Would you like to be a Bank Manager? If so, this article is going to help you. You’re going to read about the subject here – how to become a Bank Manager?
A bank manager is accountable for all elements of a branch bank: managing the banking team, improving economic products such as loans, and attracting new clients. It’s a good job, but for everyone it isn’t. You will need to combine people’s skills with financial expertise to be successful. And to get the job, you’ll need to acquire the right skills and experience first, establish yourself in the banking industry, and build a professional network.
How to become bank manager?
A bank manager’s position of such importance and responsibility naturally needs a person who has the attitude, ability and knowledge to perform and perform the duties expected of him in the best way with maximum efficiency and outcome.
In India, a bank manager post is generally not a post of entry. One has to register at a reduced level post and after obtaining work experience and in-house training and placing in some minimum years of service at different reduced levels, the bank entrusts managerial responsibility to an appropriate individual after testing and/or interviewing the appropriate parameters.
There are usually two methods to become a bank manager:
- Entering the bank as an employee assistant or clerical executive and then advancing with internal promotions.
- Entering as a direct recruiting bank officer or Probationary Officer (PO) or Management Trainees (MT) and then advancing to become manager after a few years of service, or advancing to different scales of officer post and advancing to different Managerial scales.
We will discuss how to become a manager on the PO recruitment and inner advancement path; you have to become a bank officer first.
Bank Probationary Officers Recruitment
There are currently two primary streams for recruitment of Probationary Officers after undergoing multiple adjustments in recruitment processes.
- Recruitment by selection by the Institute of Bank Personnel Selection from the IBPS examination.
- Common IBPS exam is conducted for many participating banks.
- IBPS conducts PO examination for a particular bank as per requirement of that bank. Most of the public sector banks follow either (a), and State Bank of India recruits by (b).
- Banks are connected to certain universities that train the chosen applicants in PG diploma or MBA in banking and then absorb the successful applicants at the officer level. This has been performed by banks like Indian Overseas Bank, Bank Of Baroda, Syndicate Bank, Kotak Bank, ICICI Bank.
- The banks of the new generation private sector pursue the method of direct recruitment. They allow applicants to register their profile on the websites of the bank. Then they call these applicants for testing or interviewing and employ them as and when the vacancies occur.
Minimum qualified academics to be hired as a bank officer
Graduation is the current fundamental educational qualification for a Bank Probationary Officer application. Some banks also apply for MBA directly in banking and finance.
The IBPS PO/MT tests are on the following:
- Quantitative Aptitude
- English Comprehension
- General Awareness with focus on Banking
- Computer Basics
You can find out more about IBPS exams and PO / MT recruitment interviews from the Common Recruitment Process for Probationary Officers / Management Trainees.
The advertisements are announced in all main journals and employment magazines, apart from the IBPS website and the relevant bank websites.
How to become Bank Manager after joining as Officer
In most banks, POs are provided in different centers and departments on work training to make them thorough with overall banking elements. They are then entrusted with autonomous functioning as assistant directors in the I Junior Management Scale of a segment or department. Some banks perform a test as a pre-confirmation test and promotion exam at the end of the training cum probation period. They are then promoted to Junior Management Scale II or maintained at Scale I after the exam as results.
Bank branches are also classified as Scale I, Scale Ii, Scale II, and so on. In the appropriate grade branches, the confirmed officers of the appropriate scale can then be published as bank managers.
Remuneration of Bank Managers
There is a well-established salary structure and other benefits in public sector banks and old private sector banks. They are up to now as per the salary settlement system called bi-party settlements in which the Officers ‘ member banks and member trade unions negotiate and accept and approve with the Indian Banks Association and the Government of India, the Banking Department, the Finance Ministry.
To be a bank manager, there are not many additional advantages. A bank manager receives the same compensation as in that bank’s wage structure. Some advantages are provided in some banks, such as certain reimbursements. In many banks, there is a cash incentive scheme based on the branch’s company performance in a financial year that can be a proportion of the annual salary.
A Scale I(entry level) Manager in SBI can get a compensation package nearly 60,000 Rupees per month depending on the place of posting from the advertisements advertised by IBPS. An average middle-level manager can earn an annual salary of around 7 to 8 lakhs rupees with some extra advantages as well.
For further altitudes and promotions, being a branch manager is a criterion. New generation Private Banks give branch managers more wages and incentives based on their company performance.
Bank manager’s career path
Most banks have a well-defined career route. Today’s top bank managers had joined as I officers on a scale. They train through Junior Management Scales, Medium Management Scales, and Scales of Top Management. Manger, Senior Manager, Chief Manager, and Assistant General Manager are the names with which bank directors are called in public sector companies. Then in the designations Senior Regional Manager, Chief Regional Manager, they advance to Regional Managers. They are deputy general manager, general manager in the top management scales. Bank managers may be posted laterally as chairmen of Regional Rural Banks after becoming general managers, as executive managers of other banks and banks ‘ managing directors. Various other appointments, including Deputy Governors of Reserve Bank of India, are available from there.
After periodic reviews, banks have also altered their promotion strategies, synchronizing with changing times and environmental variables. That’s why we can see DGMs and GMs in their 40s and even late 30s.
After an assessment exam, performing and potential managers are also posted at the Overseas centers of the bank.
A bank manager’s expected skills
Bank manager Job is an excellent work. It’s not for everybody as well as in other areas. Being a good bank manager requires abilities in personal abilities and understanding of financial and systems. This is a successful potion coupled with performance and promising potential.
The numerous exams and classes undertaken by the Indian Banks Association, Institute of Bank Personnel Management (IBPM), particular courses and training undertaken by chambers of commerce, export councils, and numerous in-house training courses should also be completed and passed.
A bank manager should also have a professional network in the region and in the same bank with other bank executives. He should be actively involved in the clubs of managers and associations. These will assist him make professional strides and assist him achieve his goals and boost the development of his bank.
In the previous days and even now, the branch’s clients view a bank manager as a friend, philosopher and guide. Many clients approach the bank manager not only for alternatives to their economic requirements, but also for personal assistance and advice.
A bank manager may feel happy to be part of the government’s delivery and implementation of the multiple economic systems to eradicate poverty, empower women to create jobs, and socially vulnerable segments.
The satisfaction arises when a bank manager considers the development and financial independence of the individuals and company that he funded. Helping someone needy to have a home is all satisfaction offering possibilities to help in some vital social needs.
Following the rules and regulations and maintaining integrity and honesty, there is ample opportunity for a bank manager to assist a fellow human being and to derive satisfaction from it apart from getting a job and career that is reasonably paid and respected.