Last Updated: May 2nd, 2022 by
Career Shortcuts
Working in a bank is great for those who crave a sense of community in the workplace, love interacting with customers, and enjoy the luxuries of having an office job.
If you currently work in a bank or similar financial institution, and are ready for the next step, then a bank manager position may just be what you have been looking for.
Bank tellers and bank associates usually graduate to the position of bank manager once they have adequate experience in their field of expertise. A promotion to bank manager is an exciting step up in the corporate financial world of banking.
This job is suitable for those who like to serve in the public sector, as bank managers spend much time dealing with customers and overseeing their own staff. Bankers also play an important role in society by investing and lending money.
Visit our Career Guide for a list of all our job insights for an in depth look at the new career path you are considering.
Roles
Bank managers have many roles, and are in charge of all operations of their bank. This includes ensuring that the tellers have enough cash for the day, and that the automatic teller machines are working.
They must ensure that their branch is adhering to the financial institution’s policies and legal regulations. They also supervise loan officers, tellers, and other bank employees, and implement strict conduct codes.
Bank managers are accountable for the profitability of their branch, and act as marketers by recruiting new customers. They also make sure that their firm has a visible presence within their community.
Bank manager’s duties extend to training new employees, updating their staff on new requirements, and deciding on new hires. Bank managers should therefore have adequate knowledge about human resources.
Bank managers typically have a bachelor’s degree in finance, accounting, or business and have substantial knowledge about their bank’s products and services.
Check out our article on Banking Jobs to explore other roles in the industry.
Bank Manager Salaries
So, how much does a bank manager make?
On average, an experienced bank manager in the United States makes a competitive salary of $64,700 a year, equivalent to $30 an hour.
It’s also common for senior bank managers to earn upwards of six figures a year. An entry-level manager makes as much as $55,800 a year.
Many bank managers also earn commission, bonuses, and performance incentives.
Bank manager’s salaries are a step up from bank teller’s annual income. Of course, where you hold this position in the United States also dictates how much money bank managers make per year, and per hour.
Here are the annual salaries of the top five highest paying cities in California according to Ziprecruiter.com.
- San Jose: $74,835
- Oakland: $73,985
- Hayward: $72,434
- Vallejo: $71,918
- Concord: $71,765
Along with California, New York, Florida, Texas, Georgia, and Illinois are the highest paying bank manager states.
Some of the top employers hiring now for bank managers include JP Morgan Chase & Co, Citigroup, Bank of America, Comerica, and Academy Bank.
Bank Manager Skills
Although anyone has the capacity to become a bank manager, certain training and skills are required before diving straight in.
Communication
An essential part of being in a management position is possessing optimum communication skills. This guarantees that your establishment’s functions run smoothly, and cohesively.
Bank branch managers also communicate frequently with customers and higher management, and therefore must have a high level of communication skills.
Leadership
Bank managers oversee many employees, and must encourage their team to keep up the good work. With strong leadership experience, bank managers are able to delegate work within their branch, and motivate their team.
Customer Service
Bank managers regularly meet with customers to discuss issues, changes, and tough questions. With customer service experience, managers are able to build strong relationships with their customers, and maintain sales goals.
Organization
Bank managers may have to carry out countless tasks throughout the day, and can be constantly busy with little or no time for breaks.
Appropriate organization skills lead to the completion of all day-to-day tasks required of the branch manager.
Networking/Marketing
Networking within bank branches brings on new customers and new business. Bank managers must be comfortable with regular networking and building connections.
They may also be required to attend conferences, and other events to meet potential clients.
Attention to Detail
As with strong organization skills, bank managers must be able to pay close attention to detail. They are responsible for overseeing that all financial information is recorded correctly to track funds, and account for customer documents.
Bank Manager Benefits
If you are still on the fence about accepting that promotion to the bank manager position, perhaps the benefits offered will encourage you.
Banking firms often offer an excellent variety of benefits. Some of these benefits include vision, dental, disability and medical insurances as well as sick leave, vacation time, retirement plans, tuition assistance programs, and more.
Bank managers also have a flexible schedule, and time off on nights, weekends, and for the holidays.
Some bank managers also have the opportunity to be promoted to an even higher position within the company such as an executive position. Those already working in the financial institution field tend to have a higher promotion rate than an outside hire.
Other Bank Positions
So, should you be a bank manager?
If you have decided after reading this article that perhaps the bank manager position is not for you, there are quite a few other options within the banking industry. These range from entry level jobs to more established and professional positions.
Bank Teller
These are customer service representatives who handle deposits, withdrawals, and other financial transactions. They also answer customer questions, and adhere to their administrative duties. No college education is required.
Loan Clerk
Loan Clerks assist with borrower paperwork to issue loans, and work with clients to review the accuracy of their loan application form.
Billing Specialist
This position is responsible for managing the clinical database and billing systems. They maintain claim inquiries, denials, and checks, and take charge of developing and sending bills to customers.
Accountant
An Accountant reviews all finance related information, and prepares the bank’s finance reports. They are responsible for all records on financial assets and liabilities. They do not deal with customers, only the bank that employs them.
Mortgage Consultant
This position is in charge of completing real estate transactions, and acts as the mediator between the lender and the borrower. They must have extensive knowledge about the loan process, and advise their clients in applying for and choosing a loan.
Read our related article on How to Become a Mortgage Underwriter. You’ll discover everything you need to know to start and succeed in this career path.
Foreign Exchange Clerk
These clerks inform their clients about buying and selling foreign currency. They handle cash, and are responsible for recording all foreign exchange transactions. They must be able to compare the records with the actual amount of cash.
Financial Advisor
Financial Advisors help individuals make decisions with investments and insurance. They assess the financial needs of their clients, and advise them according to their short and long-term goals. Their main work is helping clients budget for education, and save for retirement.
These are just a few other banking position options. Other career alternatives are accountants, auditors, and financial analysts outside of the banking industry.
Read our related article on How to Become a Finance Manager and take the jump into this lucrative career.
Conclusion
How much does a bank manager make? Bank managers make enough money to live comfortably. They will have surplus income after paying bills and taxes, and enough free time to spend with their families.
A bank manager will never miss a Christmas or Thanksgiving holiday, and even has extra time to coach their child’s soccer team.
A bank manager role is perfect for those who have a higher education degree, and are ready to climb up the executive ladder with more promotional opportunities.