Introduction
Banking is a profession that offers a variety of work opportunities and the chance for rapid career progression. There are numerous positions available for work in this sector. Being a bank branch manager is one of the most preferable options. For this, you need the proper educational qualifications and a work experience of at least 5-7 years.
Dive into this article to learn what it takes to progress to this position and details regarding the salary of bank managers in India.
What is the Role of a Bank Branch Manager?
You must have heard the famous saying, "With great power comes great responsibility". Being aware of the duties of a bank branch manager is essential before deciding to opt for this career path. Some crucial responsibilities of a bank manager are:
- Maintain a good rapport and relationship with existing and new customers.
- Hire and train new employees.
- Prepare the annual expenditure budget for the branch.
- Assist the employees and guide them through work operations.
- Reach sales goals and strive for customer satisfaction by developing effective strategies.
- Document and keep track of branch activities and other details.
- Monitor the sales targets.
- Track the changes in plans and policies and communicate the same to the employees.
How to Become a Bank Branch Manager?
Before learning about the salary of bank managers, you must understand how to get there. No course or examination will directly offer you the post of a bank manager. You must earn it by working in the lower grades/designations for a few years after clearing the eligibility criteria. With subsequent promotions and considerable work experience, you can reach the post of a bank branch manager.
Steps to Become a Bank Manager
- Complete your 10+2 from an accredited institution with at least 60% marks.
- A graduate degree in a related field like finance, accounting, commerce or business administration is preferable.
- Completing a post-graduate degree in a related field gives you an edge while applying for bank jobs.
- You can appear for the bank PO (probationary officer) exams if you aim to work in public sector banks. Private banks also conduct written exams and personal interviews for recruitment.
- Work for 5-7 years to be eligible for being promoted to branch manager.
Career Path from PO to Bank Manager
As a newly-joined PO, you will receive training in several departments to know how banks operate. You will initially work under Assistant Managers in the Junior Management Scale I.
Once the training/probation period gets over, promotion tests and performance will determine whether you are eligible to shift to Junior Management Scale II. You can ultimately reach the position of bank manager based on your performance in further promotion tests.
Bank Branch Manager Salary in India
The average salary of bank managers in India ranges from ₹3 lakhs to ₹16 lakhs per annum. Based on the data gathered from 47.6k latest salaries, the average annual salary amounts to ₹6 lakhs. Many factors affect this salary variation. They include bank sector, employer, years of experience, branch location and designation.
Salary of Bank Managers Based on Years of Experience
The following table gives an idea of how the salary of bank managers progresses with added years of experience.
Salary of Bank Managers Based on Employers
Public and private sector banks may have different scales of paying their bank employees. Here is a list of popular bank employers and the salary paid out by them.
Salary of Bank Managers Based on Designation
The salary differs for different positions in the bank manager hierarchy. Take a look at the following table to understand the variations.
Upskilling for Bank Branch Managers
Reskilling and upskilling are essential to remain competitive in the fast-evolving banking industry. Besides on-the-job training, online platforms like WIZR offer courses, programmes and digital workshops to help you develop new skills and stay ahead of competitors.
Here are some certification courses that will enable bank managers to grow in their careers and draw better salary packages:
- Investment banking operations
- Emerging technologies in the BFSI sector
- Financial modelling and networking skills
- Portfolio management
- Financial advisor courses
- Risk and credit management
A Career You Can Bank On
Whether in the retail or banking sector, a bank manager's job is to oversee the operations of the branch/financial institution. Understanding the clients' financial requirements, furnishing different investment options, and presenting approval and rejection decisions to the management are some functions a bank manager must perform. Regular upskilling can help a newly joined bank PO to climb the hierarchy faster and start drawing the salary of a bank manager in some years.
Browse WIZR, India's premium upskilling portal that hosts courses and certification programmes to help improve your credentials in the banking domain. Contact our experts to learn the details about the salary of bank managers and how to progress constructively in that career path.
FAQs
1. Which are the top-paying cities for bank branch managers in India?
Ans : New Delhi, Bengaluru, Hyderabad, Kolkata and Mumbai are among the highest-paying cities for bank managers in India.
2. What are some essential skills required to be a bank manager?
Ans: To be a successful bank manager, you must possess some crucial skills, such as decision-making, numerical, problem-solving and administrative skills, communication, leadership, foresight, and attention to detail.
3. How often do bank branch managers get salary raises/increments?
Ans: Every 16 months, a bank branch manager in India is likely to receive a salary increment of approximately 14%. This percentage can vary based on the bank sector and location.
4. What are the benefits of being a bank manager?
Ans: Besides the lucrative salary of bank managers, the work environment and job security are the top benefits this job provides. The promotional benefits, allowances, transport facilities, work-from-home policy and growth opportunities make it a profitable career option.
