Growth Trends for Related Jobs
Marketing is a constantly changing field that offers diverse career paths for college graduates and experienced professionals. Though a marketing department’s strategy might differ across industries, the marketing fundamentals and tools used to educate consumers and promote brands are the same. Marketing managers who work in banks utilize their skills to build value for consumers and businesses looking for financial services and advice on how to manage their money.
A marketing manager working in the banking field has a wide range of tasks, depending on her skill set and experience. For example, marketing managers who work in corporate banking are responsible for coordinating and enforcing branding guidelines and standards across departments and business lines. These professionals focus on generating ideas and content for sales collateral, advertising, external websites and printed signage for events. Other duties include conducting competitive analysis, organizing direct mail campaigns, sending business and news updates to banking clients and managing online promotions.
Banking marketing managers require a bachelor’s degree in marketing, business administration, communications studies or a related field. Some banks prefer applicants with a Masters in Business Administration (MBA) degree for more senior level positions. Students who are interested in pursuing a marketing career that leads to a marketing manager position should take courses in business administration, public affairs, political science, advertising, technical writing and public speaking.
One of the most essential skills needed in a banking marketing manager role is the ability to develop marketing strategies and successfully create and execute marketing programs targeted to institutional, business and consumer clients. Candidates seeking a banking marketing manager position should know how to create business and marketing plans and be knowledgeable about various promotional marketing tools. In addition, banking marketing managers need to have excellent writing, presentation, project management, problem-solving and leadership skills. A proficiency in basic computer applications such as Microsoft Word, PowerPoint and Excel are required.
According to the U.S. Bureau of Labor Statistics (BLS), the median annual wages for marketing managers were $108,580 in May 2008. An April 2010 PayScale salary report states that the median salary for a marketing manager working in financial services is between $51,505 and $83,384.
A May 2008 report published by the BLS predicts that marketing managers will experience a 12 percent increase in jobs during the 2008 through 2018 decade. Job growth for marketing management positions will be driven by the introduction of new products and services in the global marketplace. Furthermore, the rise of Internet marketing and social networking websites will spur a demand for professionals with creative and fresh ideas for promoting company brands online.