Becoming a bank manager is a great way to make more money and be more fulfilled in your job. As the economy rises and falls, banks may be hiring at higher rates than other industries. Read on to learn how to become a bank manager!
how to become a bank manager
One of the aspirations most people hold is to become a bank manager. People aspire to achieve this because it comes with a good salary, great benefits and excellent job security. The road to becoming a bank manager is not an easy one, however with hard work and dedication anyone can make it. Here are some tips to help you get started on your path to becoming an effective bank manager.
What Is a Bank Manager?
Bank managers supervise all bank personnel, possibly across several branches if you are a regional manager. They also arrange financial statements and reports. They are responsible for making sure all legal requirements are met, making financial decisions and finding ways to cut costs. Bank managers are also responsible for overseeing employees to ensure they are completing financial reporting and budgeting correctly.
The following chart gives you an overview of what you need to know about entering this field.
| Degree Required | Bachelor’s degree |
| Training Required | 5+ years related experience |
| Education Field of Study | Economics, finance, accounting |
| Key Responsibilities | Supervise branch employees, direct marketing and sales efforts, hire and train personnel |
| Job Outlook (2020-2030) | 17% (for all financial managers)* |
| Median Salary (2021) | $63,174** |
Source: *U.S. Bureau of Labor Statistics (BLS); **PayScale.com
What Type of Work Could I Do As a Bank Manager?
Bank managers are responsible for all operations of their branch office. As a bank branch manager, you would supervise loan officers, tellers and all other employees of your site. You’ll generally be responsible for hiring, training and scheduling personnel. You may also direct marketing and sales efforts specific to your location and represent your bank in the community. In many banks, you’ll be responsible for meeting goals such as increasing customer deposits and increasing assets in the form of loans as well as maintaining a certain reserve level.
Regional managers may have a territory of branches to oversee. This may be the next step for you after working as a branch manager. You might also go on to manage certain products or services for a bank, or a department such as the operations department for a larger bank or financial services group. At all levels, you’ll be expected to provide leadership, build customer relationships and monitor sales efforts.
What Training Will I Need?
You’ll generally need a bachelor’s degree to become a bank manager. Business courses will be especially applicable. Experienced employees are usually promoted from within. Many banks offer their own learning programs. Continuing education programs offered by the industry will be an important part of your career growth. You’ll need to understand all facets of the bank’s operations and be familiar with all of its products and services.
In larger branches, or for other senior bank management positions, a master’s degree in business administration may be expected. You should possess excellent computer skills, as banking has become increasingly reliant on technology. You’ll also need to be able to pass the background checks required of those who are to be entrusted with large sums of money.
In order to become a bank manager, a person usually has to be educated in the field of accounting or finance. This education often falls under the business degree category. The next step is to gain experience in an accounting firm or bank, which usually is done by working an entry-level position there. Depending on how quickly a person can learn and grasp concepts, they could advance to a bank teller position and then eventually become a bank manager.
