Where?

Branch network or regional centres, with initial rotation between roles and locations.

Employers?

All the big banks.

Where does the role fit in?

As in most major industries and government services, banks operate a mainstream graduate entry programme. In many banks, this offers a fast-track career path for all entrants; in others, there is an additional accelerated pathway open only to the very top performers in their graduate intake.

Each year's intake of graduate trainees joins the bank at the same time, but there is a range of different training programmes that they might follow. The largest of these specialist programmes is for retail banking.

For more information on the role of retail banks see: Retail Banking

What you do

These are highly structured programmes. Typically, they involve 4 stages:

• Orientation and introduction – covering the basics of banking, finance and branch operations. In addition, entrants will be set overall programme goals, so that the practical experience they gain can be used to formulate a strategic overview of the role of bank management.
• Placement 1 – learning the branch basics. It’s all very well being a manager, but if you don’t have first-hand experience and understanding of the actual jobs that your staff perform, the management task itself becomes a lot harder. No matter how good your degree, or which university you went to, banks will insist that all senior staff spend some time in the branch network. You will be tasked with everything from basic cashier work to assisting the manager. You will also be expected to continue the learning and complete the projects set as part of the overall graduate programme.
• Placement 2 – further experience in other functions. This basically involves learning about related services such as credit card operations or small business banking, as well as spending time in regional offices learning the operational functions. In terms of understanding the bigger picture, you will also study the business challenges facing banks.
• Professional qualifications – at this level, most banks will offer you the chance to take professional qualifications, and expect you to pass them as a part of your career progression.

What you need to get the job

Although there are exceptions, the usual entry requirement for retail banking is a 2:2 degree or above. For comparison, other specialist areas within banking, such as marketing or technology management, may require a 2:1. However, once you are actually working for the bank, opportunities to move into different areas may become available over time.

Graduate trainees are recruited in a very traditional way via the university ‘milk round’. Most banks also utilise recruitment fairs, but only those that take place early in the year, since each year’s new intake is expected to start at the same time.

You will need a combination of qualities, including:

• the ability to be analytical
• good communication skills
• trustworthiness, together with an entrepreneurial spirit
• good written and numerical skills

Career prospects

Once you’ve finished your training, you will have a number of choices.

• You could become a senior branch manager, looking after either a large branch or a group of small branches – this is how most people will start.
• You could move into regional management, supporting senior regional managers.
• You could move into a central role and get specialist experience in areas such as marketing, project management, IT, operations or compliance. Some graduates are taken directly into these roles, but retail bankers also have the opportunity to move into these functions at a later date.
• You could look into management roles in other parts of the bank, such as business banking.

In time you will be competing with graduates from other specialist areas for the very top jobs.

Qualifications and career progression

Retail banking is a complex area and it requires staff to have a broad understanding of customer management, products and risk management. It is likely that your bank will require you to take a formal professional qualification.

This will almost certainly be the ifs degree programme, which ultimately leads to the BSc Hons degree – see BSc (Hons) in Banking Practice and Management.

The structure of this course allows students to gain certificate-level, diploma-level and then degree-level professional qualifications. You don’t need to progress as far as degree level, but completion of the full course is highly recommended for those wanting a senior career. Indeed, a number of ‘executive’ programmes or fast-track programmes do actually require you to pass the full degree.

Income

Starting salaries

These vary from role to role, but are broadly as set out below.

£18,000–£24,000 plus the potential for joining bonuses on entry (in the region of £2,000), plus the potential of bonuses during training of up to 20% of salary.

Career incomes – for those staying in the branch network

£21,000–£40,000 plus bonuses for your first branch management role.

£40,000–£60,000 plus bonuses as a senior manager.

£60,000+ for senior managers in regional offices and specialist management roles.

£80,000+ for central management roles.

Many banks will offer a large town allowance for staff who need to live in expensive areas, or commute. Outside London, this will be around £1,000-2,000, where it is paid. In London you can expect an extra £2,000-3,000.

Of course, banks and insurers also offer good packages of pensions and other benefits. These may not be of much interest to you now . . . but in the future they will be important!