12 Steps How To Become A Bank Manager

(doylc.com) How To Become A Bank Manager - A bank manager is responsible for all aspects of a branch bank: leading the banking team, increasing sales of financial products such as loans; and attracting new customers. Salaries range from $40,000 to $80,000 per year depending on location. It's a good job, but not for everyone. To be successful, you need to combine people skills with financial know-how. And to get the job, you must first acquire the appropriate skills and experience, establish yourself in the banking industry, and build a professional network.

• Decision to become a bank manager

1. Know what a bank manager does. The main responsibilities of a manager are: 1) to promote the bank in the community to attract businesses; 2) to recruit and train personnel; 3) set sales and lending targets; 4) to pass on information from higher positions (regional managers or vice presidents), such as B. Lending standards or specific products to be marketed; and 5) to report the branch's performance to higher authorities. CVTips offers this as a typical daily routine for a bank manager:

08:00: Daily staff and management meeting.

8:30 am: Office correspondence and administration.

09:00 Meeting with local businesses regarding loans.

9:12 am: IT system problems.

10:00 am Discuss customer complaints with customers.

10:30 am: Office correspondence and administration.

10:45 am: Mortgage restructuring meeting.

11:30 am Audit Committee Meeting Regarding Major Delinquent Accounts.

1 p.m.: Lunch.

1:10 pm The customer requests to see the manager.

2:00 p.m. Meeting with the manager of the debt collection agency.

3-5 p.m.: Credit approvals with six clients.

5-6pm: Office correspondence and administration.

2. Consider if you have the personality to be an effective bank manager. To be a good bank manager you need to be good with numbers and finance, but even more important is a "People People" as a manager's primary job is to foster and maintain positive relationships with customers and employees .

3. Note the career path for bank managers. The average bank manager makes about $50,000 per year, with prospective managers making closer to $40,000, although these numbers vary by region. The next career step is vice president and branch manager, then regional manager.

A vice president and bank executive earns an average of $67,000 per year.

Regional managers earn an average of $106,000 per year.

Regional presidents, who are responsible for all branches in a given area, earn an average of $176,000 per year.

• Acquiring the necessary qualifications and skills

1. Get a college degree. Almost all banks require a degree in finance, accounting, business administration or a related subject. During your studies you should take courses in business administration, finance, economics, accounting, marketing and communication in order to optimally position yourself for the job. Attractive candidates also have an MBA in finance or accounting; in fact, some banks require them.

2. Complete additional coursework. Completing specialized coursework on various regulations or aspects of banking can improve your chances of being hired as a manager and lead to faster advancement. You can complete coursework through professional banking associations:

The Banking Administration Institute offers online courses on specific regulations, as well as certifications in auditing, underwriting (checking and approving loans), and anti-money laundering.

The Mortgage Bankers Association offers classroom and online courses covering all aspects of residential and commercial mortgage origination, as well as certifications in underwriting, lending and servicing, commercial servicing and the prestigious Certified Mortgage Banker designation.

The American Bankers Association, which caters specifically to small home banks, offers online courses leading to a branch manager certificate.

3. Work in a bank. To become a manager, you usually need at least 2 years of experience, preferably 5. You can start with internships or part-time jobs in college to gain experience. Many prospective managers start out as loan officers or in accounting before progressing to assistant manager and then manager.

4. Acquire the necessary skills. Because bank managers are responsible for all aspects of a bank, they require a wide range of skills and knowledge.

In-depth knowledge of the financial and banking sectors, particularly in the areas of personal credit, commercial credit and mortgages.

Knowledge of the current rules and laws of the banking sector.

Understanding of marketing and sales techniques.

The interpersonal skills needed to hire, train and manage employees.

Ability to deal with clients in a tactful and confidential manner.

• Get the job

1. Work your way up through the ranks. Bank clerk is not an entry-level job. One of the most common ways is to work your way up through multiple jobs at a branch to get a feel for how the bank works. Any position in a bank can lead you to becoming a manager, although as a leader in lending you have a particularly good place to apply for the job.

2. Attend a manager training program. Many banks have training programs for students who have just graduated or those who are just starting their careers. These programs typically provide training and place you in a specific area within the bank, e.g. B. finance and accounting, corporate banking, retail banking or mortgage banking. Further training is offered and after a few years you can apply for a managerial position.

3. Network with other bankers. If you don't want to wait until your bank's manager retires, you should network with other bankers in your area, especially those in our same company if you work for a large bank. That way, when a position opens up, the people who are hiring will think of you.

Join a professional network like the Career Bankers Association or the Bank Administration Institute.

Use continuing education courses to learn, but also to make contacts.

Visit public events such as the opera, speeches or balls.

Use your alumni network and take part in alumni events.

Select an important local non-profit organization that you would like to get involved with and use it as a vehicle to connect with both the community and potential contacts.

4. Get the most out of your network. Simply handing out and collecting business cards at these events is not enough. To get the most out of your contacts, you need to take care of them:

Keep a list. Create a spreadsheet with the contact information of people you respect and would like to work with in the future. Depth is more important than breadth. Save these spots for people who want to help you as much as you want to help them.

plan aftercare. Add entries to your calendar reminding you to follow up on your contacts every two or three months. Ask them how they are doing and if there is anything you can do to help. Helpfulness is the best way to maintain contacts.

Stay in touch in other ways. Share blogs or messages that you think your contacts would enjoy. Connect with them on LinkedIn and track their status. If they get promoted, congratulate them. If they are fired, offer support. If you have a common pastime, send them articles about it. Thank them if you follow their advice and it helps.

5. Keep an eye on job boards. Ideally, your network will notify you of job openings, but to make sure you've got all your bases covered, you should also regularly check job boards or set up an alert to notify you when interesting positions open up. You can find the best job banks on websites that cater specifically to the banking industry, such as the American Bankers Association or the Bank Administration Institute.