Banking, Credit, and Other Investment Managers

(NOC 0122)

in All Management

Banking, credit and other investment managers plan, organize, direct, control and evaluate the activities of financial organizations or operational departments, or credit departments in commercial businesses. They oversee business development and manage overall performance in line with strategic directions and policies. Banking managers work for banks, trust companies and credit unions. Credit managers work for credit departments in department stores, utility companies, car dealerships, insurance companies or other commercial organizations. Other investment managers work for credit card companies, consumer loan companies, mutual fund investment firms, mortgage investment companies or other financial businesses that extend loans and financing and investments.

Job Outlook

Average

Read more

  • Estimate Decline sharply employment change, 2019-2021
  • Estimate -40 openings due to growth and retirements, 2018-2020
  • Estimate Low rate of unemployment in 2019

Compared to: All Management

  • Estimate -245 employment change, 2019-2021
  • Estimate 3210 openings due to growth and retirements, 2018-2020
  • Estimate rate of unemployment not available for these occupation.

The employment outlook over the next few years for this occupational group is “average”, which indicates the chances of a qualified individual finding work is comparable to the average for all occupations in Nova Scotia. This is a fairly large occupation in Nova Scotia so job opportunities occur fairly regularly. The number employed in this occupation is expected to decline moderately over the next few years, which will likely limit the number of new opportunities available. With a moderate percent of workers being 55 years of age and older, retirements are expected to contribute somewhat to employment opportunities over the coming years. Banking, Credit, and Other Investment Managers most commonly work full-time hours.

The median employment income for 75% of Banking, Credit, and Other Investment Managers who worked full-time, year-round in 2015 was $74,986. Across all occupations in Nova Scotia, 59% of those who worked full-time year round had a median employment income of $43,600.
(Source: 2016 Census)

Hourly Pay

$26.44

Minimum

$40.87

Median

$57.95

Maximum

Annual Pay

$24,215

Minimum

$67,265

Median

$123,608

Maximum

Compared to: All Management

Hourly Pay

$16.70

Minimum

$45.17

Median

$58.17

Maximum

Annual Pay

$10,632

Minimum

$55,002

Median

$124,014

Maximum

About the job

Nature of work

Banking, credit and other investment managers plan, organize, direct, control and evaluate the activities of financial organizations or operational departments, or credit departments in commercial businesses. They oversee business development and manage overall performance in line with strategic directions and policies. Banking managers work for banks, trust companies and credit unions. Credit managers work for credit departments in department stores, utility companies, car dealerships, insurance companies or other commercial organizations. Other investment managers work for credit card companies, consumer loan companies, mutual fund investment firms, mortgage investment companies or other financial businesses that extend loans and financing and investments.

Job duties

Banking managers:

  • Manage the branch operations of a bank, trust company, credit union or similar financial institution or of a department in a business responsible for administering personal and business loans, buying and selling securities, operating investment funds, administering trusts, settling estates or other related activities.
  • Make sure the company's policies and procedures are followed according to guidelines and make recommendations for improvement.
  • Network to develop business relations, promote the sale of loan, investment and other banking services and attract business and individual customers.
  • Interview business and individual customers and respond to customer questions.
  • Approve or reject loan and credit applications based on authorized limits.
  • Monitor processing of loan applications and credit investigations.
  • Oversee preparation of monthly financial and branch progress reports.
  • Hire staff and identify their training needs.

Credit managers:

  • Manage the activities of a credit department in an industrial or commercial organization.
  • Administer corporate, commercial and personal loan accounts.
  • Advise customers on the commercial and personal financial services related to their needs.
  • Evaluate loan and credit applications and collateral and make recommendations.
  • Approve or reject credit applications, establish credit limits and determine repayment plans or schedules according to authorized limits.
  • Make sure overdue or delinquent accounts are paid.
  • Make sure credit policies and procedures are followed according to guidelines and legislation.
  • Prepare credit and loan reports.
  • Hire credit staff and identify their training needs.

Sample job titles

  • bank manager
  • collection centre manager
  • commercial banking manager
  • corporate banking centre manager
  • corporate services manager - banking, credit and investment
  • credit card centre manager
  • credit manager
  • credit union manager
  • mortgage and customer credit manager
  • personal services manager - banking, credit and investment
  • trust company manager

Skills

You need strong leadership qualities and an ability to motivate others. You need excellent organizational, problem-solving, planning, and decision-making skills. You must have confidence and initiative, and you need excellent communication and interpersonal skills.

Job requirements

  • A university degree or college diploma in business administration, commerce, economics or a related field.
  • A master's degree in business administration, finance or management science may be required for the management of large commercial loans.
  • Completion of company or other management training programs is usually necessary.
  • Several years of experience within the industry, including supervisory experience, are required.

Other considerations

Movement to senior management positions is possible with experience.

