A bank manager is in charge of all aspects of a branch bank, including managing the banking team, increasing sales of financial products, and attracting new customers.Depending on the location, salaries range from $40,000 to $80,000 per year.It is a good job but not for everyone.You need to combine people skills with financial know-how to be successful.To get the job, you need to acquire the appropriate skills and experience, establish yourself in the banking industry, and build a professional network.
Step 1: Know what a bank manager does.
The main tasks of a manager are: 1) to promote the bank in the community in order to attract business; 2) to hire and train personnel; 3) to set sales and lending goals; and 4) to pass on information from higher ups.A typical daily schedule for a bank manager is 8AM: daily staff and management meeting.Office correspondence and administration start at 8:30AM.Meeting with local business about a loan.There are IT systems problems.Customer complaint meeting with clients.10:30AM: Administration and office correspondence.There is a mortgage rescheduling meeting.The auditor’s committee met to discuss major delinquent accounts.1PM: Lunch.The client wants to see the manager.2PM meeting with debt collection agency managerThere are loans approvals with six clients.Office correspondence and administration take place in the evening.
Step 2: If you have the right personality, you can be a good bank manager.
Since the main job of a manager is to promote and sustain positive relationships with customers and staff, you need to be a people person.
Step 3: There is a career path for bank managers.
The average bank manager makes about $50,000 a year, with beginning managers making closer to $40,000, though these numbers do vary by region.Next is to become a vice president and branch manager.A bank manager makes an average of $67,000 a year.Regional managers make a lot of money.Regional presidents make an average of $176,000 annually.
Step 4: You can get a college degree.
Most banks require a degree in finance, accounting, business administration or a related field.Business, finance, economics, accounting, marketing, and communications are some of the courses you will want to take while in college.Some banks require attractive candidates to have an accounting or finance degree.
Step 5: Extra course work should be completed.
If you do specialized course work covering various regulations or aspects of banking, you can improve your chances of being hired as a manager and lead to faster promotion.The Banking Administration Institute offers online courses covering particular regulations, as well as certificates in auditing, risk assessment (reviewing and approving loans), and anti-money laundering.The prestigious Certified Mortgage Banker designation is offered by the Mortgage Bankers Association, as well as certificates in residential underwriting, loan origination and servicing, and commercial servicing.The branch manager certificate is offered by the American Bankers Association, which caters to small hometown banks.
Step 6: People working in a bank.
You will need at least 2 years of experience to become a manager.You can get experience in college with internship or part-time jobs.Before becoming a manager, many future managers work as loan officers or in accounting.
Step 7: Acquire the skills you need.
Bank managers need a broad set of skills and knowledge because they are in charge of all aspects of the bank.Detailed knowledge of the financial and banking sector, particularly in the areas of personal loans, commercial loans and mortgages.The banking sector has rules and laws.An understanding of sales and marketing techniques.Interpersonal skills are needed to hire, train, and manage employees.The ability to deal tactfully with customers.
Step 8: You have to work your way up through the ranks.
Bank manager is not an entry level job.You can get a feel for how the bank operates by working your way up through multiple jobs at a branch.Being a leader in loan generation will put you in a good position to apply for a manager position in the bank.
Step 9: There is a training program for managers.
Many banks have training programs for students just out of college.These programs usually place you in a given track within the bank, such as finance and accounting, corporate banking, retail banking or mortgage banking.After a few years, you can apply for a management position.
Step 10: Network with other bankers.
If you don’t want to wait until the manager of your bank retires, you should network with other bankers in your area and those in the same company as you work for a large bank.The people doing the hiring will think of you when a position comes up.The Career Banker Association and the Bank Administration Institute have professional networks.Career development courses can be used to learn and make contacts.Civic events include the opera, speeches, and balls.Attend alumni events if you have an alumni network.To connect with the community and possible contacts, choose an important local non-profit to get involved with and use it as a means.
Step 11: You can get the most out of your network.
Business cards aren’t enough at these functions.To get the most out of your contacts, keep a list.If you want to work with people you respect in the future, make a spreadsheet with their contact information.Broadness is more important than depth.These spots should be saved for people who want to help you as much as possible.Schedule a follow-up.You should put entries in your calendar to remind you to follow up with contacts.If you can help out in any way, ask them how they are doing.Being helpful is the best way to get to know someone.Stay in touch with other people.You should pass along news stories to your contacts.Keep track of their status by connecting to them on LinkedIn.Congratulate them if they are promoted.Offer support if they are laid off.Send them articles about your recreational activity.If you take their advice, thank them.
Step 12: Keep an eye on the job banks.
To make sure you have all your bases covered, you should check the job banks regularly or set up an alert to notify you when jobs of interest come up.The best job banks can be found on websites that cater to the banking industry, like the American Bankers Association or the Bank Administration Institute.