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Become A Trust Officer

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Working As A Trust Officer

  • Interacting With Computers
  • Communicating with Supervisors, Peers, or Subordinates
  • Guiding, Directing, and Motivating Subordinates
  • Coaching and Developing Others
  • Establishing and Maintaining Interpersonal Relationships
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Make Decisions

  • $117,990

    Average Salary

What Does A Trust Officer Do

Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization.

Duties

Financial managers typically do the following:

  • Prepare financial statements, business activity reports, and forecasts
  • Monitor financial details to ensure that legal requirements are met
  • Supervise employees who do financial reporting and budgeting
  • Review company financial reports and seek ways to reduce costs
  • Analyze market trends to maximize profits and find expansion opportunities
  • Help management make financial decisions

The role of the financial manager, particularly in business, is changing in response to technological advances that have substantially reduced the amount of time it takes to produce financial reports. Financial managers’ main responsibility used to be monitoring a company’s finances, but they now do more data analysis and advise senior managers on ways to maximize profits. They often work on teams, acting as business advisors to top executives.

Financial managers also do tasks that are specific to their organization or industry. For example, government financial managers must be experts on government appropriations and budgeting processes, and healthcare financial managers must know about topics in healthcare finance. Moreover, financial managers must be knowledgeable about special tax laws and regulations that affect their industry.

The following are examples of types of financial managers:

Chief financial officers (CFOs) are accountable for the accuracy of a company’s or organization’s financial reporting, especially among publicly traded companies. As head of a company’s entire financial department, they manage the lower level financial managers. They oversee the company’s financial goals, objectives, and budgets.

Controllers direct the preparation of financial reports that summarize and forecast the organization’s financial position, such as income statements, balance sheets, and analyses of future earnings or expenses. Controllers also are in charge of preparing special reports required by governmental agencies that regulate businesses. Often, controllers oversee the accounting, audit, and budget departments of their organization.

Treasurers and finance officers direct their organization’s budgets to meet its financial goals. They oversee the investment of funds and carry out strategies to raise capital (such as issuing stocks or bonds) to support the firm’s expansion. They also develop financial plans for mergers (two companies joining together) and acquisitions (one company buying another).

Credit managers oversee their firm’s credit business. They set credit-rating criteria, determine credit ceilings, and monitor the collections of past-due accounts.

Cash managers monitor and control the flow of cash that comes in and goes out of the company to meet the company’s business and investment needs. For example, they must project cash flow (amounts coming in and going out) to determine whether the company will have a shortage or surplus of cash. 

Risk managers control financial risk by using strategies to limit or offset the probability of a financial loss or a company’s exposure to financial uncertainty. Among the risks they try to limit are those that stem from currency or commodity price changes.

Insurance managers decide how best to limit a company’s losses by obtaining insurance against risks, such as the need to make disability payments for an employee who gets hurt on the job or the costs imposed by a lawsuit against the company.

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How To Become A Trust Officer

Financial managers typically have a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as an accountant, securities sales agent, or financial analyst.

Education

A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. However, many employers now seek candidates with a master’s degree, preferably in business administration, finance, or economics. These academic programs help students develop analytical skills and learn financial analysis methods and software.

Licenses, Certifications, and Registrations

Professional certification is not required, but some financial managers still get it to demonstrate a level of competence. The CFA Institute confers the Chartered Financial Analyst (CFA) certification to investment professionals who have at least a bachelor’s degree, 4 years of work experience, and pass three exams. The Association for Financial Professionals confers the Certified Treasury Professional credential to those who pass an exam and have a minimum of 2 years of relevant experience.

Work Experience in a Related Occupation

Financial managers usually have experience in another business or financial occupation. For example, they may have worked as a loan officer, accountant, securities sales agent, or financial analyst. 

In some cases, companies provide formal management training programs to help prepare highly motivated and skilled financial workers to become financial managers.

Important Qualities

Analytical skills. Financial managers increasingly are assisting executives in making decisions that affect their organization, a task which requires analytical ability.

Communication skills. Excellent communication skills are essential because financial managers must explain and justify complex financial transactions.

Detail oriented. In preparing and analyzing reports such as balance sheets and income statements, financial managers must be precise and attentive to their work in order to avoid errors.

Math skills. Financial managers must be skilled in math, including algebra. An understanding of international finance and complex financial documents also is important.

Organizational skills. Financial managers deal with a range of information and documents and so they must stay organized to do their jobs effectively.

