Banking, credit and other investment managers (NOC 0122)

Banking, credit and other investment managers plan, control and evaluate financial activities. They oversee business development and manage performance to support their company’s strategic direction and policies.

Banking managers oversee the branch operations of financial institutions such as banks, trust companies and credit unions. They may also manage departments that handle personal and commercial loans, buy and sell securities, operate investment funds, manage trusts or settle estates.

Credit managers oversee the activities of credit departments within businesses.

Watch the video below to see what a day in the life of an account manager is like.

4:41

Account manager

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Banking managers:

• Make sure policies and procedures are followed and recommend improvements
• Network to build relationships, attract corporate and individual customers, and promote the sale of loans, investments and other banking services
• Interview customers and respond to customer inquiries
• Review and approve or reject loan and credit applications
• Monitor the processing of loan applications and credit investigations
• Oversee monthly financial and branch progress reports
• Hire staff and identify their training needs

Credit managers:

• Manage corporate, commercial and personal loan accounts
• Help customers find the financial services that fit their needs
• Review loan and credit applications and collateral and make recommendations
• Approve or reject credit applications, set credit limits and determine repayment plans
• Make sure overdue accounts are collected
• Make sure credit policies and procedures are followed
• Prepare credit and loan reports
• Hire staff and identify their training needs

Bank managers work for banks, trust companies and credit unions. Credit managers work for businesses including department stores, utility companies, car dealerships and insurance companies. Other investment managers may work for credit card companies, consumer loan companies, mutual fund investment firms, mortgage investment companies or other businesses that deal in loans, financing and investments.

Most banking, credit and other investment managers work in offices. More and more, meetings with clients take place online.

The cost of training and hiring new managers is high. As a result, companies try to keep strong employees by offering good benefits, salaries and leadership training. They also try to promote from within. This is especially true of bigger banks, which have a larger pool of employees to choose from.

As technology advances, knowledge-based positions are replacing routine transaction-based jobs. This means that employers are looking for workers with higher education and skill levels. They are also providing ongoing training and education to encourage existing staff to upgrade their skills.

Technology has made it easier to manage more people at a distance. In some companies, this change means that one manager now does the work of two.