Education and Training: Bachelor’s degree
Average Salary: $53,000
Job Outlook: Good
Branch managers tend to be in charge of particular branch of a firm, which is generally a financial firm or bank. It is their responsibility to supervise all the staff, and they have responsibility for all aspects of that particular branches’ operation. It is their job to ensure their financial advisers offer clients a good service, and they must adjudicate when any disputes arise. They are responsible for making sure that performance levels are met, and may also oversee the hiring and firing of staff.
A branch manager is responsible for making sure the firm has a visible presence within the community, and this may involve taking part in community events and charitable activities. Depending on the size of the branch, a branch manager may also delegate certain aspects of their job to more junior management staff.
A good branch manager will have excellent communication skills, will enjoy dealing with the public and feel comfortable handling money. They also need to have good math skills.
Education and Training Requirements
A bachelor’s degree in business administration or a degree with some business administration component is a necessary qualification for a branch manager. A lot of branch managers also have master’s degrees in business administration, and may have a background in accounting.
Getting the Job
Anyone wishing to become a branch manager will need to have a good degree, although it will greatly help their prospects if they have an advanced degree such as an MBA. There will need to prove they have good leadership skills, and will almost certainly have gained management experience in a lesser position. If you already work for a financial institution and are looking to become a branch manager then it’s essential to appear enthusiastic and willing to learn, and you should accept all opportunities for additional training offered by your employer.
Banks will often provide additional training to staff, and will encourage them to take extra classes on financial management and banking, and to gain extra qualifications and certification. The majority of employers will pay for these educational courses. The banking industry is also heavily reliant on technology, so a good understanding of computer systems and software can help greatly.
Job Prospects, Employment Outlook and Career Development
Job prospects for branch managers are expected to be reasonable, and the deregulation of the industry has allowed banks to offer a wide variety of insurance and financial products which were previously prohibited to them. Branch managers may also choose to work for other financial institutions such as insurance companies or independent financial advisory firms, who also offer a wide range of products and services.
Career development for a branch manager will generally depend on the size of the firm, as an experienced production manager could expect to be in charge of larger branches, and will therefore be in charge of many more staff. Some branch managers could expect to be promoted to higher executive and management positions, and banking and financial institutions frequently like to promote people from within the firm rather than advertised outside.
Working Conditions and Environment
Working conditions for a branch manager are good, as they enjoy a comfortable office setting and will generally only be required to work regular office hours. It may sometimes be necessary to attend meetings at the head office, or with clients. Some people may find this job stressful as they will be required to manage others and make important decisions which could have far reaching ramifications if they are incorrect.
Salary and Benefits
The average salary of a branch manager is $53,000, although many will learn a lot more while some will earn less. In general the pay scale ranges from $35,000 up to $80,000 annually. The majority of branch managers will also receive a bonus which will be closely related to the success of their branch. This management role will incur benefits such as comprehensive dental and health insurance, paid vacations, and contributions to retirement plans.
Where to Go for More Information
Bank Administration Institute
115 S LaSalle St., Ste. 3300
Chicago, IL 60603
Federal Reserve System
20th St. and Constitution Ave. NW
Washington, D.C. 20551