When we talk about bank managers, we’re not talking about the high-powered, million-pound-bonus-earning head honchos who run investment banks. In fact, we’re here to talk about the plucky chaps and chapettes who manage the banks you and I can stroll into on a daily basis (except on Sundays…grrr!).
Bank managers work in two main areas of the banking industry: retail banking and commercial banking.
Retail bank managers service the general public. The transactions they are involved in are facilitated in branches across the country. However, many retailing banking operations are now carried out over the phone and via the internet too.
Commercial bank managers, on the other hand, deal with small companies and medium-sized enterprises, and provide them with banking services which help them to manage and grow their businesses.
Across the board, bank managers provide services to facilitate a variety of financial transactions and help clients to take advantage of a range of financial products, such as loans, bank accounts (e.g. savings, current, overdraft, fixed/recurring deposits and trading accounts) and cash, cheque, electronic and card transactions (e.g. deposits, withdrawals and purchases).
These guys also advise customers on utilising idle liquid cash in their accounts to earn higher interest rates or make investments in products such as insurance, shares, bonds and mutual funds.
Bank managers act as the face of the organisation in their local community. They manage junior staff, serve customers in branch, over the phone and via the internet, set sales targets for lower level employees, manage the recruitment process and complete management reports and other paperwork as required.
You can find current vacancies on our Jobs page in the Banking, Finance and Accountancy sector.
Salary & benefits
The average starting salaries for branch-based employees range between £18,000 and £24,000.
However, trainee bank managers recruited through graduate schemes are more likely to earn between £22,000 and £30,000.
As you progress through mid-level to senior management positions, you can earn anywhere between £30,000 and £150,000, depending upon the size of the bank and its network.
You’ll be required to work the standard nine-to-five office hours, partly in a customer-facing role, partly in an administrative capacity.
However, you may sometimes be required to work on Saturdays. Understandably, you won’t be expected to work on ‘bank holidays’.
Many candidates access this profession via a graduate scheme. This entry-route is open to candidates with degrees from all disciplines, not just people that have studied business or financial subjects.
These schemes, however, are rather competitive, so you will need a consistently strong academic background. Indeed, most successful candidates have at a least a 2.1.
School leavers and candidates with vocational qualifications from further education colleges can also develop a career in retail banking.
However, without a degree, it’s more likely that you’ll start in an entry-level customer service role and work your way up the career ladder.
Training & progression
As part of a graduate scheme, you’ll receive formal training in the various banking systems, products, services and functions.
You’ll also receive practical training through structured rotations across various departments such as sales and marketing, customer service, operations, credit policy and risk management.
Opportunities for career progression are strictly based on merit and driven by performance, achievement of set targets, flexibility and your willingness to move.
Experienced and talented employees can also move into non-transactional functions, such as audit and compliance, investment banking, corporate finance and insurance.
Transfers to overseas offices and other branches are also common.