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%

Wholesale trade

1.3%

Administrative and support, waste management and remediation services

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

College, Trades, or University Program

These programs prepare students to plan, organize, direct, and control the functions and processes of a firm or organization. They 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

Lower Sackville, NS

Academy of Learning Career College - Halifax

Halifax, NS

Acadia University

Wolfville, NS

Dalhousie University

Halifax, NS

Mount Saint Vincent University

Halifax, NS

Universite Sainte-Anne

Pointe-de-l'Église, NS

St. Francis Xavier University

Antigonish, NS

Saint Mary's University

Halifax, NS

Cape Breton University

Sydney, NS

Dalhousie University Faculty of Agriculture

Truro, NS

Nova Scotia Community College - Annapolis Valley Campus

Middleton, NS

Nova Scotia Community College - Cumberland Campus

Springhill, NS

Nova Scotia Community College - Burridge Campus

Yarmouth, NS

Nova Scotia Community College - Kingstec Campus

Kentville, NS

Nova Scotia Community College - Lunenburg Campus

Bridgewater, NS

Nova Scotia Community College - Pictou Campus & School of Fisheries

Stellarton, NS

Nova Scotia Community College - Strait Area Campus & Nautical Institute

Port Hawkesbury, NS

Nova Scotia Community College - Marconi Campus

Sydney, NS

Nova Scotia Community College - Truro Campus

Truro, NS

Nova Scotia Community College - Ivany Campus

Dartmouth, NS

Nova Scotia Community College - Online Learning

Various, NS

Business/Commerce

College, Trades, or University Program

These programs focus 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. They prepare students to apply business principles and techniques in various occupational settings.

Institutions providing this program

Dalhousie University

Halifax, NS

University of King's College

Halifax, NS

Universite Sainte-Anne

Pointe-de-l'Église, NS

Saint Mary's University

Halifax, NS

Economics

College or University Program

These programs focus 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. They 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

Wolfville, NS

Dalhousie University

Halifax, NS

University of King's College

Halifax, NS

Mount Saint Vincent University

Halifax, NS

St. Francis Xavier University

Antigonish, NS

Saint Mary's University

Halifax, NS

Cape Breton University

Sydney, NS

Finance

College or University Program

These programs prepare students to plan, manage, and analyse the financial and monetary aspects and performance of business enterprises, banking institutions, or other organizations. They 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

Wolfville, NS

Dalhousie University

Halifax, NS

Mount Saint Vincent University

Halifax, NS

St. Francis Xavier University

Antigonish, NS

Saint Mary's University

Halifax, NS

Cape Breton University

Sydney, NS

Nova Scotia Community College - Akerley Campus

Dartmouth, NS

International Business

College or University Program

These programs prepare students to manage international businesses and/or business operations. They 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

Halifax, NS

University of King's College

Halifax, NS

Universite Sainte-Anne

Pointe-de-l'Église, NS

St. Francis Xavier University

Antigonish, NS

Saint Mary's University

Halifax, NS

Nova Scotia Community College - Truro Campus

Truro, NS

Employment requirements & contacts

No regulating bodies were found under this occupation profile

Contacts

Canadian Institute of Management - Maritimes
Various, NS
Financial Advisors Association of Canada
Toronto, ON
Canadian Securities Institute
Toronto, ON

Additional resources

There are no additional resources for this occupation.