Building Society Manager

Introduction

Building society managers have overall responsibility for the efficient operation and profitability of their branch.

In recent years the emphasis has been increasingly on marketing the society's financial products and meeting sales targets. They also compile reports and statistical data for head office and interview prospective home owners to assess their suitability for a mortgage loan.

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Work Activities

Building society managers are in charge of the efficient operation and profitability of their branch or group of branches.

They generate new investments by visiting business contacts to market various investment schemes. They set and encourage the staff to meet sales targets. They may supervise, train and appraise staff, though many of the routine matters relating to staff welfare and work practices are often delegated to an assistant manager.

Managers also advise investors on the merits of each type of account. They interview prospective home owners to assess their suitability for a mortgage loan and advise them of the financial implications of any decision. They liaise with surveyors, solicitors, bankers and brokers when arranging property transactions. They also compile reports and statistical records for head office.

Building societies and banks now offer very similar types of accounts and services. Building society managers must be familiar with a wide range of financial services including estate agency, insurance broking, stocks and shares, as well as credit cards, cheque book accounts and service till facilities.

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Personal Qualities and Skills

To be a successful building society manager, you need good communication skills both verbal and written. You must have leadership qualities and be able to motivate staff to meet targets.

You must understand the financial products offered by your society, be keen to sell them and have the confidence and persuasive skills to interest clients in them.

You must be able to handle complex information, pay close attention to detail and 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 building society and the manager's responsibilities.

The pay rates given below are approximate.

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.

Building society managers usually work 35-40 hours per week plus some Saturdays.

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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.

Some applicants have a commercial or financial background. Some new entrants have developed skills by working in customer service and supervisory management.

While building societies still promote individuals internally, an increasing number of successful entrants have studied at higher education level.

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. They may also be exempt from certain professional examinations.

The Chartered Institute of Bankers in Scotland 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. They also offer a foundation degree in Financial Markets and Management.

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

• 5% of bank and building society managers work part-time.
• 5% have flexible hours.

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