By the numbers

Quick look

1,260

employed in 2016

94.9%

employed full-time

2.8%

self employed

57.7%
Icons/female Created with Sketch.
42.3%
Icons/male Created with Sketch.
44.3

median age

Compared to: All Management

44,250

employed in 2016

91.2%

employed full-time

18.9%

self employed

40.5%
Icons/female Created with Sketch.
59.5%
Icons/male Created with Sketch.
48.7

median age

Where will I likely work?

61.9%

Halifax

11.9%

North Shore

9.1%

Annapolis Valley

9.1%

Southern

7.9%

Cape Breton

Compared to: All NS Occupations

47.0%

Halifax

15.6%

North Shore

12.9%

Annapolis Valley

12.7%

Cape Breton

11.8%

Southern

Top Industries of Employment

74.0%

Finance and insurance

14.0%

Retail trade

3.4%

Professional, scientific and technical services

1.3%

Administrative and support, waste management and remediation services

1.3%

Wholesale trade

What is the age of Employment?

30.0%

45-54

28.0%

35-44

23.0%

25-34

16.0%

55-64

2.0%

15-24

1.0%

65+

Compared to: All Management

30.7%

45-54

23.1%

35-44

21.7%

55-64

14.0%

25-34

7.8%

65+

Top levels of education

43.7%

Bachelor

$76,080 median annual income
21.8%

High school

$54,988 median annual income
21.0%

College Diploma

$58,093 median annual income
6.0%

Master

$101,341 median annual income
2.4%

Diploma Below Bachelor

$50,367 median annual income

Compared to: All Management

27.2%

Bachelor

$71,875 median annual income
23.8%

High school

$42,294 median annual income
20.4%

College Diploma

$50,256 median annual income
9.1%

Master

$93,261 median annual income
7.2%

Apprenticeship

$44,396 median annual income

Education & training

Business administration and management - General

This program may be offered at the college, trades, or university level.

This instructional program class includes any program that generally prepares individuals to plan, organize, direct, and control the functions and processes of a firm or organization. These programs include courses in management theory, human resources management and behaviour, accounting and other quantitative methods, purchasing and logistics, organization and production, marketing, and business decision-making.

Institutions providing this program

Maritime Business College

800 Sackville Drive

Lower Sackville, NS B4E 1R8

(902) 463-6700

Academy of Learning Career College - Halifax

6960 Mumford Road, Suite 155-1st Floor Mumford Professional Centre

Halifax, NS B3L 4P1

(902) 455-3395

Acadia University

15 University Avenue

Wolfville, NS B4P 2R6

(902) 542-2201

Dalhousie University

Office of the Registrar

Halifax, NS B3H 4R2

(902) 494-2450

Mount Saint Vincent University

166 Bedford Highway

Halifax, NS B3M 2J6

(902) 457-6117

Universite Sainte-Anne

Siège Social: 1695, Route 1

Pointe-de-l'Église, NS B0W 1M0

(902) 769-2114

St. Francis Xavier University

PO Box 5000

Antigonish, NS B2G 2W5

(902) 867-2219

Saint Mary's University

923 Robie Street

Halifax, NS B3H 3C3

(902) 420-5400

Cape Breton University

PO Box 5300 1250 Grand Lake Road

Sydney, NS B1P 6L2

(888) 959-9995

Nova Scotia Community College - Annapolis Valley Campus

50 Elliott Road

Middleton, NS B0S 1M0

(902) 825-3491

Nova Scotia Community College - Cumberland Campus

PO Box 550, 1 Main Street

Springhill, NS B0M 1X0

(902) 597-3737

Nova Scotia Community College - Burridge Campus

372 Pleasant Street

Yarmouth, NS B5A 2L2

(902) 742-3501

Nova Scotia Community College - Kingstec Campus

236 Belcher Street

Kentville, NS B4N 0A6

(902) 678-7341

Nova Scotia Community College - Lunenburg Campus

75 High Street

Bridgewater, NS B4V 1V8

(902) 543-4608

Nova Scotia Community College - Pictou Campus & School of Fisheries

PO Box 820, 39 Acadia Avenue

Stellarton, NS B0K 1S0

(902) 752-2002

Nova Scotia Community College - Strait Area Campus & Nautical Institute

226 Reeves Street

Port Hawkesbury, NS B9A 2A2

(902) 625-2380

Nova Scotia Community College - Marconi Campus

PO Box 1042, 1240 Grand Lake Road

Sydney, NS B1P 6J7

(902) 563-2450

Nova Scotia Community College - Truro Campus

36 Arthur Street

Truro, NS B2N 1X5

(902) 893-5385

Nova Scotia Community College - Ivany Campus

80 Mawiomi Place

Dartmouth, NS B2Y 0A5

(902) 491-1100

Nova Scotia Community College - Online Learning

Unit 37, 115 Chain Lake Drive

Halifax, NS B3S 1B3

(877) 491-6774

Business/commerce - General

This program may be offered at the college, trades, or university level.

This instructional program class includes any program that focuses on the general study of business, including the processes of interchanging goods and services (buying, selling and producing), business organization, and accounting as used in profit-making and non-profit public and private institutions and agencies. The program prepares individuals to apply business principles and techniques in various occupational settings.

