What kind of training and certification is necessary to become an investment manager?

Right off the bat you will need to consider a MBA. While there are some investment managers that don't have one, the majority do and if you want to be able to compete for those jobs it would be in your best interest to do so. In addition, you must get the CFA. This is a very rigorous course that has had a traditionally low pass rate.

The leading certification for investment management is the CFA (which stands for Chartered Financial Analyst). The CFA program consists of three six-hour exams (the first one you can take in December or June of every year, and the next two exams are only held in June) and you will also need to satisfy a work requirement. It requires a lot of self-study (a lot of reading!), but if you are passionate about investing this is the way to go - it is also far less expensive than an MBA!

Beyond college, there are additional degrees and certifications you may want to pursue for a career in investment management. However, I am a portfolio manager overseeing billions of dollars...and I don't have either of these things. Instead, your focus in college should be taking business classes (finance, accounting) and learning more about the types of jobs available in investment management. Most firms who hire undergraduates provide both formal training and expect tons of learning on the job.

After you have worked for a couple of years in the field, that is the time to consider options such as enrolling in an MBA degree program or studying for the CFA exam.