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Banks serve as a community resource for financial capital, money management and investing. Each bank has a branch manager who oversees the day-to-day functionality of the bank and its employees. Before an employee can become a manager he must first go through a trainee program. Compensation for bank management trainees can vary significantly depending on a number of factors.
A bank manager has many responsibilities. In addition to overseeing individual branch performance, including sales and operations, the bank manager must train and manage the bank's assistant branch manager, personal bankers and sales and service associates. Branch managers are also expected to be on the floor interacting with employees and clients on a daily basis. Likewise, the manager should work toward branch growth and customer retention by developing and cultivating long-term business relationships with bank clientele.
Banks are usually structured to hire from within, so its is common for bank manager trainees to have worked with the bank for many years before being promoted. Most bank manager training programs last for six months and include a combination of classroom, e-learning and self-study courses. Trainees also work with experienced bank managers and personal bankers to gain hands-on experience. Trainee compensation often corresponds with bank size and location, with large urban banks paying the most.
To become a bank manager an employee is typically required to have at least two years of financial sales management experience in retail banking. As a result, most bank manager trainees work as assistant bank managers after completing bank manager training. Management candidates should have strong communication skills, as well as excellent analytical and problem solving skills. Preference is typically given to those candidates who have a bachelor's degree. According to Careerbliss, the average salary for branch manager trainees is $42,000.
Banking is an increasingly commercial- and profit-oriented industry. Therefore, the greater the amount of profits a bank has the higher the wage it can offer its branch manager trainees. At smaller banks like American General and National City, trainee salaries may be anywhere from $29,888 to $38,000. Aat Citifinancial and Citigroup, part of the Citi banking conglomerate, salaries tend to be in the $37,000 to $55,000 range. At a prestigious urban bank like JP Morgan Chase, salaries may be as high as $71,000 a year.
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