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Building Society Manager Profile

 Introduction

This Section of the site details information that you might find useful if you are looking to secure employment or require further details regarding working as an Building Society Manager. This page details the following Information:-

  • Finding Suitable Work as an Building Society Manager
  • Working Duties Expected
  • Hours and Environment
  • Working Skills Required
  • Training Requirements
  • Salary Expectations
  • Trade Information
  • Other useful Building Society Manager Work Information


Finding Suitable Work

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Working Duties Expected

Building society managers are responsible for generating new business, setting and achieving targets, and motivating, leading and developing their staff. They may manage a single large branch or several smaller branches in a local area.

Marketing and selling of financial products and services is a major part of the branch managers job, and requires a good knowledge of their own and competitors services and products.

The role of branch manager is very customer focused; much of the time is spent discussing mortgage and loan applications and queries, or offering financial planning advice to customers. Developing links with other professionals such as local solicitors, accountants, business and community forums and estate agencies is important to identify and secure new business.

The branch manager will also compile, interpret and present management information and reports, both to the staff within the branch and to head office.

Hours and Environment

Working hours are usually 9am to 5pm, Monday to Friday, with regular Saturday morning working. Managers often have to attend breakfast or evening meetings, particularly if the building society is active in local business forums or community projects.

Branch managers are based in offices, but may have to travel to other branches, head office or elsewhere for meetings. A driving licence is essential.

Formal business dress is expected.

Skills and Interests

A building society manager should:

  • experienced in management, ideally within the financial sector
  • be discreet, courteous and tactful when dealing with customers
  • be able to communicate effectively with customers and staff, both orally and in writing
  • be business focussed, with a good knowledge of the local economy
  • be an effective leader and motivator of staff
  • have strong negotiating, decision making and problem solving skills
  • possess good computer skills
  • be able to adapt to change in a fast moving market
  • be able to work as part of a team.


Entry


Entry into building society branch management can be via two routes: promotion from building society assistant to trainee manager or recruitment directly into management.

The Diploma in Financial Services Management (DFSM) is a foundation-level qualification for senior assistants aspiring to trainee management positions. It is offered by the Institute of Financial Services (ifs) - a subsidiary of the Chartered Institute of Bankers (CIB) - and by the Chartered Institute of Bankers in Scotland (CIOBS).

The direct recruitment route usually requires two A levels/H grades or vocational A levels/SQA National awards. However, it is becoming more common for those with higher level qualifications - degrees or higher national awards - to be recruited onto management training schemes.

Entry into building society management does not need a specific degree but some are especially relevant, for example business and finance, economics, business studies, accounting or marketing. Entry to a degree course is with five GCSEs (A-C)/S grades (1-3) plus two A levels/three Highers. Equivalent qualifications may be accepted.

For details of qualification equivalents see:

Qualifications and Curriculum Authority (England, Wales and Northern Ireland)
Scottish Qualifications Authority
An Access to Higher Education qualification may also be accepted for entry to certain courses. If experienced in a related field, you may be able to gain recognition of skills through Accredited Prior Learning (APL). Please check with colleges or universities for exact entry requirements.

Experience in a finance, marketing or sales field would be beneficial.

Training

As a trainee manager, you will normally follow a competence-based on-the-job training programme, and be encouraged to work towards Associateship of the CIB which is linked to the simultaneous award of a BSc (Hons) in Financial Services from the University of Manchester Institute of Science and Technology (UMIST).

You may also study towards Associateship of the CIOBS in Scotland. These qualifications can take up to six years to complete.

NVQ levels 2, 3 and 4 in Providing Financial Services (Banks and Building Societies) are available.

Continuing professional development programmes are offered by the ifs.

Opportunities

Promotion is performance related and often means relocating, so mobility is essential for progression. Opportunities exist for promotion to regional manager or into other head office functions, although these are often in specialist roles such as human resources, finance, marketing, training or information technology.

Recently, there has been a rise in the number of building societies offering electronic or telephone banking facilities which has reduced the number of building society branches. However, opportunities can now be found in these building society call centre operations.

There are also opportunities for self-employment as independent financial consultants.

Annual Income

Figures are intended as a guideline only.

A trainee manager would earn between £17,000 and £26,600 a year, depending on the size of the branch.
An experienced manager would earn between £24,000 and £45,000 a year.
A senior manager based at head office would earn from £36,000 to £95,000 a year, depending on the company.

Many building societies also have profit related bonus schemes which are related to the performance of individuals, teams and the business as a whole. Other benefits include subsidised mortgages, loans, pensions and insurance cover.

Further information:

Institute of Financial Services
IFS House
4-9 Burgate Lane
Canterbury
Kent
CT1 2XJ
Tel: 01227 818609
www.ifslearning.com

The Chartered Institute of Bankers in Scotland
Drumsheugh House
38b Drumsheugh Gardens
Edinburgh
EH3 7SW
Tel: 0131 473 7777
www.ciobs.org.uk

The Building Societies Association
3 Savile Row
London
W1S 3PB
Tel: 020 7437 0655
www.bsa.org.uk

Financial Services National Training Organisation *
51 Gresham Street
London
EC2V 7HQ
Tel: 020 7216 7366
www.fsnto.org.uk

* PLEASE NOTE

National Training Organisations (NTOs) ceased to be recognised by the government on 31 March 2002. However, some are continuing to operate in their respective fields. Please contact individual NTOs with queries regarding their current status.

The Secretary of State for Education and Skills is licensing new Sector Skills Councils - charged with boosting skills and productivity in business sectors. For information about Sector Skills Councils, their roles and responsibilities, please visit the Sector Skills Development Agency website: www.ssda.org.uk


Other Useful Building Society Manager Work Information

We have a section available at this site on Building Society Manager job interview tips that you may find of interest should you wish to brush up your skills in this area and we also have number of career articles that may also be of use to you from within our guides and documents section.

Locations where we feature Jobs include:-
Aberdeen, Berkshire, Aberdeen, Bath, Bedfordshire, Berkshire, Birmingham, Bradford, Bristol, Cambridgeshire, Cardiff, Central London, Cheltenham, Cornwall, Coventry, Derby, Devon, Docklands, Dorset, Dundee, Durham, East Midlands, East Sussex, Edinburgh, Essex, Glasgow, Gloucester, Hampshire, Hertfordshire, Kent, Lancashire, Leeds, Leicester, Leicestershire, Lincolnshire, Liverpool, London, Manchester, Middlesbrough, Midlands and in various parts of the West Midlands

Details of other Building Society Manager Jobs can also be found in other UK wide areas including:-
Milton Keynes, Newcastle, Newcastle Upon Tyne, Norfolk, North London, North Midlands, Northampton, Northamptonshire, Northern Ireland, Northumberland, Norwich, Nottingham, Nottinghamshire, Oxford, Oxfordshire, Plymouth, Salisbury, Scotland, Sheffield, Shropshire, Somerset, South East, South London, South Midlands, Southampton, Staffordshire Surrey, Swansea, Swindon, Telford, Wales, Warwickshire, West End, West London, West Midlands, Worcestershire, York and throughout Yorkshire.


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