Bank Vice President (VP) Salary
A Bank Vice President (VP) earns an average salary of $78,569 per year. Most people in this job have more than five years' experience in related jobs.
Job Description for Bank Vice President (VP)
The main responsibility of a bank vice president is to determine who they should and shouldn’t loan money to. They will sit down with potential customers and find out what they need a loan for. Then they must do thorough checks to find out if the person is a good investment, or if the person has a bad credit rating and should be avoided.Read More...
After the loans are in place, the vice president will then handle the servicing duties of the loans. This will include all of the required paperwork and legal documents, as well as developing a relationship with new customers. Being able to build relationships with people is one of the best skills a bank VP can have. All banks are based on the almighty dollar, but what can set one apart from the others is a feeling of personal connection to the people who work there. The more money the bank VP can loan out to the right types of clients, the more money the bank will make. Therefore, being able to develop good relationships may not only ensure repeat clients. It also can get people talking about how good the bank is, which may draw in new customers.
Other tasks a bank VP will have are coming up with new strategies to generate funds and communicating them to the board of directors. The VP will also prepare budgets and analyze all of the financial reports. As far as how to get a job as a bank VP, that can differ from bank to bank. A degree in finance certainly would help. However, many bank VP's got their start in entry-level positions at the bank, but they showed a knack for banking skills and got promoted up the ranks.
Bank Vice President (VP) Tasks
- Report department activities to upper management, oversight committees, and clients.
- Develop bank policies and procedures for department under supervision and ensure all policies and regulations are followed.
- Supervise the managers and staff of a department. oversee projects, and act as a contact point for clients.
- Establish relationships with clients and identify marketing opportunities.