Bank managers are experienced and well-trained financial professionals. They take charge and steer the growth of a bank branch, which may be one of many branches run by a large corporate entity. Keep reading to discover more about joining the profession.
See Also: How to Become a Banker
1. What Do Bank Managers Do?
Their duties include:
- Supervising staff that may include operations managers, customer relations managers, product specialists, IT specialists, cashiers and clerks
- Overseeing staff training
- Strategizing on how to meet the financial or sales goals set by the bank’s corporate executives – This involves developing promotional and marketing strategies for various financial products
- Ensuring the delivery of high-quality customer care services
- Resolving escalated customer complaints
- Compiling operations reports and presenting them to senior executives
2. Work Environment
Bank managers typically work from 9am to 5pm, Monday through Friday. Some banks are open for business on Saturdays, so you can expect some weekend work.
These managers mostly spend time in their offices, from where they execute most of their duties. It is also common to find them on the banking floor monitoring operations.
According to Payscale, bank managers earn an annual average salary of $56,378.
4. Education and Training
You don’t just graduate from college and waltz into bank management. It takes years of banking and customer services experience to land this job.
To receive the best academic preparation for this job, pursue a bachelor degree in business with a concentration in banking and finance. Such a program will equip you with the knowledge of:
- Banking law
- Property investments
- Investment banking
- Monetary theory and policy
- Commercial banking and finance
- Capital markets
- Treasury management, etc.
Some of the colleges offering degrees majoring in banking and finance include:
- Atlantic International University, Hawaii
- Strayer University, Virginia
- Arizona State University, Arizona
You can also get started with a bachelor’s degree in accounting or economics.
Upon graduation, you will certainly secure an entry-level banking role, such as teller, and start the journey of rising through the ranks. To fast-track your upward movement, be sure to secure professional certifications, such as the American Bankers Association (ABA)’s Certified Lender Business Banker credential.
As you gain more experience, you will be promoted to middle-level positions such as loan manager or customer relations manager. Use the position to gain vast management experience and move into the assistant manager’s position. At this point, you can supplement your education and experience with a master’s degree in business administration to make yourself an irresistible candidate for employment as a bank manager.
5. Important Qualities
Beyond the education, you need the following skills to become a competent bank manager:
- Excellent personnel management skills
- Strong leadership skills and the ability to motivate
- Strong sales skills
- Strong customer-service skills
- Strong decision-making and problem-solving skills
- Strong business skills
- Good communication and interpersonal skills
- An awareness of trends in the banking industry
- Good computer and Internet skills
- Good math skills
- Good analytical skills for evaluating the effectiveness of the bank’s operational procedures
- Honesty and irrefutable integrity
6. Career Advancement
What next after becoming a bank manager? Ideally, you should take some time to enjoy the position you worked so hard to attain. Be careful though! Sleeping on the job will result in a demotion. The ABA offers continuing education programs that you should pursue to maintain your competence.
If you didn’t secure a master’s degree before becoming a manager, be sure to pursue it. Also, attend banking conferences to network with other bank managers and senior banking executives.
7. Job Opportunities
The employers of bank managers include:
- Commercial banks
- Microfinance banks (common in rural areas)
- Investment banks.
With vast experience as a bank manager, and particularly if the branch posts impressive profits during your tenure, you can advance to become a regional manager – a position that involves overseeing all the banks in a certain region.
According to the Bureau of Labor Statistics, there will be 47,100 new jobs for all financial managers, including bank managers, between 2012 and 2022. This represents a 9 percent job growth, just about as fast as the 11 percent average for all job.
So if you believe you have what it takes to manage an institution that operates in a very competitive industry, this could be the right profession for you!