Bank Manager Salary
Job Description for Bank Manager
The bank manager handles the day-to-day operations of a bank branch, which is usually owned and operated by a larger financial entity. They administer the bank’s policies, ensure adherence to company and legal regulations, and are responsible for supervising the other bank employees. They implement bank operations and budgets, and they are expected to run their operation in a profitable manner. The bank manager is expected to grow their branch by expanding its base of customers and ensure that the bank is marketed properly. Depending on the bank and the entity that owns it, continuing training on regulations and new requirements may be part of the bank manager’s job, and the manager should also expect to do a great deal of training to his or her own staff as well. Finally, the bank manager serves as the final authority on hiring decisions made by the bank, and should have a good working knowledge of human resource management.Read More...
Normally, a bank manager must have at least a bachelor’s degree in business, finance, or accounting. They must be familiar with the services and products offered by the bank, including all savings and lending operations. Additionally, the bank manager must possess excellent customer service skills; they are expected to set a customer service example for the employees they supervise. Additionally, they must have experience working in a bank.
Bank Manager Tasks
- Manage the daily activities of a bank branch or regional branches, including marketing, sales, HR, and bank profitability.
- Establish and maintain strong relationships with customers, the community, and business partners.
- Plan and implement strategies for bringing in new customers and improving sales of bank services.
- Supervise and motivate bank staff, and oversee the hiring, training, and performance of employees.
Branch Manager, Banking Job Listings
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Popular Employer Salaries for Bank Manager
Bank of America Corp. (BOFA), Wells Fargo Bank, J.P. Morgan Chase & Co. (JPMCC), The PNC Financial Services Group, Inc., and SunTrust Banks Inc. are among the top companies that take on many Bank Managers. The biggest paychecks can be found at J.P. Morgan Chase & Co. (JPMCC) — the median salary there is $78K; however, employees are subject to a wide range in pay, with the lowest salaries sitting near $47K and highest ones in the neighborhood of $102K. Citizens Financial Group, Inc., The PNC Financial Services Group, Inc., and Chase Bank are a few other companies that offer generous salaries, with Bank Managers earning around $76K, $70K, or $70K at each firm, respectively.
People's United Bank, BB&T Corp. and TD Bank, N.A. are three other employers with a reputation for below-average pay, showing salaries around $59K, $59K, and $60K.
Popular Skills for Bank Manager
Survey results imply that Bank Managers put a diverse skill set to use. Most notably, skills in Sales, Customer Relationship Management, Sales Management, and Business Development are correlated to pay that is above average, with boosts between 6 percent and 11 percent. Skills that seem to negatively impact pay include Mortgage Loans and Consumer Loans. Most people experienced in Customer Service also know Operations Management.
Pay by Experience Level for Bank Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Bank Managers with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. Those in the early stages of their career can expect to make around $53K; however, individuals with five to 10 years of experience bring in $60K on average — a distinctly larger sum. Bank Managers who work for 10 to 20 years in their occupation tend to earn about $63K. Individuals who have achieved more than 20 years of experience don't seem to earn much more than people who have 10 to 20 years under their belts; the more senior group reports an average income of $65K.
Pay Difference by Location
With a pay rate for Bank Managers that is 35 percent greater than the national average, San Jose offers a comfortable salary for those in this profession. Bank Managers will also find cushy salaries in Seattle (+35 percent), Orlando (+21 percent), Dallas (+20 percent), and Los Angeles (+16 percent). Those in the field find the lowest salaries in Houston, 18 percent below the national average. Employers in Miami and New York also lean toward paying below-median salaries (10 percent lower and 7 percent lower, respectively).
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Key Stats for Bank Manager
Rated 5 out of 5
based on 105 votes.