How Do I Become an F&I Manager?

Finance and insurance managers play an important role in the operation of a car dealership. There are several paths you can take to become an F&I manager. However, it is generally in your best interest to attend an automotive finance school if you are hoping to begin a career in F&I management. 

Other Options

A career as an F&I manager requires a portfolio of skills and a solid base of knowledge. It will take time and effort to build the skills and knowledge you need in order to be successful in this job. If you are not comfortable with the idea of attending a trade school, you may be able to get the background you need by working as a car salesman. In most cases, you will be able to get a job as a car salesman with only a high school diploma. However, it may take many years working as a car salesman before you have the knowledge you need to move into an F&I management position. 

In rare cases, you may also be able to find a job as an F&I manager by doing some independent study and applying for the position outright. However, this path is becoming less common, so it may be difficult to find a dealership willing to hire you for the F&I department without training, credentials or a significant background in sales.

About Automotive Finance School

Automotive finance school offers you the fastest and most effective path to a career in F&I management. When you attend auto finance school, you will spend your time focused on developing the skills you need to be a successful F&I professional. Some of the topics you will study in auto finance school include:

  • The basic auto sales process – Before you can work in F&I management, you must be able to understand the auto sales process. One of the goals of your training will be to teach you about the basics of this process. 
  • Financing of vehicles – As an F&I manager working for an auto dealership, you will be responsible for helping buyers to finance their vehicles. For this reason, you will need to understand the financing process in detail. 
  • Interpretation of credit reports- An important part of the financing process involves the interpretation of buyer credit reports. A good auto finance education program will teach you how to read and understand this information. 
  • Use of relevant technology – In order to be effective as an F&I manager, you will need to know how to use several software programs. During auto finance school, you will learn how to use these programs properly so you can be comfortable with them when you begin your new job. 
  • Laws and regulations – Multiple state and federal laws and regulations apply to the sale and financing of motor vehicles. Part of your auto finance education will be focused on understanding these laws and regulations and how they affect your job. 
  • Handling objections – One of your most important tasks as an F&I manager will be to sell the extra products and services the dealership offers, which brings in a large portion of dealership profits. In order to fulfill this role successfully, you will need to know how to handle objections from buyers. 

Benefits of Attending an Automotive Finance Trade School

Automotive finance school is not the only option available for people who hope to begin a career in F&I management, but it is typically the best option. Auto finance school can be completed in a relatively short amount of time, allowing you to enter the field much faster. In addition, because you will receive credentials after you complete an appropriate automotive finance training program, prospective employers are more likely to take you seriously. Furthermore, you will be better prepared for a successful career as an F&I manager if you complete an auto finance program, as you will have a chance to learn everything you need to know before you take on your first position. 

Studying F&I Management at Automotive Dealership Institute

Automotive Dealership Institute has been the only licensed finance and insurance institution in the nation for over 32 years. We offer a comprehensive training program that will help you build a solid base of knowledge and develop all the skills you need in order to become a successful F&I manager. Not only will you spend time learning in a classroom environment with our program, but you will also have an opportunity to hone your skills by practicing with real-world deals. 

ADI’s program takes only four weeks to complete. After you graduate from our program, we will be happy to help you find your first job. In fact, more than 90 percent of our graduates are able to find a suitable position within 90 days of completing the program. Please contact us today to learn more or to begin the enrollment process. 

Veterans and F&I Training: A Path for Success

Following their time in the military, many veterans decide to enter the civilian workforce. Veterans may decide to work in order to earn income, fill their time and/or feel more productive. Regardless of the reason you decide to find a new job, selecting the right career path can be a challenge. For many veterans, a career in automotive finance and insurance management may be the best choice. 

About Automotive F&I Management

An auto dealership’s finance and insurance department is responsible for some of the most important aspects of the vehicle purchase process. The professionals who work in this department will spend time helping buyers to secure the financing they need in order to purchase the vehicle of their choice, as well as making sure the purchase is properly insured. This process involves many calculations and extensive paperwork. F&I managers also attempt to sell some of the dealership’s more lucrative products, such as vehicle purchase add-ons and extended service contracts. Because these products make up a significant portion of the dealership’s overall profits, F&I managers must be able to sell them effectively. 

In order to be successful as an F&I manager, individuals must possess certain characteristics. For example, skilled F&I managers are typically good with numbers, as they must perform intricate financial calculations on a daily basis. Effective F&I managers will also have an in-depth understanding of the auto purchasing and financing process, as well as excellent interpersonal skills. F&I managers need to be able to build trust and rapport with buyers quickly. 

F&I Management for Veterans

For veterans looking to transition into the civilian workforce, F&I management is an ideal choice. This career path does require training, but the amount of time you must spend in training is short when compared to most other options. In addition, F&I managers have the potential to earn a high income. Most auto dealerships pay their F&I managers a combination of salary and commission. Commission payments will be based on the extra products sold, giving F&I managers an opportunity to boost their earnings considerably if they can move these products well. In fact, the average income for professionals working in this field exceeds $140,000 per year, making this one of the most lucrative job options for veterans. 

Training for Veterans Entering F&I Management

In order to become an effective F&I manager, veterans who are planning to enter this field need to seek the appropriate training from a reliable institution. Without this training, you won’t have the best chance of achieving success in your new career. The purpose of F&I training is to provide you with all the knowledge and skills you need to work in this field. For example, during your training program, you will learn about the details of the car financing process. You will also practice interpreting credit reports and making some of the intricate calculations you will need to make on a daily basis. In addition, you will practice other valuable skills, such as interpersonal interaction and sales skills. 