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Trust Officer jobs

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Trust Officer Career Paths

Trust Officer
Project Manager Construction Manager Operations Manager
Assistant Vice President
7 Yearsyrs
Adjunct Professor Sales Consultant Sales Supervisor
Branch Sales Manager
6 Yearsyrs
Assistant Vice President Vice President Chief Finance Officer
Chief Finance And Operating Officer
14 Yearsyrs
Business Analyst Senior Finance Analyst Controller
Corporate Controller
12 Yearsyrs
Manager, Assistant Vice President Underwriter Assistant Vice President
Credit Officer
5 Yearsyrs
Assistant Vice President Human Resources Coordinator Senior Manager
Director Of Sales
10 Yearsyrs
Vice President, Business Development President/Chief Executive Officer Finance Advisor
Finance Vice President
9 Yearsyrs
Vice President And Manager Finance Advisor Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Business Analyst Product Manager Sales Manager
National Sales Manager
10 Yearsyrs
Office Manager Branch Manager Regional Sales Manager
Regional Sales Director
10 Yearsyrs
Vice President And Manager Senior Consultant Product Manager
Regional Sales Manager
9 Yearsyrs
Project Manager Program Manager General Manager
Regional Vice President
11 Yearsyrs
Relationship Manager Operations Manager Account Executive
Sales Manager
5 Yearsyrs
Manager, Assistant Vice President Finance Advisor Relationship Manager
Senior Relationship Manager
10 Yearsyrs
Office Manager Account Manager Account Executive
Senior Sales Executive
9 Yearsyrs
Estate Administrator Legal Assistant Account Manager
Strategic Accounts Manager
9 Yearsyrs
Compliance Officer Compliance Manager Assistant Vice President
Vice President & Sales Manager
9 Yearsyrs
Relationship Manager Assistant Vice President
Vice President And Manager
10 Yearsyrs
Compliance Officer Human Resources Manager Assistant Vice President
Vice President Operation Manager
9 Yearsyrs
Vice President, Business Development Vice President And Manager
Vice President, Product Manager
9 Yearsyrs
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Trust Officer Demographics

Gender

Female

50.6%

Male

45.9%

Unknown

3.5%
Ethnicity

White

80.5%

Hispanic or Latino

9.4%

Asian

7.6%

Unknown

1.8%

Black or African American

0.8%
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Languages Spoken

Spanish

56.0%

French

12.0%

Portuguese

4.0%

Chinese

4.0%

Japanese

4.0%

Dakota

4.0%

Hindi

4.0%

Mandarin

4.0%

Arabic

4.0%

Italian

4.0%
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Trust Officer Education

Schools

Northwestern University

8.5%

University of Phoenix

6.4%

Suffolk University

6.4%

Webster University

5.3%

University of Missouri - Columbia

5.3%

DePaul University

5.3%

University of Kansas

5.3%

University of Texas at Austin

5.3%

Campbell University

5.3%

University of New Orleans

4.3%

University of Pennsylvania

4.3%

Thomas M. Cooley Law School

4.3%

University of Dayton

4.3%

American Institute

4.3%

University of Delaware

4.3%

Louisiana Tech University

4.3%

Boston University

4.3%

Emory University

4.3%

Ball State University

4.3%

Hofstra University

4.3%
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Majors

Business

27.8%

Finance

17.0%

Law

15.5%

Accounting

13.2%

Management

4.0%

Legal Research And Advanced Professional Studies

2.3%

Marketing

2.2%

Economics

2.2%

Human Resources Management

1.8%

Psychology

1.6%

Political Science

1.6%

Communication

1.6%

English

1.4%

Liberal Arts

1.4%

Legal Support Services

1.3%

General Education, Specific Areas

1.1%

Health Care Administration

1.1%

History

1.1%

Sociology

0.9%

Taxation

0.9%
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Degrees

Bachelors

41.1%

Masters

20.8%

Other

15.3%

Doctorate

14.1%

Certificate

4.2%

Associate

3.6%

License

0.5%

Diploma

0.5%
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Top Skills for A Trust Officer

EstatePlanningEnsureComplianceFinancialAdvisorsPortfolioPersonalTrustAccountsTrustAssetsClientRelationshipsTrustDepartmentBusinessDevelopmentCustomerServiceTrustDocumentsHighNETRealEstateCustodyTrustAdministrationTaxReturnsNewAccountsWealthManagementTrustAgreementsIRS

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Top Trust Officer Skills

  1. Estate Planning
  2. Ensure Compliance
  3. Financial Advisors
You can check out examples of real life uses of top skills on resumes here:
  • Developed and implemented estate planning strategies for complex family estate planning issues.
  • Administrated Trust Accounts to ensure compliance with trust documents.
  • Communicate effectively with clients, financial advisors, investment managers, sales team and attorneys on all trust and estate matters.
  • Evaluate and report on trust portfolios.
  • Solicited, established and maintained both Employee Benefit and Personal Trust accounts.

Top Trust Officer Employers