A minimum of a bachelor’s degree in a business or finance-related subject area is required to become a trust officer. A master’s degree in business administration (MBA) is also recommended for those interested in working in the field. Individuals interested in working as a trust officer should consider applying for an internship with a senior trust officer. The administration of trust accounts is complicated, and on-the-job training is a reliable way to gain real-world experience managing trust accounts. Internships are frequently unpaid, but they can provide valuable career experience.
A trust officer works for a company that provides trust services, such as a trust company, bank, or money management firm. He or she oversees the management and administration of trust accounts to ensure that they are administered in accordance with current laws. Working in the financial services industry, and perhaps even more so becoming a trust officer, necessitates a well-rounded education in business, economics, or finance. Understanding this job will be aided by obtaining a degree that covers the trust accounting process. It is possible to work as a trust officer with a non-business or non-math-focused degree, but those with an undergraduate degree in more relevant subjects have a better chance of finding work.
Most employers require trust officers to conduct sales in addition to administering trust accounts. If this is the case, the trust officer will most likely have sales targets to meet and will be responsible for bringing new business into the bank or firm; anyone interested in becoming a trust officer should have prior sales experience. Trust officers frequently act as financial advisors to their clients, assisting them with financial and estate planning. Because the duties and responsibilities vary by institution, those interested in working in trust account services should be familiar with a wide range of finance-related topics. It’s also beneficial to have a good understanding of the probate process.
Although a license is not required to work as a trust officer, some people pursue trust and financial advice certification. Because obtaining certifications often necessitates passing a comprehensive exam that assesses trust knowledge, they can confer prestige on trust officers. Individuals who are certified typically keep their certification by attending continuing education classes on current trust topics. Not all certifications are created equal; before paying for certification courses or exams, do your homework on the certifying agency.