Fund managers are those responsible for providing financial advice to private and business clients about investments that will enhance their profitability, which includes the buying and selling of trusts, shares, and bonds. It is a branch of wealth management that largely appeals to those who enjoy investment banking.
Investment fund managers: elements of the job
People in investment fund manager jobs work very closely with analysts in order to make the best decisions regarding a client. Fund managers act on information provided to them by analysts by compiling and creating an investment strategy that seeks to increase the wealth of clients: whether they are private or corporate investors.
Fund managers will need to act on information given to them by analysts. That is, they'll need to have an understanding of economic trends both in the United Kingdom and further abroad. This knowledge will reflect the type of client the fund manager is working with. Namely, they'll need to ensure that investments being made reflect the personal or corporate mission of the client themselves.
A day in a fund manager typically involves researching financial performance of target companies and keeping up to date with any current political or economic changes that could otherwise affect those target companies, which consequently affects the performance of their stock. They will also monitor financial releases and presses in order to expose themselves to a wider variety of investments. Micro-investments like penny shares are increasingly becoming a popular option for a quick turnover.
They will also be responsible for generating reports based on their findings. This means the fund manager must have quite developed communication skills, since they will need to compile this information in a way that is accessible to their client or the intended reader. For the most part, fund managers will be decreasing the level of technical language in their findings to suit a more widely accessible format.
Work conditions are typically good, but long days are not out of the norm. Fund managers can work up to 12 hours a day and may have very early starts or late finishes. Evening and weekend work is rare, but can happen and is more likely during the tax season.
Most of the fund manager's work is office based and clients will typically travel to them in order to arrange meetings. However, managers will sometimes be called on to visit clients at their homes or at their place of employment. This means having a driver's license is sometimes preferred, but is not normally a specific requirement of the role.
Those who are beginning their careers as analysts will usually earn £22,000 and £30,000 a year. Starting salaries for analysts who are based in London may be around £28,000 to £40,000. Experience will usually dictate a rise in pay and fund management salaries can typically begin around £50,000 and increase to in excess of £100,000 per year depending on their skills, experience, and job performance.
Entry Requirements for investment fund managers.
A degree is usually held as essential to the role and it must be subject specific, such as economics, maths, business studies, or accountancy. It is also not unusual for employers to call for a 2:1 or above degree from their candidates. Those with third class honours degrees may struggle to find employment, but shortages could see employers being more lenient towards academic requirements if candidates can otherwise demonstrate skills and experience.
Those who are attempting to enter fund management as students may be able to do so through university internships before they graduate. This is often how many fund managers begin and there is quite a bit of competition to secure an internship, so it is a good idea to prepare as much as possible before the placement interview and be prepared to show evidence of academic standing.
Fund managers usually develop their skills on the job or within a structured graduate training program. They will usually do this through an investment bank or stockbroker's firm. However, there may be other qualifications that employers either provide means to access or require candidates to secure on their own, like the CII Level 4 Certificate in Discretionary Investment Management. After some experience (usually at least five years), it's not unusual for candidates to either gain or be requested to acquire the CISI Chartered Wealth Manager (Level 7 Diploma in Wealth Management).