There are several careers in the automotive industry. However, choosing one that best suits can sometimes be an overwhelming task. But with the right information, you can always find the best career in the automotive industry. One of these is the Finance and Insurance Manager (F&I Manager). This article walks you through some reasons why you might want to pursue an F&I Manager career. But before that, it’d be a good idea first to understand what an F&I Manager is and their roles. Read on.
What Is An F&I Manager?
An F&I Manager is a person who manages the financing and insurance department of an automotive dealership. Such a person is also responsible for supervising salespersons. In addition, an F&I manager works by obtaining and reviewing customers’ credit applications. For instance, a customer wants to purchase a car through a loan, it is the F&I Manager’s responsibility to explain the details and terms of the loan to such customers. An F&I Manager also obtains the required documents and payments before cars are delivered to customers. That said, if you believe you can comfortably perform these tasks, you can consider looking at a full overview of how to become an F&I manager.
Why Pursue An F&I Manager Career?
As earlier noted, automotive is one of the most booming sectors in the modern world. Therefore, anyone experienced in F&I management can more likely find employment. Pursuing a career as an F&I manager may also be one of the best ways to earn a consistent income. Some of the reasons you should consider an F&I manager Career include the following:
Marketability
There are several careers you can consider choosing from. However, you could reap more benefits by selecting a marketable career. This is important because when you choose a career that’s not marketable, you can end tarmacking for several years or fail to secure any employment at all. That’s where an F&I manager career comes in. Most entrepreneurs establish automotive businesses daily. Therefore, the demand for F&I managers is rising. So, you won’t get it wrong by pursuing an F&I management career. You’ll more likely secure employment. Apart from that, many other sectors are always looking forward to employing F&I management graduates. So, even if you fail to secure employment in the automotive sector, you can always fit in other industries. Some of these include real estate, banking, and retail. However, if you want to increase your chances of employability, you must study from a recognizable institution. This is because most employers require you to have a professional certificate from a recognizable school.
Minimal Risks
Working in some other sectors can involve a lot of risks and hazards. For instance, if you decide to work in the construction industry, you risk getting injured and harmed by the hazards in a construction site such as sharp objects and harmful chemicals. This can negatively impact your health. Besides, when injured, you can incur a lot of costs in terms of medical bills, thus affecting your finances. Apart from that, if you decide to work in other sectors like retail, you must be prepared to work for long hours, including holidays. You can avoid all these hassles by pursuing a career in F&I management. An F&I Management task doesn’t involve any dangerous tools. Therefore, you’re likely to ensure your safety. Also, most F&I managers work for only eight hours a day, Monday to Friday. Therefore, you won’t be worried about working for long hours.
Dynamism
As earlier noted, the automotive sector is growing at a fast rate. Besides, the finance and insurance sector keeps on changing. So, a law that governed the automotive or finance, and insurance industries a few months ago might not be useful today. For that reason, you need to keep researching and updating yourself about the current laws and trends in the automotive sector. This dynamism may help boost your knowledge and understand new market developments, thus allowing you to hone your career.
High Salary
Apart from selling cars, F&I managers also sell car insurance policies. This can help a particular car dealership to generate a lot of revenue. F&I managers are always compensated for their hard work through salaries, commissions, and other bonuses. Although F&I managers’ compensation varies from one company to another, their average salary is very high. Therefore, if your objective is to earn a high salary and gain your financial freedom faster, the best bet could be to pursue a career in F&I management.
Job Security
Another reason why you might want to pursue a career in F&I management is because of job security. As earlier noted, today, most people continue to buy vehicles. So, most automotive businesses are not likely to be closed down. Therefore, you’re likely to retain your job for the longest time possible. And even if you lose your current job, you’re guaranteed to secure another employment from another firm.
Form New Interactions
If you’re the kind of person who likes forming new interactions, then you can consider an F&I manager career. More and more people are purchasing vehicles every day. Therefore, as an F&I manager, you’re likely to meet with new people more often. This enables you to form new interactions and gain new ideas and cultures from diversified customers. Besides, forming new interactions enables you to strike sales deals, thus boosting revenues in the car dealership business. However, you must ensure you’ve got better communication and association skills.
Takeaway
F&I management is one of the best career opportunities you can consider in the modern world. This is because of its marketability. Besides, pursuing a career in F&I management helps minimize your risks, allows you to gain more knowledge, and enables you to form new interactions. However, before pursuing this career, you first need to determine whether it’s the right one for you. You may achieve this by working and consulting with a career counselor.
