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How to Become a Consumer Loan Branch Manager

Career News January 17, 2014

After you work in management and successfully prove yourself as a shrewd businessperson, the only place to go is up. A branch manager is a higher-ranking official that is paid more for greater responsibility. A consumer loan branch manager generally works in a setting that conducts a mid-sized loan portfolio. The branch manager may work for a bank, an insurance company, or other consumer lending facilities such as the automobile industry.

Branch Manager Responsibilities

The consumer loan branch manager is responsible for the efficient organization and daily operation of a branch office that includes lending, product sales, customer services, and the safety and security of the lending institution. The branch manager leads, trains and motivates a team involved with lending and collections. The manager directs the loan origination process and manages delinquent accounts. The consumer loan branch manager is responsible for analyzing delinquency, approval, and collections reports for the purposes of acquiring established goals and desirable end results. That branch manager works to ensure good customer service.

Depending on the organization, a formal degree is not always required, but five to seven years of experience in lending is a must. Increasingly, banks require a bachelor’s degree in economics, finance or a related field, but internships are usually available.

Multi-Tasking a Number of Duties

To become a consumer loan branch manager, the candidate must have excellent organizational skills as multi-tasking is an everyday function of the job. Branch managers must prioritize the work schedule for themselves and their teams. They must exhibit strong mathematical skills for part of their job activities is managing the budget and allocating funds appropriately.

Consumer loan branch managers must also have good interpersonal skills that include integrity and sensitivity toward customer values. They may be required to attend community affairs to increase the visibility of the branch office and to encourage potential new business opportunities.

Professionalism That All Applicants Must Show

Candidates must be knowledgeable of computer functions and financial software. They are responsible for keeping records of the branch activities and reporting back to the bank manager. To establish good public relations within their branch office, they may be expected to participate in social networking. They may also be asked to research their competition’s Internet strategies and procedures.

Confidence is a key factor in becoming a branch manager, along with creativity and critical thinking. Other requirements for a consumer loan branch manager may include assessing the local market conditions for identifying opportunities for services. They should have the ability to locate areas of the branch organization that need improvements and propose corrective measures that will stimulate growth.

Although the job generally entails a forty-hour week, they may sometimes have to work extra hours to accommodate individual clients. The median pay for a consumer loan branch manager is $58,000 a year.

Start making changes early this season. Determine that you want to make a change in your career and then take steps to make it happen. The colleges and universities listed below can help you get started in a rewarding career in consumer loans.

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Quick Fact
In 2017, workers with a bachelor's degree or higher had almost twice as much
median earnings per week than workers with only a high school diploma*.
*Bureau of Labor Statistics

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