Next on our salary spotlight series, we’re exploring the role and salary of an Asset Manager.
We’re already covered different salaries on the blog, aiming to help professionals working in real estate understand their full earning potential.
You can access these posts by heading to the links below:
For this blog, we’re focussing on an Asset Manager – a key role in the real estate sector as these individuals are tasked with optimising the performance and growth of properties.
It’s crucial to be aware of potential earnings within the field, as this helps you determine if the role aligns with your expectations. Additionally, understanding salary variations across different locations is equally vital, especially if you’re contemplating moving abroad.
Thanks to the pandemic and the restrictions on travel, more professionals are considering overseas travel. According to our CEO Peter Moore: “Our market is global, following the lack of travel in 2020-22, we have witnessed a greater appetite for working in new markets.”
You can read the full interview with our CEO on the state of real estate recruitment here.
For those aspiring to progress in their careers and take the next leap, gaining insight into the career trajectory of an Asset Manager is essential. That’s why we’ve included a typical asset management career path that provides an overview of job descriptions at each level, helping you understand how the roles and responsibilities evolve.
Whether you are an aspiring Asset Manager or an experienced professional seeking insights into salary progression, you’ll find this information useful when planning your next annual performance review or career move.
Let’s start by looking at what an Asset Manager does day-to-day.
An Asset Manager in real estate is responsible for strategically managing and optimising the performance of a real estate portfolio to achieve the owner’s financial objectives. Their role can involve:
An Asset Manager may only be responsible for some of these tasks outlined depending on the owner or organisation they work for. Some may only be involved in the financial modelling and strategies (usually for a fund, bank or REIT), others with managing the real estate asset themselves or with the daily running of any occupiers within the building asset for a developer or as a consultant.
In summary, Asset Managers focus on the strategic oversight of real estate portfolios, aiming to maximise financial returns, minimise risks, and ensure the long-term success of the properties.
We’ve taken the findings below from our latest ‘Salary, Rewards and Attitudes Survey Report 2024’.
The average Asset Manager salary in the UK is: £68, 500.
When we break this down by the type of Asset Manager depending on the employer, median salaries are:
The findings in this report reference over 15,000 international salaries and give a true representation of the real estate sector.
For more than 20 years, our salary survey report provides a fantastic benchmark of remuneration and attitudes across the industry and is a highly valuable resource for employers and employees alike.
Whilst salary will of course differ depending on location, it’s useful to understand the average salary of an Asset Manager in the UK as it gives you an idea of earning potential.
In addition to the UK, our survey delves into the average salary of Asset Managers across different regions, helping anyone interested in asset management, understand how salaries vary based on geographical location.
It’s important to emphasise that the figures below represent the median average salary from survey respondents and Macdonald & Company’s database, and exact salaries are influenced by the level of seniority, a topic we will cover further further in the blog.
To keep things simple, we’ve separated the salaries depending on the specific location:
Asset Manager in the U.S.: $150,000
Asset Manager in Germany: €85,000
Asset Manager Salary Hong Kong – HK$ 735,000
Asset Manager Salary Singapore – SG$ 120,000
Asset Manager South Africa – R 807,000
Sign up here to be notified when the full salary survey launches in March.
In addition to location, several factors contribute to the variation in Asset Manager salaries. Your earnings in this field depend not only on where you work, but also on your accumulated experience and seniority within the role.
We’re discussing these factors and others below, offering valuable insights for those interested in asset management. By examining the various career levels and their associated requirements, individuals can choose the most suitable stage for their professional growth and evaluate their readiness for progression.
Furthermore, understanding the factors highlighted in the upcoming sections allows you to identify any opportunities for skill development, ensuring you achieve your professional goals.
The educational background and qualifications of an Asset Manager in real estate play a key role in shaping their earning potential. Attaining a higher level of education, such as a Bachelor’s or Master’s degree in real estate management, finance, or a related field, demonstrates a thorough understanding of the principles, strategies, and best practices within the real estate industry. 90% of Asset Managers in our survey are degree-level educated, with 4 in 10 with a Masters degree.
Moreover, securing industry-recognised certifications, like those offered by organisations such as the Chartered Financial Analyst (CFA) Institute or the Institute of Real Estate Management (IREM), and a RICS (Royal Institution of Chartered Surveyors) greatly improves an Asset Manager’s professional standing.
These certifications are testament to their specialised knowledge and skills, therefore increasing their potential for higher earnings and career advancement.
Another factor that influences the salary trajectory of an Asset Manager is the seniority level attained. As these professionals gain experience and advance into more senior roles, such as Senior Asset Manager, Team Lead, or Head of Asset Management, their responsibilities broaden.
For example in senior positions, Asset Managers are tasked with overseeing complex projects, managing multiple teams, and making strategic decisions that have a profound impact on the performance of real estate portfolios.
This increased level of accountability and responsibility naturally warrants a higher salary and bonus to acknowledge and compensate for the increased value they bring to the business.
Moreover, seniority is often accompanied by years of practical experience in the field, further elevating the Asset Manager’s skill set and contributing to their earning potential.
The level of experience and expertise an Asset Manager accumulates significantly shapes their salary in the real estate sector.
Asset Managers with a wealth of experience, particularly those who have managed diverse real estate projects, have an in-depth understanding of asset management methodologies, data analysis, and problem-solving techniques.