At Automotive Dealership Institute, we have been training F&I managers for more than three decades. We have also been the only licensed F&I trade school in the nation during this time. With our training program, veterans can finish their training and enter the field in as little as four weeks. This short program will give you all the resources you need to begin a successful F&I management career upon graduation. 

Following the program, veterans will be trained and certified to work in virtually any F&I department in the United States. In addition to offering an ideal training experience for prospective F&I managers, our institution is also proud to offer job placement assistance in every state across the country. With our assistance, more than 90 percent of our graduates are able to find a suitable F&I management position in the first few months following completion of the program. 

Funding for Veterans in F&I Training

One of the greatest advantages for veterans who want to enter the field of F&I management is the availability of funding. Veterans who qualify for educational benefits under the Post 9/11 GI Bill® can use their benefits to pay for training at Automotive Dealership Institute. These benefits can be used to cover nearly all of the expenses associated with the training program, including the program’s tuition, additional fees and book costs. If you need to relocate in order to attend the program, these expenses may be covered as well. 

At Automotive Dealership Institute, we have personnel who are dedicated to helping veterans use their benefits under the Post 9/11 GI Bill to pay for their F&I management training. With our help, you can find out whether you qualify for these benefits, complete the application process and have the benefits sent to our institution with ease. If you are interested in accessing your benefits under this bill, contact Automotive Dealership Institute today and we will help you get started. We are also available to answer any other questions you may have about our F&I management training program. 

Post-9/11 GI Bill® Benefits Overview for 2020

Since 1944, the United States has passed a series of bills that have helped members of the military pay for their education. The GI Bill makes it significantly more affordable for those who have honorably served the country to get the training and degrees they need to further succeed.

The Post 9/11 GI Bill® offers a variety of benefits for members of the military and their families. Let’s explore how this bill can help service members.

Who is eligible for the Post 9/11 GI Bill?

Members first become eligible for benefits through the Post 9/11 GI Bill when they complete 90 days of aggregate service after September 11, 2001. The longer they serve, the more benefits they become eligible for. Once a member of the military reaches 36 months of service, they become eligible to receive 100 percent of the G.I. Benefits. You will need to either be an active duty service member or an honorably discharged veteran to receive the benefits.

If you served for 30 continuous days on active duty but then had to be discharged due to a service-related injury, then you also receive 100 percent of the benefits through this bill. Similarly, anyone who received a Purple Heart, regardless of how long they served, receives 100 percent of the eligible benefits.

Those who qualified for their benefits before January 1, 2013, will need to use their benefits within 15 years of qualifying. However, this time constraint was removed for those who earned their benefits after the beginning of 2013.

With the Post 9/11 GI Bill, service members also have the option of transferring their unused benefits to a family member. This means that spouses or children can receive help with their career training or college education if their military parent or spouse does not need to use the benefit funds.

What does the Post 9/11 GI Bill help with?

The Post 9/11 GI Bill helps those who have honorably served to pay for their education. The money from these benefits can help obtain a variety of different types of education. Those who want to pursue secondary education and earn either an undergraduate or graduate degree can use the funds to do that. 

The Post 9/11 GI Bill can also be used to help with vocational or technical training, on-the-job training, licensing and certification reimbursement, entrepreneurship training, flight training, and other forms of accredited, reputable job training options.

Those using these funds to help them pay for their degree can use the funds for up to 36 months. In addition to providing tuition costs and book costs, many former military members can also use the funds here for a monthly stipend to help them afford housing expenses. Certain qualifying members can also use the funds to relocate, particularly if they live in a very rural region and would need assistance getting to the area of their school.

Your position within the military will impact the type of benefits you can receive. For example, if you are still active duty, you or your spouse generally cannot receive the monthly housing allowance or relocation benefits. Veterans, however, can receive these benefits.

With the GI Bill, you can receive up to the full resident tuition for public schools of higher learning or career training. Since all public schools have to offer their resident tuition rates to veterans who have been out of the military for less than 3 years as well as the dependents who are using the benefits transferred to them, this means the bill will cover the full tuition cost.

You do have the choice of attending a private school. In this situation, however, the benefits will pay a maximum amount, which currently is set at $24,476.79. The difference in tuition the student will need to make up themselves. 

The housing allowance that many military members also qualify for is based upon where the student attends most of their classes. This means the amount can vary from location to location.

What is the Yellow Ribbon Program?

The Yellow Ribbon Program is the name of a provision included in the Post 9/11 GI Bill. It is designed to help students who may find themselves facing extra out-of-pocket expenses that were not covered by the standard tuition benefits. 

This program is not offered at all schools, only those that have entered into an agreement with the VA to offer it. Not all students will qualify for these additional benefits. Those who want to take advantage of these additional benefits should investigate if their desired school offers these programs and what qualifying factors would apply.

What those interested in the Post 9/11 GI Bill should do

Veterans or active-duty military members and their dependents who want to take advantage of the incredible opportunity offered by the GI Bill should carefully review the qualifying training and degree programs and consider what fields might appeal to them. Look at the schools that offer their desired degree programs and training opportunities and make sure that the institution is legitimate and qualifies to receive GI Bill funds. 

Those interested in going back to school should think about the potential fields that fit them well on a personal level. They should also uncover potential opportunities that would offer them financial stability and a strong market for finding jobs.

We find that these traits often entice many people to investigate the automotive F&I industry. These jobs offer an average salary of $142,855 and strong job placement rates, as car dealerships across the country want to find professionals who can help them negotiate deals and manage the finances of selling cars.

The Post 9/11 GI Bill makes it easier for members of the military and their dependents to make the transfer to civilian life. Consider what jobs might fit you best and see how this bill can help you achieve your dreams.