growth trend looks promising. It's projected that their employment rate will increase 19 percent over the period of 10 years, from 2016 to 2026. If, as a money manager, you specialize in risk management or cash management, your expertise will be in demand over the next couple of years. Taking into consideration the salary and job growth trend, money manager can be a very lucrative career for the right person.