Wall Street has seen some turbulent times recently, but the economy is showing signs of stabilization and recovery. In the current economic scenario mutual funds are emerging as good investment options, especially for those who aren't familiar with the inner workings of the stock markets. Mutual funds are professionally managed by people who have experience and expert understanding of the financial market. Surveys conducted by investment companies indicate that more than 90 million people in America prefer mutual funds as an investment option.
Mutual funds are collective investments of a group of people in short-term market instruments, stocks, bonds, and securities. These are professionally managed and charge the investors a small fee for the services rendered. Brokerage firms and Investment Companies hire mutual fund managers to look after specific investments. Their job is to do extensive market research and pick the best investment options as mutual funds are subject to market risks. They play an integral role in making money for the organization and are well compensated for their services.
Average Salary
Mutual fund manager salaries have been a part of wall street folklore for a long time now, however, the recent economic downturn has put a major dent in their salary figures. The numbers aren't as good as they used to be, but mutual fund managers still make a good living. They are hired by asset management companies to make prudent investments for the companies clients. A mutual fund manager can expect to earn six figure salaries, but the exact number depends on several factors. The employer type plays a role in the salary, here are a few statistics.
| Employer Type | Average Salary |
| Asset Management | $58,000-$99,000 |
| Investment Firms | $56,000-$97,000 |
| Finance Companies | $55,000-$95,000 |
| Banking Services | $55,000-$93,000 |
The numbers given in the table are just estimates as salary figures can be affected by other factors like experience of the candidate and the location of the job. Individuals with experience tend to get higher salaries than those who are just entering the industry. A mutual fund manager having a track record of picking good investments will be much sought after and will demand higher salary. Individuals working from cities with high cost of living like New York will get higher salaries than their counterparts from other areas. Given below are some estimate salary figures corresponding to the area of work.
| Job Location | Average Salary |
| New York | $105,000 |
| California | $95,000 |
| Florida | $87,000 |
| Texas | $85,000 |
Educational background is one more factor that is taken into consideration by employers when offering salaries to the employees. Individuals with a degree in finance related subjects will be offered less wages than those with an MBA degree.
Job Description
The value of mutual funds are influenced by the prevailing economic and political situation, hence a mutual fund manager has to keep track of these things. The manager spends a lot of time researching the domestic and international stock markets for investment opportunities. They also keep a track of the investments they have made with the help of their team of stock brokers and financial analysts. A mutual fund manager also suggests when to buy certain stocks and when to sell them to maximize profits and limit any losses.
Sometimes, they will meet the clients to apprise them of the current situation and discuss investment opportunities. Generating reports regarding the profit, loss, and investment opportunities is also a big part of their work profile. Interpreting large volumes of statistical data with the help of computers and finance related software also takes up most of their office time. The job also involves meeting with the upper management of the organization to give presentation and progress reports.
Mutual fund managers also get good bonuses for managing the funds and picking profitable investment options. According to analysts, this is the right time for being a mutual fund manager as the US and world economies are showing signs of revival.
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