RecordMove

Insurance product manager to banking products manager

An insurance product manager already meets 50% of what the banking products manager role asks for. The move turns on 12 required skills not yet in the profile.

Fig. 1 · Skill transfer ESCO v1.2.1 · directional

From insurance product manager

Partial match

To banking products manager

19 You already bring

12 Still to learn

45 Skills in the target role2

Learning distance Substantial retraining

56.4/ 100

adjacentmoderatesubstantialcareer change

1 How much of what a banking products manager is expected to do is already part of an insurance product manager’s work. Directional: the figure for the reverse move differs, because moving into a speciality is not the same problem as moving out of one. 2 Every skill the banking products manager role is recorded as needing, required and optional together. What these numbers mean.

Why

Why this move works

A banking products manager role treats 16 of its required skills as things an insurance product manager already does. You would walk in with these on day one.

advise on financial matters
analyse financial performance of a company
analyse market financial trends
corporate social responsibility
create a financial plan
enforce financial policies

What stands in the way is 12 required skills the profile does not yet cover. Table 3 groups them; Table 4 says which to take first.

Table 2

Table 2 · What you already bring

Of the 19 skills that carry over, these are the ones fewest other occupations ask for. A banking products manager role needs them, and most people applying for one will not have them already. This is the part of an insurance product manager background worth leading with.

Skill the target role also needs Area

already held marketing management business, administration and law
already held enforce financial policies management skills
already held financial analysis business, administration and law
already held financial products business, administration and law
already held analyse financial performance of a company information skills
already held financial statements business, administration and law

All 19 carried skills, including the 16 the banking products manager role treats as required.

Table 3

Table 3 · What you may need to learn

The 26 missing skills fall into 7 areas of the ESCO skill hierarchy, numbered in the order worth working in. Areas carrying the most required skills come first, and inside each one the required skills sit above the optional ones. Nothing here is a verdict on you: it is a list of what this particular job asks for that your current one does not.

Skill to pick up Tier

01 management skills 4 required, 3 supplementary

still to learn coordinate marketing plan actions required
still to learn define measurable marketing objectives required
still to learn develop product policies required
still to learn plan product management required

optional, not held ensure finished product meet requirements optional
optional, not held make strategic business decisions optional
optional, not held operate financial instruments optional

02 business, administration and law 2 required, 4 supplementary

still to learn market research required
still to learn marketing principles required

optional, not held cost management optional
optional, not held banking activities optional
optional, not held financial markets optional
optional, not held securities optional

03 communication, collaboration and creativity 2 required, 3 supplementary

still to learn develop product design required
still to learn prepare market research reports required

optional, not held advise on investment optional
optional, not held advise on communication strategies optional
optional, not held communicate with banking professionals optional

04 information and communication technologies (icts) 2 required, 1 supplementary

still to learn core banking software required
still to learn trading software required

optional, not held electronic business optional

05 information skills 1 required, 2 supplementary

still to learn draw conclusions from market research results required

optional, not held analyse business plans optional
optional, not held carry out strategic research optional

06 social sciences, journalism and information 1 required

still to learn economics required

1 further area in the appendix

Table 4

Table 4 · Where to start

The 3 entries a banking products manager role is least likely to hire without. The ordering is computed from the skill data, not from what pays.

Each entry opens a course search for that skill. Career Overlap earns nothing from these links.

Appendix

Appendix · The rest of the record

All 19 skills that carry over

Skill Type

already held advise on financial matters skill
already held analyse financial performance of a company skill
already held analyse market financial trends skill
already held corporate social responsibility knowledge
already held create a financial plan skill
already held enforce financial policies skill
already held financial analysis knowledge
already held financial management knowledge
already held financial products knowledge
already held financial statements knowledge
already held follow company standards skill
already held liaise with managers skill
already held marketing management knowledge
already held perform market research skill
already held sales strategies knowledge
already held strive for company growth skill
already held analyse financial risk skill
already held plan health and safety procedures skill
already held statistics knowledge

The 1 learning area not shown above

Skill to pick up Tier

07 natural sciences, mathematics and statistics 1 supplementary

optional, not held survey techniques optional

14 supplementary skills, helpful but not required

Skill to pick up Tier

optional, not held advise on investment optional
optional, not held cost management optional
optional, not held electronic business optional
optional, not held advise on communication strategies optional
optional, not held analyse business plans optional
optional, not held banking activities optional
optional, not held carry out strategic research optional
optional, not held communicate with banking professionals optional
optional, not held ensure finished product meet requirements optional
optional, not held financial markets optional
optional, not held make strategic business decisions optional
optional, not held operate financial instruments optional
optional, not held securities optional
optional, not held survey techniques optional

20 held skills the banking products manager role does not ask for

Skill Type

not needed by the target role create cooperation modalities skill
not needed by the target role create insurance policies skill
not needed by the target role deliver a sales pitch skill
not needed by the target role develop financial products skill
not needed by the target role develop investment portfolio skill
not needed by the target role ensure cross-department cooperation skill
not needed by the target role insurance law knowledge
not needed by the target role insurance market knowledge
not needed by the target role manage financial risk skill
not needed by the target role manage staff skill
not needed by the target role modern portfolio theory knowledge
not needed by the target role obtain financial information skill
not needed by the target role plan marketing campaigns skill
not needed by the target role principles of insurance knowledge
not needed by the target role promote financial products skill
not needed by the target role recruit employees skill
not needed by the target role review investment portfolios skill
not needed by the target role sell insurance skill
not needed by the target role supervise sales activities skill
not needed by the target role types of insurance knowledge

11 gaps that are knowledge rather than practice

Knowledge gaps usually close through study. Practical skill gaps usually need something you can point at.

Skill to pick up Tier

still to learn core banking software required
still to learn trading software required
still to learn economics required
still to learn market research required
still to learn marketing principles required
optional, not held cost management optional
optional, not held electronic business optional
optional, not held banking activities optional
optional, not held financial markets optional
optional, not held securities optional
optional, not held survey techniques optional

Index

Other moves recorded from insurance product manager

Full index of moves from insurance product manager

FAQ

Common questions about this move

Can an insurance product manager become a banking products manager?

Yes, and it is a substantial move. An insurance product manager already covers 50% of what a banking products manager is expected to do: 19 skills carry over, 16 of which the banking products manager role treats as required.

What skills does an insurance product manager need to become a banking products manager?

12 required skills are missing, plus 14 optional ones. They fall into 7 areas of the ESCO skill hierarchy, led by management skills. The single most important is core banking software.

How hard is the move from insurance product manager to banking products manager?

Its learning distance is 56.4 out of 100, which is the substantial band. That accounts for both how much is missing and how specialised those skills are.

Note

How this record was compiled

Both occupations are taken from ESCO, which lists the skills and knowledge each occupation is expected to have and marks every one required or optional. Nothing here is a prediction about hiring, and nothing here knows that a particular employer wants a particular certificate. Treat Table 3 as a starting point for your own research rather than a syllabus. The full method states what these figures can and cannot tell you.