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branch manager trainee (banks)

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  • Oct 17th, 2018 12:31 am
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[OP]
Jr. Member
May 17, 2012
101 posts
6 upvotes
TORONTO

branch manager trainee (banks)

i see several openings for this from different banks....it seems like they're willing to hire/groom people to become BMs without much experience (i thought you would need like several years of retail banking experience in a managerial capacity to become a BM)

what's the catch here? the training period is for years and a low salary? anybody know ballpark salary?

or is being a BM a bad position after you factor in all the stress and pressure?
6 replies
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Jul 12, 2003
9127 posts
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Markham
I would say a BM nowsday is about 70-100k + Bonus depending on the location.

Branch Manager is like a Sales Manager. Basically, you have to make sure your branch is generating money for the bank, reach targets and you have to report to a Regional Vice President.
Your staff have to sale financial products to their clients, mortgage, investments, credit cards, open new accounts, etc..

I'm a little surprise that they are willing to hire a BM without past banking experience. Although I see some other story as well, so everything is possible.
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Jr. Member
Feb 13, 2017
125 posts
41 upvotes
toronto, ontario
There is a enormous difference between branch manager versus branch manager trainee.

For major Canadian banks, branch manager is a mid-level management or upper-level supervisory position.

Location is also important... major downtown branch versus small rural branch.
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Sep 19, 2005
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Management trainee positions are common in retail. Companies groom eager young people to fill various management positions.

The gotchas:

1. Fairly low pay and an expectation of long hours "if you want to show us what you're made of and succeed in the industry."

2. The company may ask you to move to fill positions in less desirable locations. Nothing is quite as exciting as a multi-year stint at the branch in Wadena, Saskatchewan.

3. You're being groomed for a retail management position. It's all about generating maximum profit, selling as much as possible to "clients," whether they need it or not. If the idea of pushing secured credit lines to people who are likely to overextend themselves makes you feel queasy, choose another job. If selling overpriced mutual funds simply because the bank is promoting them makes you queasy, find another job.

4. You're easily replaced by the next batch of eager youngsters, so your salary will never be stratospheric.
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Jan 15, 2017
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Sprite06 wrote:
Oct 10th, 2018 12:15 pm
i see several openings for this from different banks....it seems like they're willing to hire/groom people to become BMs without much experience (i thought you would need like several years of retail banking experience in a managerial capacity to become a BM)

what's the catch here? the training period is for years and a low salary? anybody know ballpark salary?

or is being a BM a bad position after you factor in all the stress and pressure?
Have you ever managed people? Have you any experience coaching and mentoring to improve performance? This is a big part of the job.

Another large part of the job is handling all the crap that is pushed down from others. BMs are sales leaders with very little delegated authority. They are expected to know policy and procedure and to follow them. Any problems and they are expected to correct them. And in the banking industry, there is lots and lots of monitoring and reporting. Bank branches are sales centres. Gotta sell the mortgages, the credit cards, insurances, the LOCs, the checking accounts, the business accounts. Lots of goals that will have to be achieved. And as the BM, you will be responsible for the entire branch's performance.
[OP]
Jr. Member
May 17, 2012
101 posts
6 upvotes
TORONTO
retrothing wrote:
Oct 12th, 2018 10:14 am
Management trainee positions are common in retail. Companies groom eager young people to fill various management positions.

The gotchas:

1. Fairly low pay and an expectation of long hours "if you want to show us what you're made of and succeed in the industry."

2. The company may ask you to move to fill positions in less desirable locations. Nothing is quite as exciting as a multi-year stint at the branch in Wadena, Saskatchewan.

3. You're being groomed for a retail management position. It's all about generating maximum profit, selling as much as possible to "clients," whether they need it or not. If the idea of pushing secured credit lines to people who are likely to overextend themselves makes you feel queasy, choose another job. If selling overpriced mutual funds simply because the bank is promoting them makes you queasy, find another job.

4. You're easily replaced by the next batch of eager youngsters, so your salary will never be stratospheric.
Excellent answer

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