This expertise is highly valued by employers, as experienced Asset Managers demonstrate the ability to handle complicated projects, effectively reduce risks, and deliver accurate results.
Within real estate, this level of specialised expertise can be particularly lucrative, with Asset Managers possessing unique skills garnering higher salaries due to the demand for their capabilities. Additionally, those who have built a strong professional network and boast a track record of successful projects can use these proven results and reputation to negotiate a higher salary.
The geographical location in which an Asset Manager works plays a pivotal role in determining their salary in the real estate sector so it’s important to review any job description carefully.
Earnings can vary considerably based on the local cost of living, the demand for Asset Managers in the region, and economic conditions.
For instance, Asset Managers situated in locations experiencing robust real estate development may enjoy higher salaries due to the increased demand for their expertise and the increased cost of living. However, those working in rural or less economically developed areas may receive lower salary scales due to reduced demand and a comparatively lower cost of living.
Asset Managers with experience working in specialisations and niche markets can command a higher salary due to their in-depth knowledge and expertise in these focused areas. The specialised nature of their work often involves handling unique challenges, intricate transactions, and specific property types, which enhances their value to employers. This means they can often have higher salaries than their counterparts with a more generalised skill set.
Furthermore, these specialisations usually necessitate additional training, certifications, and unique expertise so there is a higher demand for this type of knowledge. Examples of specialisations and niche markets could include sustainable and green real estate, retail space optimisation, and heritage property management.
Now that we’ve explored the average salary of Asset Managers in various regions, we’re going to look into the typical career advancement within this role. From Junior level through to Director, this provides valuable insights into the progression trajectory achievable with the right skills and experience.
While the aspiration for a more senior role and consequently a higher wage is a key consideration for job seekers, our salary survey data underscores the importance of additional elements that employees value.
This overview sheds light on the different aspects that contribute to overall job satisfaction and professional fulfillment within real estate.
Junior Asset Managers play a vital role in supporting their senior colleagues in the management of real estate portfolios. Responsibilities include assisting in data analysis, carrying out property inspections, and preparing detailed reports.
In addition to supporting the financial aspects of asset management, those working in a Junior role contribute to cost estimations to ensure that projects complete within a set budget. They are actively involved in assessing compliance with relevant industry regulations and codes, ensuring that the properties under management follow legal standards.
Moreover, effective collaboration with project teams, contractors, and clients is key to the role. Therefore, possessing strong communication and interpersonal skills is crucial for working alongside different teams and to maintain a positive relationship with stakeholders.
The position of a Senior Asset Manager requires advanced expertise and leadership, often obtained through years of experience in the field.
Senior Asset Managers provide technical guidance and mentorship to Junior colleagues to support their professional development. Moreover, this role demands extensive strategic planning and decision-making, with Senior Asset Managers overseeing a multitude of projects concurrently, ensuring their successful completion within budget and schedule constraints.
Staying ahead of industry trends and exploring new asset management techniques and technologies is also a key part of this role.
The Head of Asset Management holds a senior leadership position within a business, taking charge of overseeing and managing the entire asset management department.
As a key leader, they set the direction for the department, ensuring the delivery of top-tier asset management services and fostering professional development and growth within the wider team. Their responsibilities include overseeing the financial performance, client satisfaction, and operational efficiency of the department.
This complex role involves coordinating and supervising asset management projects, providing technical expertise and guidance to the team, and ensuring compliance with industry standards. The Head of Asset Management also contributes to business development by establishing and maintaining client relationships, identifying new opportunities, and working alongside other teams.
Their responsibilities are varied and encompass project management, staff management, resource allocation, budgeting, and implementing best practices to drive success for the business.
The Director of Asset Management takes on a leadership role, overseeing and guiding the entire asset management department. As a key member of the wider leadership team, they have the responsibility of defining the vision and objectives for the department, aligning them with the broader business goals.
In addition, these individuals are tasked with establishing and developing industry partnerships, actively engaging in business development, and identifying avenues for expansion. Providing guidance and mentorship to those in their team is a key aspect, ensuring their continuous development and learning.
Moreover, the Director of Asset Management must stay ahead of industry trends, technological advancements, and regulatory changes, integrating them into the department’s strategies and practices.
Regardless of whether you’re already working in Asset Management or considering a role in Asset Management, understanding what this role entails and the possible salary you can earn is key.
For those working in the profession already, you want to be confident that your salary is still competitive and in-line with the industry average. It’s also interesting to see how the average salary differs depending on where the role is based – a key piece of information if you’re considering a role abroad.
Similarly for those entering the field of Asset Management for the first time, knowing what the typical trajectory is for the role and how you can advance is crucial. This motivates you to acquire the right skills and experience in order to climb the ladder and progress. Understanding what is required at each level helps you identify your own skills gaps so that you can work towards achieving your career goals.
At Macdonald & Company, we partner with employers and employees helping people making the right connections. Whether you’re unsatisfied in your current role or you’re ready for a new challenge, our team can help you find the right position that meets your requirements. To find out more about how we can help, get in touch.
Check out our related posts
Everything real estate to learn, collaborate and connect.
Sign up for your monthly roundup of industry news, insights, career podcasts with industry leaders and more.
