How to Become a Bank Manager: In India 2024 Overview
Anyone interested in money, mathematics, and management may find a satisfying career in banking. Most bank executives have excellent customer service skills as well as an extensive understanding of banking operations and financial strategy creation.
How to Become a Bank Manager: Who is Bank Manager?
A bank manager is in charge of a certain branch of a bank, leading its staff and overseeing its day-to-day operations. They supervise the banking staff, seek to improve revenue and provide exceptional customer service. They are also in charge of hiring and training new staff, consulting with customers, evaluating employee performance, and interacting with the local community in order to attract consumers. These specialists may also be required to analyze loan applications and make key lending judgments.
How to Become a Bank Manager: In India 2024 Highlights
The following table gives quick details about how to become a bank manager in India-
Particulars | Details |
Sector | Banking & Finance |
Education Qualification Required | Master's degree in banking, accounting, finance, or a related branch of study |
Minimum Age | 21 years |
Job Type | Managerial |
Job Position | Bank Manager |
Minimum Work Experience | 5 years |
Starting salary | INR 3,00,000- INR 4,50,000 |
Skills Required | Interpersonal abilities, interpretation abilities, leadership traits, teamwork spirit, problem-solving abilities, and so on. |
Job Opportunities | Financial Advisor, Banker, Branch Manager, Financial Planner, Service Manager, Junior Manager, Senior Manager |
How to Become a Bank Manager: Roles and Responsibilities
A bank manager is in charge of optimizing and managing daily banking operations and processes in order to optimize revenues. This necessitates that they-
- Address ad hoc consumer requests to boost customer satisfaction.
- Bank managers report directly to Reginal Managers and are concerned with the broad picture as well as everyday operations.
- Create a sales strategy.
- Develop short- and long-term strategies for the bank, and take fair risks on its behalf.
- Enhance both internal and external communication.
- Lead team operations, including hiring, training, and managing employees, as well as establishing streamlined processes.
- Perform repeated analyses
How to Become a Bank Manager: Recruitment in India 2024?
The recruiting process for becoming a bank manager in India differs greatly from that of other nations. Aspirants must complete bank exams in order to apply for a banking career, which is regarded as one of the top occupations in India, and the tests and recruiting procedures differ significantly across public and private sector banks. The following bank exams include-
- IBPS
- NABARD
- RBI
- SBI
Read more about the Upcoming Bank Exams in India.
They are primarily for various roles in a bank ranging from probationary officers to clerical positions. The three major streams available for banking recruitment in India are as follows-
To work in a public sector bank
The Institute of Banking Personnel Selection (IBPS) holds recruiting tests for positions such as Probationary Officer, Clerk, Specialist Offer (IBPS SO), and RRB exams that one may take. A considerable number of participating institutions accept IBPS test scores for vacant openings in the public, commercial, and cooperative sectors. If one wants to work at SBI, one must take the IBPS PO exams, which are administered by the State Bank of India.
To pursue a specialized postgraduate diploma or degree program in Banking
As many private banks, such as Syndicate Bank, Kotak Bank, ICICI Bank, Indian Overseas Bank, and others, are affiliated with specific universities and hire best-fit candidates through yearly placement drives for MBA in Banking or PG Diploma in Banking/Finance graduates.
Apply for Various Vacancies
The recruiting procedure for rising private banks has grown more straightforward since these banks often post notices on their websites when vacancies are available, where you may email your application for various positions.
Read more about How to Become an Investment Banker in India and Investment Salary in India 2023.
How to Become a Bank Manager: In India after 12th?
To become a bank manager after graduating from high school, one must first obtain a bachelor's degree, ideally in commerce, finance, or banking. The following is the road map to becoming a bank manager after graduating from high school in India-
BCom or BBA with specialties in Commerce, Finance, or Banking
Here are the finest courses for becoming a bank manager after high school-
- Banking Bachelor of Commerce.
- BBA (Hons) Banking and Finance.
- Bachelor of Business Administration with a concentration in Banking and Finance.
- Bachelor of Commerce in Taxes and Finance.
Read more about the Top Banking & Finance BBA Colleges in India.
Prepare for Bank Exams
When earning your bachelor's degree, you should begin preparing for bank examinations such as Bank PO, IBPS, RRB, and so on.
Pursue MBA in Banking or Finance
After completing your bachelor's degree, you might pursue an MBA in Banking or Finance to get a competitive advantage over other graduates.
How to Become a Bank Manager: Education and Qualification
The following are the key educational requirements for applicants applying for the position of the bank manager in India-
- Applicants must hold a bachelor's degree in business administration/commerce/finance or a related/equivalent field of study.
- Banks favor people who have earned their bachelor's degree (UG) in accounting, finance, commerce, or business administration from a recognized institution.
