Bank manager

A bank manager

Description

Bank managers oversee the management of one or several bank activities. They set policies which promote safe banking operations, ensure the economic, social and commercial targets are met and that all the bank departments, activities and commercial policies are in compliance with legal requirements. They also manage employees and maintain an effective working relationship among the staff.

Bank managers typically do the following:

  • Manage the whole branch of the bank they work in
  • Manage all the different departments that are in the bank
  • Hire and train new staff for the bank
  • See that all the security measure are in place as banks are vulnerable to robberies and break ins
  • Review the security footage in case there has been a break in
  • Assign duties to the employees and place them in the appropriate departments
  • Take report from each department at the end of the day
  • Keep a watch on the cash transaction that are taking place
  • Tally the balance of the cash at the end of each day
  • Look into complaints by the customers and solve them as quickly as possible
  • Train the staff in how to behave with the customers
  • Approve all the major money transactions that are taking place in the bank after checking all the documents thoroughly
  • Balance all the books at the end of each financial year

Working conditions

Bank managers have a high level of interaction with staff or customers. They always work indoors, in clean, well-lit offices.

Bank managers usually work regular business hours, although they may be required to work evenings and weekends to meet with customers or to attend meetings. They may travel often to attend conferences or meet customers, but also to visit other branches of their company.

Bank managers may experience some stress due to the responsibility of handling large sums of money and making decisions that could affect the financial well-being of the bank and its customers.

Other titles

The following job titles also refer to bank manager:

regional bank manager
corporate bank manager
banking operations manager
bank executive officer
financial institution branch manager
bank branch manager
financial services branch manager
bank branch administrative manager
bank director
bank business development manager
retail bank manager

Minimum qualifications

A bachelor’s degree is the minimum required to work as a bank manager, preferably in a field related to banking or management, such as economics, finance, marketing, management, or accounting. A master’s degree in business administration (MBA) is not a must, but it seriously increase the likelihood of being hired.

Another way to reach the position of bank manager is to join a bank in a customer service role, and climb the ladder one by one to that role. In that case, additional trainings in management and other banking activities may be necessary. To follow this route, a high school diploma is the minimum.

In both cases, the role of bank manager is a senior position, that requires an extensive experience in other banking functions.

Certifications

Bank managers are required to obtain a bank manager’s license through their country’s banking authority. Requirements and procedures for obtaining a license will vary from country to country.

ISCO skill level

ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:

  • the nature of the work performed in an occupation in relation to the characteristic tasks and duties
  • the level of formal education required for competent performance of the tasks and duties involved and
  • the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.

Bank manager is a Skill level 4 occupation.

Bank manager career path

Similar occupations

These occupations, although different, require a lot of knowledge and skills similar to bank manager.

credit union manager
relationship banking manager
branch manager
bank treasurer
department manager

Long term prospects

Bank manager is one of the highest roles in a bank

Essential knowledge and skills

Essential knowledge

This knowledge should be acquired through learning to fulfill the role of bank manager.

  • Business management principles: Principles governing business management methods such as strategy planning, methods of efficient production, people and resources coordination.
  • Banking activities: The broad and continuously growing banking activities and financial products managed by banks ranging from personal banking, corporate banking, investment banking, private banking, up to insurance, foreign exchange trading, commodity trading, trading in equities, futures and options trading.
  • Financial statements: The set of financial records disclosing the financial position of a company at the end of a set period or of the accounting year. The financial statements consisting of five parts which are the statement of financial position, the statement of comprehensive income, the statement of changes in equity (SOCE), the statement of cash flows and notes.
  • Financial management: The field of finance that concerns the practical process analysis and tools for designating financial resources. It encompasses the structure of businesses, the investment sources, and the value increase of corporations due to managerial decision-making.
  • Corporate social responsibility: The handling or managing of business processes in a responsible and ethical manner considering the economic responsibility towards shareholders as equally important as the responsibility towards environmental and social stakeholders.
  • Securities: The financial instruments traded in financial markets representing both the right of property over the owner and at the same time, the obligation of payment over the issuer. The aim of securities which is raising capital and hedging risk in financial markets.
  • Accounting techniques: The techniques of recording and summarising business and financial transactions and analysing, verifying, and reporting the results.
  • Financial analysis: The process of assessing the financial possibilities, means, and status of an organisation or individual by analysing financial statements and reports in order to make well informed business or financial decisions.
  • Investment analysis: The methods and tools for analysis of an investment compared to its potential return. Identification and calculation of profitability ratio and financial indicators in relation to associated risks to guide decision on investment.
  • Financial jurisdiction: Financial rules and procedures applicable to a certain location, whose regulatory bodies decide on its jurisdiction

Essential skills and competences

These skills are necessary for the role of bank manager.

