Description
Example Titles
Classified Elsewhere
Duties
Skills
Employment Requirements
Terms & Conditions
Earnings
Education / Training
Career Paths
Outlook
Professional Associations and unions

Employment by Age Group
Employment by Industry
Employment by Region
Employment by Gender
Employment by Aboriginal Self-Identification
Employment by Visible Minority

Banking, Credit and Other Investment Managers (NOC 0122)

Description

Banking, credit and other investment managers plan, organize, direct, control and evaluate the activities of financial establishments or operational departments within such establishments, or credit departments in industrial and commercial establishments. They oversee business development and manage overall performance in accordance with established strategic directions and policies. Banking managers are employed by banks, trust companies and credit unions. Credit managers are employed by credit departments in department stores, utility companies, car dealerships, insurance companies or other industrial or commercial organizations. Other investment managers are employed by credit card companies, consumer loan companies, mutual fund investment firms, mortgage investment companies or other financial establishments concerned with extending loans and financing and investments.

Example Titles

bank manager
collection centre manager
commercial banking manager
corporate banking centre manager
credit manager
credit union manager
manager, banking operations
manager, credit card centre
manager, personal services - banking, credit and investment
mortgage and consumer credit manager
operations manager, credit card company
regional collection manager
trust company manager

>> View all titles

Classified Elsewhere

Mortgage brokerage managers (in 0121 Insurance, Real Estate and Financial Brokerage Managers)
Other Business Services Managers (0123)
Senior Managers - Financial, Communications Carriers and Other Business Services (0013)

Duties

Banking managers perform some or all of the following duties:

Plan, organize, direct, control and evaluate the branch operations of a bank, trust company, credit union or similar financial institution or of a department in such an institution responsible for administering personal and commercial loans, buying and selling securities, operating investment funds, administering trusts, settling estates or other related activities.
Ensure the institution's policies and procedures are followed according to established guidelines and make recommendations for improvement.
Network to develop business relations, promote the sale of loan, investment and other banking services and attract corporate and individual customers.
Interview corporate and individual customers and respond to customer enquiries
Analyze, review and approve or reject loan and credit applications in accordance with authorized limits
Monitor processing of loan applications and credit investigations
Oversee preparation of monthly financial and branch progress reports
Recruit personnel and identify their training needs.

Credit managers perform some or all of the following duties:

Plan, organize, direct, control and evaluate the activities of a credit department in an industrial or commercial organization
Administer corporate, commercial and personal loan accounts
Advise customers on the commercial and personal financial services corresponding to their needs
Evaluate and review loan and credit applications and collateral and make recommendations
Approve or reject credit applications, establish credit limits and determine repayment plans or schedules in accordance with authorized limits
Ensure collection of overdue or delinquent accounts
Ensure credit policies and procedures are followed according to established guidelines and applicable legislation
Prepare credit and loan reports
Recruit credit personnel and identify their training needs.

Skills

Banking, credit and other investment managers need an interest in financial matters of individuals and businesses and the following skills and abilities:

a high degree of personal integrity
good judgment and problem-solving ability
written and oral communication skills
negotiation skills
ability to deal courteously with customers, with tact and confidentiality
strong leadership and teamwork skills
supervisory skills
ability to work in a hectic environment with multiple tasks
ability to establish and follow clear rules and work methods
knowledge of a foreign language may be useful
sales aptitude (persistence and persuasion)
marketing skills
ability to understand complex financial information, and legal and accounting practices
an understanding of computer and communications technology used in financial management
an interest in keeping up to date in a growing range of financial services and products.

Employment Requirements

Bank and credit union managers require several years experience in the banking system. Most institutions have an established management trainee process, which may be open for loan officers and other professionals in the company.
A bachelor's degree in finance, accounting, economics, or business administration and a background in accounting, financial management or business management is required to enter management positions from outside the company.
For managers in commercial banking and investment, a MBA (Master of Business Administration) is often required.

Terms & Conditions

Banking, credit and other investment managers commonly work in an office environment. Some travel to meet with customers, and may travel to firms or plants to interview prospective borrowers and assess business operations. These professionals may be required to move frequently, particularly at the beginning of their careers. Most work full time (95%).