Institutions providing this program

Dalhousie University

Office of the Registrar

Halifax, NS B3H 4R2

(902) 494-2450

University of King's College

6350 Coburg Road

Halifax, NS B3H 2A1

(902) 422-1271

Universite Sainte-Anne

Siège Social: 1695, Route 1

Pointe-de-l'Église, NS B0W 1M0

(902) 769-2114

Saint Mary's University

923 Robie Street

Halifax, NS B3H 3C3

(902) 420-5400

Economics - General

This program is typically offered at the college or university level.

This instructional program class includes any general program that focuses on the systematic study of the production, conservation and allocation of resources in conditions of scarcity, together with the organizational frameworks related to these processes. These programs include courses in economic theory, microeconomics and macroeconomics, comparative economic systems, money and banking systems, international economics, quantitative analytical methods, and applications to specific industries and public policy issues.

Institutions providing this program

Acadia University

15 University Avenue

Wolfville, NS B4P 2R6

(902) 542-2201

Dalhousie University

Office of the Registrar

Halifax, NS B3H 4R2

(902) 494-2450

University of King's College

6350 Coburg Road

Halifax, NS B3H 2A1

(902) 422-1271

Mount Saint Vincent University

166 Bedford Highway

Halifax, NS B3M 2J6

(902) 457-6117

St. Francis Xavier University

PO Box 5000

Antigonish, NS B2G 2W5

(902) 867-2219

Saint Mary's University

923 Robie Street

Halifax, NS B3H 3C3

(902) 420-5400

Cape Breton University

PO Box 5300 1250 Grand Lake Road

Sydney, NS B1P 6L2

(888) 959-9995

Finance - General

This program is typically offered at the college or university level.

This instructional program class includes any program that generally prepares individuals to plan, manage, and analyse the financial and monetary aspects and performance of business enterprises, banking institutions, or other organizations. These programs include courses in principles of accounting; financial instruments; capital planning; funds acquisition; asset and debt management; budgeting; financial analysis; and investments and portfolio management.

Institutions providing this program

Acadia University

15 University Avenue

Wolfville, NS B4P 2R6

(902) 542-2201

Dalhousie University

Office of the Registrar

Halifax, NS B3H 4R2

(902) 494-2450

Mount Saint Vincent University

166 Bedford Highway

Halifax, NS B3M 2J6

(902) 457-6117

St. Francis Xavier University

PO Box 5000

Antigonish, NS B2G 2W5

(902) 867-2219

Saint Mary's University

923 Robie Street

Halifax, NS B3H 3C3

(902) 420-5400

Cape Breton University

PO Box 5300 1250 Grand Lake Road

Sydney, NS B1P 6L2

(888) 959-9995

Nova Scotia Community College - Akerley Campus

21 Woodlawn Road

Dartmouth, NS B2W 2R7

(902) 491-4900

International business/trade/commerce

This program is typically offered at the college or university level.

This instructional program class includes any program that prepares individuals to manage international businesses and/or business operations. These programs include courses in the principles and processes of export sales, trade controls, foreign operations and related problems, monetary issues, international business policy, and applications to doing business in specific countries and markets.

Institutions providing this program

Dalhousie University

Office of the Registrar

Halifax, NS B3H 4R2

(902) 494-2450

University of King's College

6350 Coburg Road

Halifax, NS B3H 2A1

(902) 422-1271

Universite Sainte-Anne

Siège Social: 1695, Route 1

Pointe-de-l'Église, NS B0W 1M0

(902) 769-2114

St. Francis Xavier University

PO Box 5000

Antigonish, NS B2G 2W5

(902) 867-2219

Saint Mary's University

923 Robie Street

Halifax, NS B3H 3C3

(902) 420-5400

Nova Scotia Community College - Truro Campus

36 Arthur Street

Truro, NS B2N 1X5

(902) 893-5385

Investments and securities

This program is typically offered at the college or university level.

This instructional program class includes any program that prepares individuals to manage assets placed in capital markets, and related technical operations. These programs include courses in security analysis, debt and equity analysis, investment strategies, securities markets, computer-assisted research, portfolio management, portfolio performance analysis, and applications to specific investment problems and business situations.

There are no schools in Nova Scotia offering this program.

Employment requirements & contacts

No regulating bodies were found under this occupation profile

Contacts

Canadian Institute of Management - Maritimes
PO Box 463
Port Williams, NS B0P 1T0
Tel: (902) 670-0746 
Financial Advisors Association of Canada
390 Queens Quay West, Suite 209
Toronto, ON M5V 3A2
Tel: (416) 444-5251
Fax: (416) 444-8031
Canadian Securities Institute
200 Wellington Street West, 15th Floor
Toronto, ON M5V 3C7
Tel: (866) 866-2601
Fax: (866) 866-2660

Additional resources

There are no additional resources for this occupation.

Job postings

There are currently no job postings for this occupation.