  • Manage budgets: Plan, monitor and report on the budget.
  • Enforce financial policies: Read, understand, and enforce the abidance of the financial policies of the company in regards with all the fiscal and accounting proceedings of the organisation.
  • Analyse market financial trends: Monitor and forecast the tendencies of a financial market to move in a particular direction over time.
  • Strive for company growth: Develop strategies and plans aiming at achieving a sustained company growth, be the company self-owned or somebody else’s. Strive with actions to increase revenues and positive cash flows.
  • Control financial resources: Monitor and control budgets and financial resources providing capable stewardship in company management.
  • Manage staff: Manage employees and subordinates, working in a team or individually, to maximise their performance and contribution. Schedule their work and activities, give instructions, motivate and direct the workers to meet the company objectives. Monitor and measure how an employee undertakes their responsibilities and how well these activities are executed. Identify areas for improvement and make suggestions to achieve this. Lead a group of people to help them achieve goals and maintain an effective working relationship among staff.
  • Analyse business objectives: Study data according to business strategies and objectives and make both short-term and long-term strategic plans.
  • Ensure compliance with company regulations: Guarantee that employees’ activities follow company regulations, as implemented through client and corporate guidelines, directives, policies and programmes.
  • Analyse business processes: Study the contribution of the work processes to the business goals and monitor their efficiency and productivity.
  • Create a financial plan: Develop a financial plan according to financial and client regulations, including an investor profile, financial advice, and negotiation and transaction plans.
  • Follow the statutory obligations: Understand, abide by, and apply the statutory obligations of the company in the daily performance of the job.
  • Develop an organisational structure: Create and develop the organisational structure of a group of people working together to realise the goals of the organisation.
  • Analyse financial performance of a company: Analyse the performance of the company in financial matters in order to identify improvement actions that could increase profit, based on accounts, records, financial statements and external information of the market.
  • Safeguard bank reputation: Protect the standing of a public or private bank by following the guidelines of the organisation, communicating to stakeholders in a consistent and appropriate manner and by taking into account the opinions of different stakeholders.
  • Impart business plans to collaborators: Diffuse, present, and communicate business plans and strategies to managers, employees making sure that objectives, actions, and important messages are properly conveyed.
  • Delegate activities: Delegate activities and tasks to others according to the ability, level of preparation, competence and legal scope of practice. Make sure that people understand what they should do and when they should do it.
  • Plan health and safety procedures: Set up procedures for maintaining and improving health and safety in the workplace.
  • Get involved in the day-to-day operation of the company: Collaborate and perform hands-on work with other departments, managers, supervisors, and workers in different aspects of the business from preparing accounting reports, envisioning the marketing campaigns up to having contact with clients.
  • Assume responsibility for the management of a business: Adopt and assume the responsibility that entails running a business, prioritising the interest of its owners, the societal expectation, and the welfare of employees.
  • Analyse financial risk: Identify and analyse risks that could impact an organisation or individual financially, such as credit and market risks, and propose solutions to cover against those risks.
  • Align efforts towards business development: Synchronise the efforts, plans, strategies, and actions carried out in departments of companies towards the growth of business and its turnover. Keep business development as the ultimate outcome of any effort of the company.
  • Follow company standards: Lead and manage according to the organisation’s code of conduct.
  • Make strategic business decisions: Analyse business information and consult directors for decision making purposes in a varied array of aspects affecting the prospect, productivity and sustainable operation of a company. Consider the options and alternatives to a challenge and make sound rational decisions based on analysis and experience.

Optional knowledge and skills

Optional knowledge

This knowledge is sometimes, but not always, required for the role of bank manager. However, mastering this knowledge allows you to have more opportunities for career development.

