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.
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.