Earnings

$40,600 per annum - starting

$60,000 per annum - average

$81,700 per annum - high

Earnings are reviewed annually or more frequently if new information becomes available.

Education / Training

Most banks, credit unions or other financial institutions have their own management training programs. A university degree or college diploma may be needed for employment within the institution.
Assiniboine Community College, Red River College, the University College of the North, Brandon University, Canadian Mennonite University, Collège-universitaire de St-Boniface, University of Manitoba, and the University of Winnipeg offer programs in this field.
University of Manitoba, Asper School of Business offers undergraduate programs in Accounting and Finance, Business Administration, and Actuarial Mathematics; Executive Education Programs and Management Development Programs; Graduate studies include: Asper MBA (Master of Business Administration)
University of Manitoba, Faculty of Arts also offers undergraduate and graduate studies in economics
University of Winnipeg offers a Bachelor of Arts in Economics (3, 4-year, or Honours program), a Pre-Professional Program in Management, and Joint Administrative Studies and Communications programs (with Red River College)
Brandon University offers a Bachelor of Arts in Business Administration and a Bachelor of Arts in Economics
Collège-universitaire de St.Boniface offers a Baccalaureat en administration des affaires, and a Baccalauréat es arts général (sciences économiques)
Canadian Mennonite University offers a Bachelor of Arts in Economics, and a Pre-Professional Program in Business (Management)
University College of the North offers a Diploma in Business Administration (2 years)
Assiniboine Community College offers an Accounting and Finance Advanced Diploma (2-years, also by distance delivery), a Business Administration Diploma (Accounting, Financial Services, Logistics Management, and General Specializations by distance delivery), and a Business Finance and Management Skills program (Continuing Education)
Red River College offers an ACCESS Business Administration Integrated Diploma (3 years), a Business Administration Diploma (2 years), and a Business Administration Integrated Diploma (3 years)
Some high schools in Manitoba offer a program in Business Education.

Career Paths

Banks and credit unions typically fill branch manager positions by promoting experienced loan officers and other professionals who excel at their jobs. Other financial managers may enter the profession through formal management trainee programs offered by the company.

A background in accounting, financial management, or business management is needed to obtain a management position.

Outlook

Employment prospects for banking, credit & other investment managers are expected to be limited in the 2009 - 2013 period. The number employed in Manitoba in 2009 is estimated at 1,670.

The overall demand for banking and investment services tends to move in sync with economic trends generally. As the global economy slows, a downward trend is expected for employment in this sector as banks and other financial institutions cut back on staff to keep costs down. Institutions may choose to retain their management staff and find efficiencies in other areas. While management positions in this field are commonly filled through internal competition, new graduates may do better than experienced professionals during this period as they are relatively less expensive.

In uncertain times, the role of banking, credit & other investment managers becomes more critical as these institutions strive to function with reduced revenues, deal with credit demands from corporate customers and restructure their operations. On a positive note, the outlook for this occupation is expected to improve later in the outlook period as the economy recovers and a significant proportion of this occupational group approaches retirement.

Employment opportunities for banking, credit and other investment managers are found throughout the Province. The majority (89%) work in the Finance and Insurance sector. They also work in Retail Trade (2%), Manufacturing (2%) and Professional, Scientific and Technical Services (2%).

Employment by Age Group

Employment by Industry

Employment by Region

Employment by Gender

Employment by Aboriginal Self-Identification

Employment by Visible Minority

Please Note - The source for above charts is the 2006 Census.

Professional Associations and unions...

Credit Institute of Canada Manitoba Chapter, P.O. Box 476, Winnipeg, MB, R3C 2J3, http://www.creditedu.org/
Canadian Bankers Association, Box 348, Commerce Court West, 199 Bay Street, Toronto, ON, M5L 1G2, http://www.cba.ca (Vancouver office has assumed responsibility for Manitoba inquiries.)
Canadian Securities Institute, 121 King Street West, P.O. Box 113, Toronto, ON, M5H 3T9, http://www.csi.ca
Trust Companies Association of Canada, Suite 1002, 1 Adelaide St. E., Toronto, ON, M5C 2V9