Commercial Loan Manager Jobs
Business or commercial loan managers’ responsibilities vary somewhat from the business banking manager. While the business banking manager manages business bankers and develops new loans and business relationships, the commercial loan manager manages the loan portfolio of the bank. While some of the duties are similar, commercial loan managers focus more on the loans and their performance. At some smaller banks the business banking manager’s duties may include the commercial loan manager’s.
At large banks the commercial loan manager may oversee his or her department, including commercial loan processers and customer service representatives.
Business or commercial loan managers are responsible for ensuring that all employees in the department are processing commercial loans according to bank policies and federal laws. They also take responsibility for making sure that all employees that have contact with customers are providing good customer service. They may help resolve some commercial customer disputes. Business or commercial loan managers also ensure that the department is staffed appropriately.
Like the business banking manager, business or commercial loan managers may need to provide leadership and motivation. Some banks also may require the business or commercial loan manager to provide training to all new employees in the department. Depending on the bank and its size, business or commercial loan managers may also have their own customer base. If so, it is usually made up of the larger corporate customers who require extensive business and banking knowledge and expertise. At this level, banks expect that business or commercial loan managers will have the ability to form relationships with new large customers and develop new business with existing clients.
Since managing involves working closely with both employees and customers, you should enjoy working with people in this position. If you enjoy managing a team of employees, this may be the right career path for you.
According to the U.S. Bureau of Labor Statistics, the future outlook for bank managers in general is good, and the overall number of banking jobs is expected to grow over the next ten years. There may be a higher need for business or commercial loan managers in areas that are experiencing a great deal of development.
Business banking managers are expected to hold a bachelor’s degree in a field related to finance or business. Some banks prefer employees with an education in accounting or financial analysis. Often, banking institutions expect or encourage their management employees to earn a master’s degree in business administration, especially in these leadership positions.
Knowledge, Skills, and Abilities
You will need to possess quite a bit of knowledge, skills, and abilities if you want to become a business or commercial loan manager. While some banks require a slightly different skill set than others, most banks expect business or commercial loan managers to have extensive previous experience in the banking industry as well as in commercial or business loans. Most banks usually require a minimum of five years of previous experience. Managers are expected to have a thorough knowledge of banking products and services, as well as bank and federal banking regulations and policies.
Since business or commercial loan managers are responsible for managing employees, banks expect these employees to have excellent leadership skills, and be able to make decisions for the department and customers based on bank policy and products and services available. Some banks expect business or commercial loan managers to have project management skills. Depending on the bank, the manager may also be required to have excellent salesmanship skills. Business or commercial loan managers should be able to motivate their team of employees to provide excellent customer service.
Because business or commercial loan managers interact with the public on a daily basis, they should possess excellent communication skills. They also frequently juggle multiple tasks and priorities and so should have good organizational and time management skills. The ability to interact with people in a positive way is also important for business or commercial loan managers to have.
The average salary for business banking managers can vary widely from bank to bank and state to state. The average annual salary of financial managers according to the U.S. Bureau of Labor Statistics is $70,000, but that includes managers of many departments within a bank. Depending on the location of the bank, the salary can be as low as $70,000 per year and as high as $159,000 per year.
Potential Career Paths
Business or commercial loan managers have several potential career paths, especially at a large bank. If the business or commercial loan manager is managing a smaller department, he or she could be promoted to a larger, more prominent department. Business or commercial loan managers could be assigned to manage the bank’s largest corporate customer accounts. Other potential advancement opportunities for business or commercial loan managers include being promoted to executive positions such as vice president.