Bank Manager: Career and Salary Facts

<p>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. </p> <p>The following chart gives you an overview of what you need to know about entering this field. </p> <p /> <table border="1"><tr><td> <b>Degree Required</b> </td><td> Bachelor's degree</td></tr> <tr><td> <b>Training Required</b> </td><td> 5+ years related experience</td></tr> <tr><td> <b>Education Field of Study</b> </td><td> Economics, finance, accounting</td></tr> <tr><td> <b>Key Responsibilities</b> </td><td> Supervise branch employees, direct marketing and sales efforts, hire and train personnel</td></tr> <tr><td> <b>Job Outlook (2020-2030)</b></td><td> 17% <i>(for all financial managers)</i>*</td></tr> <tr><td> <b>Median Salary (2021)</b> </td><td> $63,174**</td></tr> </table><p><i>Source: *U.S. Bureau of Labor Statistics (BLS); **PayScale.com</i> </p> <h3 id="section---WhatTypeOfWorkCouldIDoAsABankManager">What Type of Work Could I Do As a Bank Manager?</h3> <p>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. </p> <p>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. </p> <h3 id="section---WhatTrainingWillINeed">What Training Will I Need?</h3> <p>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. </p> <p>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. </p> <h3 id="section---WhatSTheJobOutlook">What's the Job Outlook?</h3> <p>The U.S. Bureau of Labor Statistics (BLS) projected a 17% growth for all financial managers, which includes bank managers, between 2020 and 2030 (<i>www.bls.gov</i>). On the other hand, the number of bank branches continues to increase as people seek more convenience in banking, so opportunities for branch and regional managers may increase. The BLS notes that opportunities will be best for those with knowledge of the growing array of services and products banks offer, such as insurance, investment products and wealth management. </p> <h3 id="section---WhatCouldIEarn">What Could I Earn?</h3> <p>As a Banking Operations Department Manager I, you could earn a median salary of $96,115, according to December 2021 information from <i>Salary.com</i>. At this level, with a bachelor's degree and approximately six years of experience, you would be managing a bank's operations department. With eight or more years of experience, as Banking Operations Department Manager II, the median annual salary was $108,014. </p> <p>The BLS categorizes bank managers as financial managers. In May 2020, the BLS estimated the median salary of financial managers as $134,180. This figure includes other industries with financial managers, as well. Salaries will be highest for senior positions with large institutions and for those responsible for multiple locations and in large metropolitan areas. </p> <h3 id="section---WhatAreSomeRelatedAlternativeCareers">What Are Some Related Alternative Careers?</h3> <p>There are several alternative career options related to bank managers that also require a bachelor's degree. One option is an accountant or auditor. Accountants and auditors review financial documents and make sure taxes are paid on time. Another option is financial analysts which assist individuals and businesses in investment opportunities such as stocks and bonds. Finally, loan officers are also similar in that they work with customers to assess and approve loans that they need.</p>