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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.
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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
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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)
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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.
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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
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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.
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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%).
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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.
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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.
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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.
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Outlook
Employment prospects for banking, credit and other investment managers are expected to be good in the 2010 - 2014 period. The number employed in Manitoba in 2010 is estimated at 1,670.
The overall demand for banking and investment services tends to reflect the economic trends generally. As the economy rebounds there will be greater need for financial management expertise to deal with the increased demand for financial services from new and existing businesses. In response financial institutions may expand their range to provide products and services such as wealth management, insurance, and risk assessment. The increasing volume and complexity of international business and finance generated by a global economy will create opportunities for this group.
In uncertain times, the role of banking, credit and 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. While management positions in this field are commonly filled through internal competition, new graduates may do better than experienced professionals because they have strong academic qualifications and are relatively less expensive.
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%).
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Employment by Age Group
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Employment by Industry
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Employment by Region
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Employment by Gender
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Employment by Aboriginal Self-Identification
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Employment by Visible Minority
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Please Note - The source for above charts is the 2006 Census.
Professional Associations, Unions, and Regulatory Bodies...
- Credit Institute of Canada Manitoba Chapter, http://www.creditedu.org/
- Canadian Bankers Association, http://www.cba.ca (Vancouver office has assumed responsibility for Manitoba inquiries.)
- Canadian Securities Institute, http://www.csi.ca
- Trust Companies Association of Canada, Suite 1002, 1 Adelaide St. E., Toronto, ON, M5C 2V9
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