Managers in Financial and Business Services - What They Do

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.

Job duties

This group performs some or all of the following duties:

Banking managers

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

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.

Job titles

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

Employment Requirements

This is what you typically need for the job:

A university degree or college diploma in business administration, commerce, economics or a related field is usually required.
A master's degree in business administration, finance or management science may be required for the management of large commercial loans.
Completion of company or other management training programs is usually required.
Several years of experience within the industry, including supervisory experience, are required.

Essential Skills

Management