A Review Of A Branch Manager Economics Essay
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People all across the world are familiar with and deal with banks but who keeps them running smoothly and efficiently each day. The title of a branch manager has a very important role in keeping this process going just right. Not only to branch managers oversee banks, they direct their bank branches and departments, ensure that the standard of service are kept up, work with customers and their financial problems or issues, administer the bank's operations and investments, and also look over their fellow employees. These branch managers work in a variety of levels in the banking industry. Within the industry, banks offer full service or specific types of savings, checking, loans, as well as trust fund services. Every bank in the world has a branch manager. The only thing that is different is the number of branch managers found in each location of the bank. Each branch is different so for example, a small community or local bank may only have one branch manager who is responsible for many different departments within the bank.
Branch managers are very busy throughout the day and perform many tasks. They are responsible for more tasks and decisions within the bank than most people would think. All the employees look to the branch manager when facing difficult financial issue or simple everyday inconveniences. Their main duty is to bring in new business clients and expand their customer base.
“The Branch Manager is responsible for the administration and efficient daily operation of a full service branch office, including operations, lending, product sales, customer service, and security and safety in accordance with the Bank's objectives. Develops new deposit and loan business; provides a superior level of customer relations and promotes the sales and service culture through coaching, guidance and staff motivation; achieves individual and branch sales goals through new business sales, referrals and retention of account relationships. Provides leadership, training and supervision; delegates day to day operations to the Operations Officer or other branch personnel. Responsible for attaining established Bank and branch goals through active participation in sales management and officer call programs. Participates in community affairs to increase the Bank's visibility and to enhance new and existing business opportunities. May perform duties in the absence of the Operations Officer or other such management capacities as directed by the Regional Manager.” (bankpolicies.com)
Some other job duties may include hiring employees and approving or disapproving loans and lines of credit. These people will hold interviews in their private office and decide if the person applying fits the description for the job. Each day branch managers are becoming more oriented toward sales and marketing and as a result it is important that they have a great amount of knowledge and experience within the bank.
Although only a high school diploma is needed to become a bank branch manager, it would be beneficial to the person applying to be well educated and have a college degree in business. The United States Bureau of Labor states, “Most financial managers need a bachelor's degree, and many have a master's degree or professional certification. Bank managers often have experience as loan officers or in other sales positions. Financial managers also need strong interpersonal, math, and business skills.”(www.bls.gov) As the job market becomes more rigorous day by day, many bank employers are now seeking graduates with a master's degree in the fields of business administration, economics, or finance. These people who continued their education past their bachelors have better chances of landing a banking job because they have developed analytical skills and have been taught more financial analysis methods and use of technology. However, no matter how educated a person is the most important requirement for this job is experience. Many people start as bank tellers or doing other small jobs before they start to move their way up in the ranks of the company.
As branch manager, they are subject to many benefits and perks each day. Most branch managers receive insurance, medical benefits, a pension, 401(k), and stock options. They have off on holidays and an average of 4 weeks off during the year. The general time slots for working Monday through Friday is either 8 a.m. to 5 p.m. or 9 a.m. to 6 p.m., with an hour for lunch break. Another benefit of being a branch manager is not having to punch in and out of the time clock. Therefore they do not have to keep track of how long they spend for lunch or doing other things. They often arrange their days according to what needs to get done. The average salary is $65,000 a year and that rate is flexible depending on experience or education one might have.
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