Bank Manager
What is the work like?
As the manager of a bank or building society, you would run all aspects of business in one or more retail (high street) branch. You would be responsible for increasing the sales of financial products and services in your branch, maintaining customer relationships and attracting new customers.
Your work would involve:
- 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 company'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 it is now more likely that you would be more involved with business planning than having direct contact with customers.
What qualifications and experience will employers look for?
You could join a bank or building society through its management training scheme, or alternatively work your way up to branch manager from other jobs within the bank.
To join a management training scheme, you will often need a good honours degree (class 2:2 or above) in business studies, finance, management, economics or accounting. Check with colleges or universities for degree entry requirements. Some banks may accept you with a degree in another subject, or with A levels (or equivalent qualifications) and some relevant work experience. You should check entry requirements with individual employers.
The other main way into management is to be promoted to an in-house management training programme from a customer service role. For this you will normally need supervisory experience and a good track record in meeting sales targets.
If you are aiming for promotion into management, you may help your career by studying part-time for 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.
See the ifs School of Finance website for more details.
What further training and development can I do?
As a trainee manager, you will follow a structured in-house training programme that usually 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.
You could also study for a Master of Business Administration (MBA) postgraduate degree.
Where can I go for more information?
IFS House4-9 Burgate Lane
Canterbury
Kent
CT1 2XJ
Tel: 01227 818609
London
EC2V 7HQ
Tel: 0845 257 3772
York House
23 Kingsway
London
WC2B 6UJ
Tel: 020 7520 5900
Alternatively, you can visit our website at: www.direct.gov.uk/careersadvice
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What salary and other benefits can I expect?
- Management trainees usually earn between £18,000 and £25,000 a year.
- After training, this can rise to around £26,000 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.
Figures are intended as a guideline only.
What are the hours and working conditions?
In a retail bank branch you would usually work 9am to 5pm, Monday to Friday, with some Saturday mornings. Part-time work and job sharing may be available.
You would be office-based, but spend some of your time attending meetings. If you are responsible for several branches in an area you will need to travel regularly between them. Formal business dress is expected.
What skills and knowledge will I need?
- 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.
What opportunities are there?
You could manage retail 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.
There is 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 head office.
Jobs may be advertised in the national and financial press, employers' own websites and graduate recruitment sites. You may also find the following links useful for job vacancies and general reading (links open new window):
E-financial Careers
Financial Times
Financial World
We do not accept responsibility for the content of external sites.
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