Becoming a Bank Manager is a dream for many young aspirants. But, not many have proper answers or guidance. If you are one of those passionate beings who is wondering “How to become a Bank Manager?”, this is the right article for you.
What is a Bank Manager?
Bank Managers are important professionals in Banks and other financial institutions whose main goal is to increase sales of their products like loans, acquire new customers, retain old ones and manage the banking team.
You need 2-5 years of professional working experience in banks or other financial institutions to be qualified for being a bank manager. Additionally, you also need a bachelor's degree in accounting, finance or other management-related fields (preferably).
What are the role and responsibilities of a Bank Manager?
Check these major responsibilities of a Bank Manager in a nutshell:
- Overseeing and monitoring the credit and loan approval process.
- Actively participating in the recruitment and training of new staff in the bank.
- Developing and maintaining necessary databases for proper maintenance and operation of data.
- Developing strategies and guidelines for the sustainable success of the company by building better relationships with clients, employees and associated partners.
- Participating in the formation of company goals and tracking progress.
- Fostering better relationships with customers by answering their queries and solving their banking problems.
- Ensuring accuracy and safety for all transactions and bank vaults.
Qualification required to become a Bank Manager
Besides being a major part of the finance industry, Banking is also a major part of the service industry. As a result, besides being rich in technical skills, you also need sound people skills, strategic thinking, technical skills, and customer skills.
These are the qualifications and skills you need to be a bank manager.
- Effective Communication
You will need to effectively communicate your ideas and opinions if you want to make a career in banking.
- Problem-solving skills
As a bank manager, customers, your subordinates and your seniors will come to you with their problems. You should have both the will and tendency to solve the issues of other employees and customers.
- Organizational and Technical Skills
You need skills to process data, presentation skills, slide-making skills excel skills and other skills (could be specific to the bank). Overall you need to be tech-savvy and proficient at using tools used by your organization.
- Time Management:
Should manage time and inspire the same with other team members.
- Attention to detail:
Should be able to catch minor mistakes and inconsistencies on others as well as their own task.
- Teamwork and coordination:
Bank managers should be able to work independently as well as on a team. They should also have the ability to coordinate property with junior and senior team members.
- Leadership Skills:
Since Bank Manager sometimes needs to step up and make hard decisions for the best of the company, bank managers need to have leadership attributes.
- Work under pressure
At specific times, there could be a huge flow of customers or there could be multiple tasks running concurrently. This could create pressure but bank managers should be able to work through these pressures, which are rather more frequent in management environments than not.
- Multi-tasking skills
Since you will have your own task running and you will be monitoring other tasks of the company as well, you will need multi-tasking skills.
- Numerical skills
As a bank manager, you need to have sound numerical skills-good an understanding of calculations with an ability to do simple maths (Basic calculations, multiplications, ratios, fractions, calculating margins and percentages) in a matter of moments- to make your everyday task easier.
- Analytical skills
Analytical skills will help you analyze the information without consuming much time so that you can take the best possible decisions with the data you have got.
Steps to Become a Successful Bank Manager
Check out these steps which comprehend the process to become successful bank managers in Nepal.
Get a degree (Could be a Bachelor's or Master's)
There is not just 1 degree or specialization that could help you kick-start your career as a bank manager.
A Bachelor's degree from areas of study such as finance, business administration, business management, economics, accounting etc. will help you with your career in the banking sector.
We fully understand that sometimes people understand their passion quite late in Life. Students with a bachelor's degree in engineering or another stream than a bachelor of engineering can also be bank managers.
For such students, a master's in banking and finance could be the next best thing.
These are the degrees at different levels that can help you get the necessary hard skills of a Bank Manager:
Courses in Banking
BBA in Banking and Finance
BBA in Accounting
B.Com in Banking and Finance
BCom in Taxation and Finance
Bachelor of Banking and Finance Law
Bachelor of Science in Accounting, Banking and Finance
BA (Hons) International Banking and Finance
MSc in Banking and Finance
MSc in International Banking and Finance
LLM in International Banking
MSc in Banking and Risk Management
MBA in Global Banking and Finance
Master of Banking and Finance Law
MBA in Finance Management
MCom in Taxation and Finance
PhD in Business Administration – Banking and Finance PhD in Economics/Accounting/Banking/Finance/Management Studies
- Training and earning skills
Having a degree is not nearly enough unless you have the necessary training and skillsets that you actually need during the job. The training helps you excel at your job by teaching you precise bank operations and what is expected of personnel in banking positions.
For students of different majors and academic backgrounds (other than banking and business-related), this is even more important.
Decide a Bank and bank management designation best suited for you
Be true to yourself, your level of expertise and passion and apply to the financial institution of different scales- small and local or large and national.
If you wish to be a successful bank manager, you need to love your job. So, it’s crucial that the bank you apply for meets all your requirements.
Apply for the position: Appear on the selection board if necessary
Check if you meet the requirements and apply for the positions. Some banks look for really competent candidates and also have the provision of selection exams to get the candidates who are best out of the best.
If you are applying for those banks, you need to prepare and get selected.
However, this is not the circumstance for every financial institution.
Get professional experience
Once you get hired as a bank manager or associate bank manager, you need to give in your dedication and diligence. Eventually, you will surely stand out and become a successful bank manager that a company would be proud to have.
Salary of Bank Manager
The salary of a Bank Manager depends on the level of career, type of bank, location, city country etc.
Overall, this is the range of salary received by Bank Managers.
Position and Level
Annual Salary in USD
Career as a Bank Manager
As a Bank Manager, you can find career opportunities in:
- Investment banks
- Commercial Banks
- Government Banks
- Insurance companies
You can work as a bank manager in several job positions. Some of the positions are:
- Wealth Manager
- Mortgage Broker
- Branch Manager
- Investment Banker
- Financial Planner
- Service Manager
- Loan Counsellor
- Chartered Accountant
Pros and Cons of Becoming a Bank Manager
Advantages of a Bank Manager
- Revered Job professions
- Attractive salary packages
- A lot of growth potentials and benefits from bank
- Suitable for candidates with strong ardour towards finance, accounting, management etc.
Disadvantages of a Bank Manager
- Very competitive profession
- Technical Skill is merely enough, you also need sound people, leadership and management skills.
- Work under pressure.
- How much do Bank Managers earn?
Depending on the country, and which university/ college you have graduated from, the salary of Bank Managers ranges from USD 4,000 to USD 120,000 and beyond.
- Is a management background necessary to get into banking?
Even though the preferred academic background is in business, management, finance and accounting, capable candidates from engineering, IT, Medical fields, and Pure Science can also get into a banking career.
- Is banking a good career?
With the remuneration it provides, the respect it offers and the popularity it has, Yes Banking is undoubtedly a good career pathway.
- Do I need to seat in an exam to be selected as a Bank Manager?
Not necessarily. For almost every country, you need to appear on examination for the government banks. Private and commercial banks do not have such provisions.
- Is technical skill all you need to be a Bank Manager?
Technical skills are the prerequisite for becoming a bank manager. However, if you want to make a successful career as a bank manager, you also need effective communication skills, people skills and strategic skills.