Bank Manager

Introduction

Bank managers have overall responsibility for the efficient operation and profitability of their branches or departments. This includes staff management, customer liaison, accounts monitoring, loans and other banking services.

In recent years they have been heavily involved in marketing the bank's financial products and in setting and meeting sales targets.

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Work Activities

Bank managers work in either branch and retail management, or in some form of specialist banking service.

Branch managers run their branch or group of branches within targets set by head office.

They try to find out the banking needs of personal and business customers and promote the wide range of services the bank offers. This may include providing a payroll service for an employer, arranging credit cards, investments and insurance, or advising customers on pension funds tax. They deal with loans and overdrafts and decide on conditions to attach to loan facilities. They are responsible for the day-to-day running of the branch, including organisation of personnel, training and monitoring work practices.

Managers in specialist banking services work in a various different areas, including:
• commercial and corporate banking
• information technology
• providing financial services.

Other managers are based at regional or head offices dealing with trusts and investments, marketing, training or human resource management. At senior level, specialist managers assist in policy making and research economic trends.

All managers may be responsible for recruiting, supervising and training their staff and setting targets for them to meet.

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Personal Qualities and Skills

As a bank manager you will need good communication skills both verbal and written. You should have leadership qualities and be able to motivate staff to meet targets.

You must be knowledgeable about the financial products offered by your bank, be keen to sell them and have the confidence and persuasive skills to interest customers in them.

You must be able to handle complex information, pay close attention to detail and be able to make sound decisions.

You must be completely honest and trustworthy and be able to respect confidentiality.

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Pay and Opportunities

Salaries vary depending on the bank, sector and the manager's responsibilities.

The pay rates given below are approximate.

Bank managers earn in the range of £23,000 - £30,000 a year, rising to £40,000 - £57,000. Higher earners can make around £70,000 a year, and higher salaries are possible.

Salaries may increase with performance-related pay and bonuses. Other benefits may include low-rate mortgages, medical insurance, life and pension cover.

Bank managers officially work 35-40 hours per week plus some Saturdays. Many, however, work extended hours - for example, to meet with clients.

Employment is with the retail banks in branch and regional offices throughout the UK, with investment banks (based mainly in London) and with the Bank of England.

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Adult Opportunities

It is illegal for any organisation to set age limits for entry to employment, education or training, unless they can show there is a real need to have these limits.

While high street banks still promote individuals from their branch staff, an increasing number of successful entrants have studied at higher education level.

Some new entrants have developed skills by working in customer service and supervisory management.

If you don't have the qualifications needed to enter your chosen degree course, a college or university Access course (eg, Access to Business) could be the way in. These courses are designed for people who have not followed the usual routes into higher education. No formal qualifications are usually needed, but you should check this with individual colleges.

While any degree subject can be acceptable for entry to a trainee management scheme, graduates in economics, banking, financial services, computing, accounting or business related subjects have an advantage for certain posts, and may be exempt from certain professional examinations.

Sponsorships for higher education study can be available from some high street banks, including scholarships involving work experience placements.

The Chartered Institute of Bankers in Scotland (CIOBS) offers professional qualifications by distance learning. The ifs School of Finance offers a range of relevant qualifications at certificate and diploma level, by distance learning. The ifs also offers a foundation degree in Financial Markets and Management.

A number of other centres offer relevant degree and postgraduate qualifications by distance learning.

• 9% of bank and building society managers work part-time.
• 11% have flexible hours.

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