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Bank manager
Bank managers have overall responsibility for the efficient operation and profitability of their branch or service. This includes staff management, customer liaison, accounts monitoring, loans and other banking services.
Work activities
Bank managers work in branch and retail management, or in some form of specialist banking service. Managers working in retail branch banking must run the bank profitably and within targets set by head office. They build relationships with the business community, find out the banking needs of personal and business customers and promote the wide range of services the bank offers. This could include providing an automatic payroll service for an employer or giving advice on pension funds, investments, insurance and tax to individual customers.
Managers look at customers’ requests for loans and overdrafts (permission to draw out more money than is in the account). They decide on the conditions to attach to any loan facilities, for example, when they must be paid back. They must minimise the risk to the bank. Branch managers are also responsible for the day-to-day running of the branch, including supervision of staff, training and monitoring work practices.
Managers in specialist banking services work in a number of areas. These include:
- Corporate and commercial banking for businesses.
- Credit card services.
- Information technology.
- Providing financial services, for example, insurance.
Other managers are based at regional or head offices dealing with trusts and investments, risk management, global services, marketing, training or human resource management. At senior level, specialist managers are involved in the formulation of banking policy and undertake economic research work.
Personal qualities and skills
As a bank manager, you’ll need to be able to:
- Good communication and business skills.
- A creative approach to problem solving.
- Teamwork skills.
- Strong leadership ability.
- Good IT and numerical skills.
You’ll also need to be adaptable. Increasingly, some employers value foreign language ability.
The following future skills shortages have been identified for this industry:
- IT skills.
- Management skills.
- Business skills.
- Literacy and numeracy skills.
Pay and opportunities
Salaries vary depending on the bank, the sector and the manager’s responsibilities. Bank managers earn in the range of £24,000 a year, rising to £55,000 with experience. Salaries can increase with performance-related pay and bonuses. Other benefits could include low-rate mortgages, medical insurance, a company car and life and pension cover.
Bank managers officially work 35-40 hours per week, plus some Saturdays. However, many work extended hours, for example, to meet with clients.
Employment is with the retail banks in branch and regional offices, with investment banks and with the Bank of England. Investment bankers are based mainly in London.
Where are vacancies advertised?
Vacancies are advertised in the following places:
- Local/national newspapers.
- Job boards.
- The Government’s Find a Job service.
- Employers’ websites.
Entry routes and training
Usually, to become a bank manager, you will have to be a graduate with a good degree. It is sometimes possible to enter graduate training schemes with an HND or a foundation degree, if you have good relevant experience. Some employers will accept any degree subject, others prefer a relevant subject such as banking or financial services. Degrees which include options in accountancy, law, computing or economics could be useful. Languages could be an advantage for international banking.
Full and part-time foundation degrees are available in banking, business and finance. However, many banks also recruit non-graduates, with either GCSEs or A-levels. They will expect you to have good grades (GCSE at grades 9-4), usually including English and maths. Business studies is also a useful subject. If you are seen as a potential manager, you will receive in-service training. A good place to start is studying for The London Institute of Banking and Finance level 3 diploma in financial studies. You will need to find a college that offers this subject.
Graduates are usually recruited on to a management training scheme and follow an accelerated training programme, usually for around two years. During the programme, trainees gradually take on more managerial responsibility.
Apprenticeships also offer a route into a career as a bank manager. You could undertake a financial services administrator at level 3 (advanced level), before working your way up to a more senior level. Alternatively, you could undertake a level 6 degree apprenticeship as a chartered manager within a banking setting.
Bank managers can progress to managing larger branches and then to area manager and head office posts. The London Institute of Banking and Finance offers the BSc (Hons) degree in Banking Practice and Management for middle and senior managers. Holders of this qualification can apply for Chartered Associateship Status, and a Master’s degree.
Rehabilitation of Offenders Act: Working as a bank manager is an exception to the Rehabilitation of Offenders Act 1974. This means that you must supply information to an employer about any spent or unspent convictions, cautions, reprimands or warnings, if they ask you to. This is different from other careers, where you only have to reveal information on unspent convictions if you are asked to.
Qualifications
For entry to a degree course in any subject, the usual minimum requirement is:
- Two to three A-levels
- GCSEs at grades 9-4 in two to three other subjects.
Alternatives to A-levels include:
- Edexcel (BTEC) level 3 National qualifications.
- International Baccalaureate (IB) diploma.
For apprenticeships, the entry requirements are as follows:
- Advanced (level 3): GCSEs in English and maths.
- Degree (level 6): Two A-levels as well as GCSEs in English and maths.
Adult opportunities
Age limits: It is illegal for any organisation to set age limits for entry to employment, education or training, unless they can show there is a real need to have these limits.
While high street banks still promote individuals from their branch staff, an increasing number of successful entrants have studied at higher education (HE) level. Some new entrants have developed skills by working in customer service and supervisory management.
If you don’t have the qualifications needed to enter your chosen degree or HND course, a college or university Access course (for example, Access to Business) could be the way in. These courses are designed for people who have not followed the usual routes into higher education. No formal qualifications are usually needed, but you should check this with individual colleges.
While any degree subject can be acceptable for entry to a trainee management scheme, graduates in economics, banking, financial services, computing, accounting or business-related subjects have an advantage for certain posts and may be exempt from professional examinations.
Sponsorships for higher education study might be available from some high street banks, including scholarships involving work experience placements.
A range of colleges and universities offer degrees in banking and finance, including at Master’s level. Study can be full or part time/flexible or via distance learning.