  • Financial products: The different types of instruments that apply to the management of cash flow that are available on the market, such as shares, bonds, options or funds.
  • Contract law: The field of legal principles that govern written agreements between parties concerning the exchange of goods or services, including contractual obligations and termination.
  • Mortgage loans: The financial system of acquiring money by property owners or prospective property owners, in which the loan is secured on the property itself so that the property can be repossessed by the lender in the absence of payments due by the borrower.
  • Business loans: Loans which are intended for business purposes and which can either be secured or unsecured depending on whether a collateral is involved. The different types of business loans such as bank loans, mezzanine finance, asset-based finance, and invoice finance.
  • Tax legislation: Tax legislation applicable to a specific area of specialisation, such as import tax, government tax, etc.
  • Marketing principles: The principles of managing the relationship between consumers and products or services for the purpose of increasing sales and improving advertising techniques.

Optional skills and competences

These skills and competences are sometimes, but not always, required for the role of bank manager. However, mastering these skills and competences allows you to have more opportunities for career development.

  • Guarantee customer satisfaction: Handle customer expectations in a professional manner, anticipating and addressing their needs and desires. Provide flexible customer service to ensure customer satisfaction and loyalty.
  • Conclude business agreements: Negotiate, revise, and sign mercantile and business documents such as contracts, business agreements, deeds, purchases and wills, and bills of exchange.
  • Ensure lawful business operations: Comply with legislation in the daily operations of a company.
  • Report on overall management of a business: Prepare and present periodic reports on the operations, achievements, and results obtained during certain period to higher level managers and directors.
  • Advise on investment: Assess the customer’s economic goals and advise on the possible financial investments or capital investments to promote wealth creation or safeguarding.
  • Show an exemplary leading role in an organisation: Perform, act, and behave in a manner that inspires collaborators to follow the example given by their managers.
  • Synthesise financial information: Collect, revise and put together financial information coming from different sources or departments in order to create a document with unified financial accounts or plans.
  • Evaluate performance of organisational collaborators: Evaluate the performance and results of managers and employees considering their efficiency and effectivity at work. Consider personal and professional elements.
  • Recruit personnel: Carry out assessment and recruitment of personnel for the production.
  • Abide by business ethical code of conducts: Conform and follow the ethical code of conducts promoted by companies and businesses at large. Ensure that operations and activities do comply with the code of conduct and ethical operations the supply chain throughout.
  • Advise on financial matters: Consult, advise, and propose solutions with regards to financial management such as acquiring new assets, incurring in investments, and tax efficiency methods.
  • Manage financial risk: Predict and manage financial risks, and identify procedures to avoid or minimise their impact.
  • Negotiate with stakeholders: Negotiate compromises with stakeholders and strive to reach the most beneficial agreements for the company. May involve building relationships with suppliers and customers, as well as ensuring products are profitable.
  • Hire new personnel: Hire new personnel for a company or organisation payroll via a prepared set of procedures. Make staffing decisions and direct selection co-workers.
  • Shape corporate culture: Observe and define the elements in the corporate culture of a company in order to reinforce, integrate and shape further the codes, values, beliefs and behaviours aligned with the company’s aims.
  • Consult credit score: Analyse the credit files of an individual, such as credit reports which outlines a person’s credit history, in order to assess their creditworthiness and all the risks that would be involved in granting a person a loan.
  • Monitor national economy: Supervise the economy of a country and their financial institutions such as banks and other credit institutions.
  • Build business relationships: Establish a positive, long-term relationship between organisations and interested third parties such as suppliers, distributors, shareholders and other stakeholders in order to inform them of the organisation and its objectives.
  • Offer financial services: Provide a broad range of financial services to clients such as assistance with financial products, financial planning, insurances, money and investment management.
  • Train employees: Lead and guide employees through a process in which they are taught the necessary skills for the perspective job. Organise activities aimed at introducing the work and systems or improving the performance of individuals and groups in organisational settings.
  • Liaise with managers: Liaise with managers of other departments ensuring effective service and communication, i.e. sales, planning, purchasing, trading, distribution and technical.

ISCO group and title

1346 – Financial and insurance services branch managers


References
  1. ESCO
  2. Bank Manager – Working Conditions – IllinoisWorkNet
  3. Bank Manager Job Description: Salary, Duties, & More – ClimbtheLadder
  4. Bank Manager Job Description and Duties – Best Sample Resume
  5. Featured image: Photo by Shipman Northcutt on Unsplash
Last updated on July 4, 2022