If you are strong in mathematics and finance, becoming a money manager may be a good career choice for you. A daily money manager is someone who can help people with their finances, accounts, taxes, etc. This involves sufficient skill and patience and you should be knowledgeable in various State and Federal tax laws and other procedures.
What are the functions of a money manager?
People suffering from mental illness or disability and the old generally require some help with their daily financial transactions, billings, documentations etc. Others like those who tend to travel a lot require the services of a money manager to handle their financial accounts and bills efficiently. Even normal professionals who find it difficult to rein in their spending or manage their debts hire the services of a money manager.
- As a money manager, you will be helping your clients with financial management and investment planning.
- The money manager should do all the financial work like organizing all the invoices and bills, making prompt payments like deposits and withdrawals on their client’s behalf and obtain the necessary receipts and signatures for documentation purposes.
- You may also have to manage your client’s bank, mutual fund and stock market accounts. In addition, you need to perform periodic audits and generate the necessary financial reports.
- Help your client plan his taxes and insurance schemes and file his annual IRS tax returns.
How can you become a Money Manager?
You should have the necessary educational qualifications in fields related to finance, economics, taxation, etc to start working as a money manager.
- You need to clear the Certified Financial Analyst Examination or the Certificate in Investment Performance Measurement Examination to get a job as a money manager in any of the reputed Daily Money Management firms. There are other similar certificate programs offered by the CFA Institute.
- You can begin your career as a daily money manager after gaining enough experience in a finance related job. You can join as an intern in any of the money management firms and slowly work your way to the top. Look for a part-time job while preparing for your qualifying exam.
- Look for an entry-level finance job in big business houses, credit card companies, banks and other financial institutions. Once you have cleared the various certificate programs of the CFA Institute, ask for an opportunity to work as a money manager.
Once you have the qualifications and the necessary on-the-job experience, you can even start working as a self-employed money manager. Help your client manage his finances and make some smart investment decisions.