We are independent & ad-supported. We may earn a commission for purchases made through our links.

Advertiser Disclosure

Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.

How We Make Money

We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently from our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.

How Do I Become an Asset Recovery Specialist?

By N. Kalu
Updated Mar 03, 2024
Our promise to you
PracticalAdultInsights is dedicated to creating trustworthy, high-quality content that always prioritizes transparency, integrity, and inclusivity above all else. Our ensure that our content creation and review process includes rigorous fact-checking, evidence-based, and continual updates to ensure accuracy and reliability.

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

Editorial Standards

At PracticalAdultInsights, we are committed to creating content that you can trust. Our editorial process is designed to ensure that every piece of content we publish is accurate, reliable, and informative.

Our team of experienced writers and editors follows a strict set of guidelines to ensure the highest quality content. We conduct thorough research, fact-check all information, and rely on credible sources to back up our claims. Our content is reviewed by subject matter experts to ensure accuracy and clarity.

We believe in transparency and maintain editorial independence from our advertisers. Our team does not receive direct compensation from advertisers, allowing us to create unbiased content that prioritizes your interests.

To become an asset recovery specialist, you must first decide whether you want to work in the finance and banking industries or the resource recovery industry. Each sector has its own requirements for asset recovery specialists, although companies in both will expect you to know the procedures for liquidating excess inventory. The finance and banking industries require more university education but the resource recovery industry usually does not require a degree beyond high school, although certified training is expected.

Within banking establishments, an asset recovery specialist works with the loan and bankruptcy department to ensure that a client's financial assets are properly repossessed and distributed. Duties may also include collaborating with a legal team to collect overdue debts. If you would like to become an asset recovery specialist for a bank, it is necessary for you to have a good understanding of and experience with bankruptcy and debt collection procedures. In addition, most banks require that you have a bachelor's degree. Asset recovery positions within larger finance-oriented banks will require you to have a bachelor's degree in finance or a related field.

Resource recovery firms usually expect their asset recovery specialists to have a high school diploma or its equivalent. In order to become an asset recovery specialist for one of these firms, you must have the appropriate training. There are a number of online programs which grant asset recovery certification. Courses cover a variety of topics relevant to the industry including skiptracing, client communication, contracts, recovery legal matters, and contracts. Recovering assets from specialized settings, such as military-owned establishments, is also incorporated into courses.

Besides education, to become an asset recovery specialist you will also need to develop excellent communication and negotiation skills. You will be dealing with people and companies who have failed to repay debts of a considerable size. This line of work is very sensitive, so it is absolutely vital that you are able to clearly yet firmly communicate the bank's or firm's position and the consequences of the client's inaction. Knowing the proper way to negotiate is also very important, as you will sometimes be called upon to negotiate new terms for a specific mortgage loan or terms related to end of life assets if the loan is insurance related.

As an asset recovery specialist you will usually have to communicate with legal professionals. Due to this interaction, remaining up to date on legal issues concerning collection and investment recovery is crucial. Maintaining a good working relationship with local legal professionals in the asset recovery field goes a long way in facilitating communication.

PracticalAdultInsights is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.

Discussion Comments

PracticalAdultInsights, in your inbox

Our latest articles, guides, and more, delivered daily.

PracticalAdultInsights, in your inbox

Our latest articles, guides, and more, delivered daily.