- Applicants with a master's degree in business administration/ commerce/ finance/ accounting or any other relevant/equivalent subject of study may be given preference in applying for higher jobs and job profiles.
- Apart from educational qualifications, people seeking to become bank managers must also have at least three years of job experience.
- Candidates with appropriate training and certification are preferred by major private banks in India and overseas.
How to Become a Bank Manager: Eligibility Criteria
Bank managers, like all other professions, must meet specific qualifications. As previously stated, there is no direct examination for the position of a bank manager. One must first obtain a position in a lesser grade, such as Bank PO, Bank Clerk, or Bank Assistant, and then advance through promotions after gaining at least 2-3 years of experience. The following are the eligibility criteria for bank managers in India-
- The minimum age is 21 years old.
- Graduate or Master's Degree in a relevant discipline (BA, B.Com, B.Sc, or B.Tech.) with one of the courses in Math/ Statistics/ Finance/ or economics in their graduation or master's degree.
- Postgraduate credentials boost students' chances of becoming bank managers.
How to Become a Bank Manager: Duration in India
After your 10+2, one may require at least five or six years to become a bank manager. A bachelor's degree program lasts three or four years. Candidates can prepare for banking tests after finishing their bachelor's degree. Depending on their talents, clearing a banking test may take one or two years after graduation. Nonetheless, it is possible that you may need another three years to advance to the position of bank manager inside the organization. If one wants to pursue a master's degree after graduation, one must devote two years to their studies. After that, one may apply for a position as a bank manager directly.
How to Become a Bank Manager: Subjects
Below are some examples of subjects that may be studied at various educational levels-
Advanced Secondary Education
After the tenth grade, one can choose to study the fundamentals of accounting, finance, and economics in the commerce stream. Mathematics is another topic they should study since it teaches them number series, probability, time and work, data interpretation, permutation, and combination. This type of study can help them enhance their quantitative skills.
Competitive Exams
In order to work in banking, one must often pass a competitive exam that assesses their fundamental computer skills, general knowledge, and quantitative abilities. So research these topics as well.
Graduation
As part of their bachelor's degree program, they will study financial systems, taxation, accounting, business management, cost accounting, company law, and other topics.
Post-Graduation
It is recommended that one pursue an MBA in finance or banking in order to become a bank manager. There, they will study all finance-related subjects in more depth and with numerous case studies.
How to Become a Bank Manager: Courses
Below are a selection of banking courses that can provide the candidates with the necessary skills and expertise to become a bank manager-
Undergraduate Courses
- BBA in Banking and Finance
- BBA in Finance
- BBA in Accounting
- B.Com
- B.Com (Hons)
- B.Com. in Banking and Finance
- B.Com. in Taxation and Finance
- Bachelor of Banking and Finance Law
- Bachelor of Science in Accounting, Banking and Finance
- BA (Hons) International Banking and Finance
Post Graduate Courses
- MSc in Banking and Finance
- MSc in International Banking and Finance
- LLM in International Banking
- MSc in Banking and Risk Management
- MBA in Banking and Finance
- MBA in Global Banking and Finance
- M.Com. (Banking)
- Master of Banking and Finance Law
- MBA in Finance Management
- M.Com. in Taxation and Finance
Ph.D. Courses
- Ph.D. in Business Administration—Banking and Finance
- Ph.D. in Economics/Accounting/Banking/Finance/Management Studies
Read more about the Best Banking Courses in India.
