Business Banking Management Jobs
Business banking managers are heads of business banking departments within banks.
Business banking managers develop the department’s sales goals and ensure that the team of business bankers meets those goals.
Business banking managers manage all business bankers, making sure that they are developing good relationships with their business customers, and coaching those who need it. They may help resolve some customer disputes. Business banking managers also ensure that the department is staffed appropriately. Business banking managers also make sure that the department is in compliance with all bank and federal banking policies and procedures.
It is the business banking managers who provide leadership and motivation. Some banks also may require the business banking manager to provide training to all new business bankers. In addition to his or her leadership responsibilities, business banking managers will also have their own customer base, usually made up of the larger corporate customers who require extensive business and banking knowledge and expertise. At this level, banks expect that business banking 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 if you intend to become a business banking manager. If you enjoy a sales atmosphere, working with businesses, developing relationships, and 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 banking 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 education in accounting or financial analysis. Some 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 banking manager. While some banks require a slightly different skill set than others, most banks expect business banking managers to have previous experience, usually at least a two to three years, of working in a bank as a business banker. Managers are expected to have a thorough knowledge of banking products and services, as well as bank and federal banking regulations and policies.
But that’s just the beginning. Because business banking managers are responsible for managing employees, banks expect business banking managers to have excellent leadership skills, and be able to make decisions for the department and customers based on bank policy. Some banks expect business banking managers to have project management skills as well as excellent salesmanship skills. Business banking managers should be able to motivate their team of business bankers to meet departmental sales goals.
Because business banking 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 banking 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 manages according to the U.S. Bureau of Labor Statistics is $70,000, but that includes managers of other 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 $138,000 per year.
Potential Career Paths
Business banking managers have several potential career paths, especially at a large bank. If the business banking managers is managing a smaller department, he or she could be promoted to a larger, more prominent department. Business banking managers could be assigned to manage the bank’s largest corporate customer accounts. Other potential advancement opportunities for business banking managers include being promoted to executive positions such as vice president.
Since sales, especially business banking sales, are integral to a bank’s success, very successful business banking managers may eventually be promoted to leadership positions within the top hierarchy of the bank.