Bank Manager

    If you are wondering how to become a bank manager, below are tips and advice on training for and beginning careers in this area of banking and finance, as well as financial services job prospects in the UK.

    The Job Description
    Bank managers run one or more retail branches of a high street bank. They are responsible for increasing their branch’s sales of financial products and services, keeping existing customers and attracting new ones.

    Typical responsibilities:

    developing a business plan
    monitoring sales targets and budgets, and producing figures and reports
    motivating staff to meet targets
    understanding the needs of individual and business customers
    maintaining brand image and corporate policies
    being responsible for staff supervision and training
    making sure that staff follow rules and procedures to prevent fraud
    dealing with any complaints
    attending meetings or conferences
    promoting the bank’s image in the local community.
    The financial services industry has changed in recent years, with stricter regulations and laws to prevent financial crime, and greater competition between banks and building societies offering similar products. This means that you would now be more likely to be involved with business planning and less likely to have direct contact with customers.

    Person Specification
    The key personal attributes of good bank managers include:

    management experience, ideally in the financial sector
    excellent communication and ‘people’ skills
    the ability to lead and motivate staff
    problem-solving and decision-making ability
    marketing, sales and IT skills
    business focus
    honesty and integrity
    willingness to work within a corporate structure.

    How to become a bank manager
    You can become a bank manager either by direct entry to a bank’s management training scheme, or after being promoted from other roles within the bank.

    To join a management training scheme, you will usually need a good honours degree (class 2:2 or above) in business studies, finance, management, economics or accounting. Some banks may accept you with a degree in another subject, or with A levels and some relevant work experience.

    Please check with colleges or universities for degree entry requirements.

    The other main way into bank management is to be promoted from a role such as senior cashier or specialist customer services adviser. You will need supervisory experience and a good track record in meeting sales targets.

    If you are aiming for management, you may help your career by taking qualifications from the ifs School of Finance, such as:

    Professional Diploma in Financial Services Management (Professional DFSM)
    Applied Diploma in Corporate Banking
    Applied Diploma in Retailing Financial Services.

    Training and Development
    As a trainee bank manager, you will usually follow a structured in-house training programme that takes around two years to complete.

    Your training is likely to include studying for the ifs School of Finance BSc (Hons) in Financial Markets and Management/Associateship, which leads to a degree qualification and Associate membership of the ifs School of Finance. You can study through block release or distance learning. To qualify for the programme, you will need an ifs Diploma-level course or an equivalent qualification. See the ifs School of Finance website for more information.

    You could also study for a Master of Business Administration (MBA) postgraduate degree.

    The Pay (a rough guide)
    Management trainees usually earn between £18,000 and £25,000 a year.
    Experienced managers usually earn £25,000 to £40,000.
    Regional and head office managers can earn £50,000 to £100,000 a year.
    Other benefits can include profit-related bonuses, subsidised mortgages, loans, pensions, shares and insurance.

    Job Prospects
    You could manage branches all over the UK. As a manager you will often be expected to relocate to other areas, so it will help your career if you are prepared to be flexible and mobile.

    Jobs may be advertised in the local and national press and on banks’ own websites.

    There is usually a clear promotion structure, from branch manager to area and regional manager. From there you could progress into operations management, or into other senior roles in the personnel, marketing or international departments of head office.

    Useful banking and financial services resources:
    Financial Services Skills Council
    51 Gresham Street
    EC2V 7HQ
    Tel: 0845 257 3772

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