How to Become a Bank Manager: Salary 2024
When it comes to pursuing a career as a bank manager, one can anticipate a high salary as well as additional perks and security. A bank PO's compensation in India ranges from INR 5 lakh to INR 10 lakh at the entry-level and increases with experience. Moreover, an SBI PO's compensation ranges from INR 8 to INR 13 lakh, with an in-hand salary ranging from INR 40,000 to INR 42,000. In India, a bank manager with over 7 years of experience, strong communication and leadership skills, and an understanding of the banking system, commerce, and finance can earn up to INR 10 lakh per year or more. The following table gives details about the salary of a bank manager in 2023-
Starting Salary | Rs. 3 lakh - 4.50 lakh |
Mid Level Salary | Rs. 7 lakh - 8 lakh |
Senior Level (Experienced) Salary | Rs. 10 lakh and above |
The compensation of a bank manager is calculated below for the convenience based on their specialization-
Sectors | Salary (INR) |
Banking and Finance | Rs. 5.20 lakh |
Human Resource Management | Rs. 5.70 lakh |
Information Technology | Rs. 7.90 lakh |
Marketing | Rs. 4.60 lakh |
Operation Management | Rs. 8.40 lakh |
Risk Management | Rs. 6.23 lakh |
How to Become a Bank Manager: Skills Required in India in 2024
To be effective, bank managers must have both technical and interpersonal abilities. Below is the list of some essential abilities for a bank manager-
Skills | Description |
Communication Skills | One will need to speak with superiors, workers, and customers. The information to be shared with others may be sensitive and vital, and misinterpretation may result in problems. To share or express knowledge clearly, one needs to be good at both verbal and written communication abilities. |
Customer Service Skills | As a bank manager, one will require customer service abilities to understand and satisfy client demands, reach sales targets, and deliver a positive banking experience to clients so that they will return in the future. |
Data Analysis Skills | Bank managers review their branches' performance rates on a regular basis by collecting and analyzing sales data. Bank managers utilize data to establish plans and convey goals and expectations, which necessitates quantitative talents and critical thinking. |
Interpersonal Skills | They are required to convey branch regulations, evaluate employee performance, educate new staff, and set expectations for employees. To carry out these tasks effectively, one must have good interpersonal skills. |
Organizational Skills | One must have great organizational skills in order to keep track of sales records, client interactions, and meetings, as well as the branch's long-term and short-term goals. |
Problem-Solving Skills | They are required because one will be in charge of a whole branch of staff. As a result, one must have good problem-solving abilities in order to address problems and disagreements and resolve them. |
Strong bargaining Skills | They enable one to upsell any financial goods and services to consumers. This eventually helps the bank make more income. |
How to Become a Bank Manager: List of Top Best Colleges for Banking Degrees in India 2024
There are almost 164 colleges in India that provide banking degrees with a foundation in accounting, finance, business management, and other subjects. The following table gives the details about the top 10 colleges with their fees and location to pursue banking in India are-
Name of the College | Location | Average Course Fees (INR) |
Calicut | Rs. 32,555 | |
Mumbai | Rs. 17,682 | |
Rs. 20,370 | ||
Manipal, Karnataka | Rs. 1,64,000 | |
Mumbai | Rs. 34,405 | |
Rs. 35,000 | ||
Lucknow | Rs. 22,800 | |
Vadodara | Rs. 80,000 | |
Pune | Rs.19,100 |
If one wants to be a bank manager, these are the following banks one should be looking into in India. They are as follows-
- Axis Bank
- Bank of Baroda
- HDFC Bank
- ICICI Bank
- IDBI Bank
- Induslnd Bank
- Kotak Mahindra Bank
- State Bank of India (SBI)
- Yes Bank
How to Become a Bank Manager: Strategies for Rapid Ascension from Entry to Management Positions
Education and Skill Development:
Continuing Education: Seek further education through going for a higher level degree or certification that has a connection with the banking profession or management (e.g. MBA, CFA).
Skill Enhancement: Improve your leadership skills, financial analysis and decision-making abilities through workshops, seminars or online courses.
Performance and Experience:
Proven Track Record: By consistently surpassing performance targets in current roles that demonstrate dependability, skill, and potential to be leaders.
Seek Responsibilities: To show the ability to oversee people’s workloads you could consider taking on extra responsibilities and projects.
Industry Networking: Establish relationships with other professionals in the banking industry such as peers, mentors or senior managers.
Visibility: Partake in industry conferences; join professional associations; contribute to thought leadership by publishing articles or delivering speeches.
How to Become a Bank Manager: Performance and Proven Track Record
Credibility and Trust: Consistency in performance and delivering results help in establishing credibility with colleagues and supervisors.
Career Progression: Many a time, the banking industry has based promotion and career advancement on work performance.
Leadership Potential: Strong performance indicates potential for taking up more responsibilities and leading teams effectively.
How to Become a Bank Manager: Challenges Faced by Bank Managers
Regulatory Changes:
Compliance Burden: Taking into account the adaptive nature of frequent changes in banking regulations, this requires continuous education and proactive compliance measures.
Risk Management: Ensuring that operations are conducted in full compliance with regulatory requirements, in addition to managing financial risks appropriately.
Economic Factors:
Market Volatility: Managing and Keeping pace with shifts in the economy, which can impact interest rates, customer spending, and loan demands.
Financial Stability: Preservation of the stability of banks in times of hard economic uncertainty and major geopolitical factors.
How to Become a Bank Manager: Career Opportunities
Growth Prospects in Banking and Technological Developments
Digitalization: Growth through innovation in fintech and digital banking
Data Analytics: Improvement in customer intimacy and productivity through big data
Globalization and Expansion
International Markets: Provide access to growth markets and to the world in sharing financial services
Diversification: Offering unique financial products and services to a highly diversified clientele
Diversification of skills: Growth in corporate banking, investment banking, and risk management o.
Leadership Opportunities: Option for moving up into more senior roles of leadership, such as regional manager, or maybe even into more executive roles.