Corporate banking is an aspect of banking that is tailored for large businesses, mid-market enterprises and other corporate clients. Central to its success are corporate bank account managers; professionals whose primary task is to handle all the banking needs of these customers. Here is a complete guide on how you can join this profession.
1. What Do Corporate Bank Account Managers Do?
Their duties include:
- Setting up/opening new accounts for corporate banking clients
- Studying the banking habits of corporate customers and recommending other services (like corporate loans) that can suit them
- Advising clients on deposit plans
- Executing financial transactions, such as fund transfers, on behalf of the clients
- Preparing account statements and sending them to clients
- Responding to various corporate banking questions from existing and potential customers
- Cultivating and maintaining positive business relationships with customers
- Serving as a link between corporate banking clients and the bank
- Ensuring adherence to relevant banking legislation and policies.
2. Work Environment
Corporate bank account managers work from 9am to 5pm, Monday through Friday. Depending on the bank’s opening and closing hours, some managers may work during the weekends.
They are typically based in a private, air-conditioned office within a bank’s premises, where they attend to the corporate clients.
According to Indeed, corporate bank account managers earn an average annual salary of $46,000.
4. Entry Requirements
To be a corporate bank account manager, you need an academic background in banking and finance, and some banking experience.
As such, you should begin by pursuing a bachelor’s degree in banking and finance, or financial services. You will study topics such as money and banking, financial management and international banking and finance.
Examples of universities offering this program include:
- Strayer University, Virginia
- Pennsylvania College of Technology, Pennsylvania
- Florida State College at Jacksonville, Florida
Since you need banking experience, you will certainly start in an entry-level banking position, such as bank sales associate and work your way up.
5. Important Qualities
To become an effective corporate bank account manager, you need:
- Excellent customer-service skills
- A keen attention to detail
- Strong math skills
- Commercial awareness
- Good leadership skills
- Good communications skills
- Good computer skills
- Good organizational skills
- A knowledge of banking products and investments
- Good interpersonal skills
- Good problem-solving skills
- A good judgment and decision-making ability.
6. Career Advancement
Upon getting hired as a corporate bank account manager, strive to increase client satisfaction levels. If you cannot achieve this, you will jeopardize your career advancement prospects.
To enhance your ability to serve customers competently and professionally, undertake the following activities:
- Obtain the relevant professional certification, such as the Certified Corporate Trust Professional from the American Bankers Association (ABA)
- Secure membership in the ABA to access training workshops, industry publications and other professional development opportunities
- Pursue a master’s degree in banking and finance.
7. Job Opportunities
The employers of corporate bank account managers include:
- Commercial banks
- Investment banks
With vast experience and advanced credentials, your chances of becoming the head of corporate are very strong. In time, you could become a bank manager.
See Also: How to Become a Bank Manager in the US
The Bureau of Labor Statistics projects that the employment of business and financial professionals will grow by 13 percent (faster than average) between 2012 and 2022.
So if you wish to pursue a career as a corporate bank account manager, there will be enough opportunities for you to do so. Good luck!