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The differences between trust officers and asset managers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-8 years to become both a trust officer and an asset manager. Additionally, an asset manager has an average salary of $85,814, which is higher than the $61,493 average annual salary of a trust officer.
The top three skills for a trust officer include real estate, portfolio and wealth management. The most important skills for an asset manager are asset management, financial statements, and property management.
| Trust Officer | Asset Manager | |
| Yearly salary | $61,493 | $85,814 |
| Hourly rate | $29.56 | $41.26 |
| Growth rate | 17% | 17% |
| Number of jobs | 56,623 | 64,732 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 68% |
| Average age | 46 | 46 |
| Years of experience | 8 | 8 |
Trust officers are professionals who are responsible for administering trust account portfolios of their clients. These officers are required to develop business relationships with their clients by responding to the request of their clients and facilitating internal service coordination to resolve issues. They must handle activities that are associated with personal or corporate trust while providing consultation on matters related to finance and wealth. Trust officers usually work in the financial industry and report directly to a manager or head of a department.
An asset manager is responsible for advising clients with their investment preferences and financial goals based on their assets' quantity and value. Asset managers regularly meet with their clients regarding their asset management's progress, recommending more investment options and considering the clients' needs. They manage financial portfolios and prepare stock market reports and forecasts as needed. An asset manager must have a broad knowledge of the financial industry and investment processes, identifying profit opportunities for long-term investment objectives.
Trust officers and asset managers have different pay scales, as shown below.
| Trust Officer | Asset Manager | |
| Average salary | $61,493 | $85,814 |
| Salary range | Between $30,000 And $121,000 | Between $59,000 And $123,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | Connecticut | New York |
| Best paying company | Neuberger Berman | Deutsche Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a trust officer and an asset manager in terms of educational background:
| Trust Officer | Asset Manager | |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 68% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Stanford University |
Here are the differences between trust officers' and asset managers' demographics:
| Trust Officer | Asset Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 48.1% Female, 51.9% | Male, 64.3% Female, 35.7% |
| Race ratio | Black or African American, 7.8% Unknown, 4.1% Hispanic or Latino, 15.0% Asian, 8.4% White, 64.4% American Indian and Alaska Native, 0.3% | Black or African American, 7.8% Unknown, 4.1% Hispanic or Latino, 15.0% Asian, 8.9% White, 63.8% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |