As with most upper level positions in the Finance industry, Becoming a Group Branch Manager (GBM) does not happen overnight. Qualifying for this position requires both Education and experience. Once the foundation of your education is in place, you must build your experience wisely. You will draw, and implement from your knowledge throughout this career.
There are typically five levels of Group Branch Manager. The Group Branch Manager classifications are commonly referred to as GBM I through GBM IV. A GBM I would manage the financial performance of loans and deposits up to the sum of 500 million. In contrast, a GBM IV would manage the same funds, but for sums greater than 2 billion.
Even though the position of Group Branch Manager is loosely referred to as the entry level position in this career, it still requires extensive education and experience. Most institutions will require a Bachelor’s in Finance, Business, or Marketing. Aside from the educational requirement, you will need between 7-9 years of experience. Most job postings for this position ask for 8 years of experience, while some will allow a relevant education experience equivalent.
In addition to the Banking industry, you can find a GBM position in Insurance and Investment Companies, as well as the Military. The job duties are fairly universal across the spectrum. A GBM typically reports directly to upper management. As a GBM, you are directly responsible for loans, deposits and investments. The financial performance falls completely on you.
As a GBM, you will receive a set goal from your organization. It is your duty to break that goal down, set your own goals, and delegate them to your group. Your previous experience comes to play daily, as you are required to use your own judgment. You will manage portfolios for both small business, and consumer members.
Your day will be incredibly full. Everything needs to run smoothly, so optimizing your staff, equipment, and facility is a top priority. You will need to set growth objectives and implement plans that engage your members, and increase awareness. Security and risk management are extremely important. You will need to adhere to policy and procedure for all the legal aspects of your organization.
You will also maintain and recommend the annual Capital, and Operating budget, reporting directly to upper management. You will be expected to mentor and approve new staff, while implementing training and development. Adding to all of this, you will be actively promoting your business through community groups and events.
A GBM is a position that requires excellent organizational skills. If you know you can juggle all of this responsibility, you want to get paid. Salary for this position varies by region. If you live in Denver, you could expect a median salary of $86,795 for GBM I. If I lived in Denver, I’d pack my bags and move to Virginia. In Alexandria, the median salary for GBM I is $93,992. If I move up the ranks while in Virginia, I’d bring a median salary of $170k as a GBM IV.
So, is it a good fit for you? The work load is huge, and you have deadlines to meet. You are responsible for a massive amount of money, and as chief puppeteer, you have to make the puppets dance. With experience and education, the road is paved. All you have to do is walk.