Towards the top of their fields, there are many things that people can do to make more money. Some people take on second jobs while others try to start a side business. Two popular paths that are becoming increasingly common are product line management and finance. It is important to know which one will pay you more.
Let’s explore what it takes to work at each of these occupations in order to discover whether your future lies in product line management or finance.
First, let’s talk about an occupation in product line management, specifically within the automotive industry. Someone who works in the product may be responsible for selecting all of the parts used in building a car. The person also helps factories find purchase orders, helps coordinate deliveries so they get to the factory on time, and assists with testing. While
this is a good example of someone conducting product line management, the pay may leave something to be desired.
The median annual income for automotive parts buyers was $47,090 as of May 2015 according to the U.S. Bureau of Labor Statistics (www.bls.gov). This means that half of all automotive parts buyers made more than $47,090 and half made less than $47,090 per year.
Now let’s take a look at how much one could potentially make in finance as an account manager. An account manager works with financial advisers and portfolio managers and ensures they have what they need for their jobs such as client lists and research materials. They also manage other administrative tasks such as filing or data entry that can help relieve some of the stress that comes with a demanding job.
The median income for account managers in finance was $51,610 as of May 2015 according to the U.S. Bureau of Labor Statistics (www.bls.gov). This means that half of all account managers made more than $51,610 and half made less than $51,620 per year.
Ultimately, if you are on a career path to becoming an account manager in finance, you will likely be on track to make more money than someone engaged in product line management at a manufacturing company would make each year by a fairly significant margin. The difference is only increasing as new technology makes it easier for companies to outsource their manufacturing needs overseas where labor costs are significantly lower.
The job requires an associate’s or bachelor’s degree in business management. It also may require knowledge of auto industry standards, skills, processes, and tools. Product line managers usually specialize in a specific area of the automotive world like procurement, production planning, logistics, demand planning, system engineering, or quality control. Depending on your specialty within product line management you could earn around $100,000/year or more
Now let’s look at finance. Financial advisers are known as being some of the highest-paid workers out there. They have to have a bachelor’s degree in finance and are required by law to pass licensing exams which even further increases their pay potential over time. They are responsible for making sound financial decisions about their clients’ money. Some of the things they may help with are asset allocation, retirement planning, record-keeping, risk management, and insurance. Because the job is so specialized they can be paid even more than all of those working in product line management.
Now that you know what it takes to work in each field and how much these workers get paid let’s summarize which one will pay you more:
Working as a finance adviser pays around $15-$20 an hour depending on your specialty and years of experience while someone working in product line management can expect to make between $100,000/year and $200,000/year.