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Who is a Transaction Manager?
Financial transaction tax raises problems of competition ~ Jose Manuel Barroso
A Transaction Manager stays involved in coordinating transactions over one or more resources. He or she is responsible for the creation of transaction objects as well as managing their durability and atomicity.
One of the major responsibilities of a Transaction Manager is keeping track of all resource managers enlisted in a transaction. A Transaction Manager carries out two-phase commit protocols of the transaction. During the first phase, he or she ensures that all enlisted resource managers are prepared.
In the second phase, Transaction Managers are responsible for notifying the resource Managers about the status of their transaction if it is aborted or committed. In this article, we will be discussing how to become a Transaction Manager in India, skills, and Transaction Manager eligibility
Transaction Manager in a Nutshell
A Transaction Manager is responsible for handling legal and financial matters. He or she monitors liabilities, coordinates leases, subleases and purchases and finds real estate opportunities aligning with company goals. a Transaction Manager utilises resources to negotiate the best deals for the company.
Quick Facts for Transaction Manager
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Industry
Finance
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Suitable for
Male, Female, Others
A career as a Transaction Manager does not come with gender-based restrictions. An individual gender does not affect his or her career growth in the industry.
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Any special needs
Yes
A Transaction Manager career suits candidates with special needs. Several industries offer desk jobs and do not have any travel requirements. Such jobs are best suited for the role of Transaction Manager.
Table of Contents for Transaction Manager
What is the role of Transaction Manager?
A Transaction Manager is responsible for controlling and coordinating the execution of transactions within the database. He or she assumes a transaction as a collection of operations in the database. It is bound together into a single run-time unit.
A Transaction Manager initiates the transaction and synchronises the transaction execution with the database, operating system, and other transactions. He or she coordinates inter-transaction communications, commits processing and aborts failure processing as well as transaction constraint checking and condition handling. A Transaction Manager job involves maintaining a log in the storage.
The log is utilised to record the transaction events. A Transaction Manager uses this log for recording transaction starts, commit decisions, enlistment and others. The Transaction Manager writes the log, if missed he or she further reads the log. A Transaction Manager does it early as it restarts to restore the latest state.
Demarcation
The Transaction Manager roles and responsibilities is to perform demarcation. It involves starting and finishing transactions by various means such as begin, commit and rollback methods.
Controlling
The role of the Transaction Manager involves controlling the transaction context. It includes all the information that provides help to the transaction manager in monitoring a transaction. He or she is in charge of building transaction contexts and connecting them to existing threads.
Coordination Transaction
The Transaction Manager job description involves harmonising transactions over various resources. It involves the two-phase protocol. It is used to register and manage the resources.
Recovery Failure
A Transaction Manager roles and responsibilities are to ensure that the resources are not kept in an inconsistent state in case the system or application fails.
What is the workplace/work environment of Transaction Manager like?
The Transaction Manager works in an office environment. The role of a Transaction Manager involves tracking customer developments and trends to provide support in crafting future offerings. A Transaction has to collaborate with Business Developers, Relationship Managers, Portfolio Managers and others. He or she works standard business hours.
Does Transaction Manager require travelling?
Likely
The travel requirements in a Transaction Manager career vary from industry to industry. A Transaction Manager is not required to travel daily. He or she may often be required to travel to check the portfolio.
Employment Shifts
Full Time
A Transaction Manager works on a full-time basis. There are no part-time, hourly-basis employment shifts provided in this career.
Employment Nature
Contractual, Permanent
A Transaction Manager works on a contractual and permanent basis. The nature of the employment depends on the organisation. Candidates can look for Transaction Manager employment opportunities through various platforms such as Naukri.com, Indeed and other platforms.
Work Place
Office
A Transaction Manager works in an office environment. He or she is required to office premises to perform job tasks.
Presence in Geographical Area
Semi-urban, Urban
Transaction Manager's jobs are flourishing in urban cities. In the real estate sector, the average salary of a Transaction Manager employed at Bengaluru is 248 per cent higher than the national average.
Time Pressure
Likely
A Transaction Manager is required to ensure completion of tasks in the given frame of time. Extending deadlines is not considered good practice on the professional front.
Overtime Details
A Transaction Manager may often be required to work extended hours to meet the deadlines.
Weekly Hours of Work
Min 40 Hours
A Transaction Manager works a minimum of 40 hours per week. A Transaction Manager's standard work hours may vary from organisation to organisation.
How to become a Transaction Manager?
Steps to become a Transaction Manager
If you are someone interested in numbers, accounts, transactions or real estate and want to make a career in a similar field then a career as a Transaction Manager is one of the best options for you.
If you want to learn how to create transactions, keep track of all resource managers and look for the details on how to become a Transaction Manager in India then below we have provided step-by-step guidance for you.
What are the skills and qualities required to become a/an Transaction Manager?
We have provided here details of Transaction Manager skills. Candidates who want to become a Transaction Manager are required to acquire these skill sets.
Communication Skills: A Transaction Manager must be proficient in written and verbal communication skills. He or she must be able to translate the technical specifications into clear, concise and unambiguous documentation.
Coordination Skills: A Transaction Manager must possess strong interpersonal skills. He or she is required to coordinate with relationship managers, portfolio managers and other professionals within the organisation
Analytical Skills: The role of the Transaction Manager involves analysing the details of the transactions. He or she has to maintain the bookkeeping and ensure all the transactions are accurately recorded in it.
Detail Oriented: A Transaction Manager is required to be detail-oriented as transactions need to be recorded carefully with all the accurate mistakes. A little mistake or missing out on a figure may affect the entire log and create a big problem.
Knowledge of Business: A Transaction Must possess knowledge of the business or industry for which he or she is working such as Real Estate, Banking or others. He or she must be aware of the technical terminologies used in the industry.
Popular Online Finance Courses and Certifications
Which certifications and internships can be helpful in becoming Transaction Manager?
We have provided here a list of Transaction Manager certification courses. Aspirants may enrol in these courses to upgrade their skills and knowledge for a career as Transaction Managers.
Executive Certificate Program in Financial Accounting and Auditing
Executive Development Program in Advanced Financial Management
Professional Certificate Program in Applied Financial Risk Management
Internship Availability
Aspirants are required to give a start to their career by opting for Transaction Manager internships. A Transaction Management intern is provided with several roles and responsibilities.
He or she is required to analyse the transactions proposed with clients. The role of a Transaction Manager intern may also involve preparing memos related to facilities such as structure, securities, recovery rates, risks and profitability.
Career Path Progression for Transaction Manager
Senior Transaction Manager: A Senior Transaction Manager role involves conducting special transaction management projects. He or she is responsible for executing process improvements and business initiatives. The role involves coordinating entire lease and sub-lease documents.
Transaction Manager Jobs and Salaries
Senior Transaction Manager
Contractual/Permanent
Job Description
The role of Senior Transaction Manager involves managing the entire process required to acquire, extend, renew and terminate or dispose of lease agreements. He or she develops positive working relations with the landlord.
What is the job outlook for Transaction Manager?
Smaller companies give opportunities to employees who have previous experience or those who provide internal training offered by larger organisations. Employers prefer candidates with an MBA in Business Management followed by a BCom or BBA in Banking and Insurance, Accounting, Sales and Marketing or related specialisations.
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Frequently Asked Questions for Transaction Manager
Que. What is the average Transaction Manager salary?
Ans.The average Transaction Manager salary working in the Real Estate industry is Rs. 718186 per month.
Que. What are the minimum required qualifications to become a Transaction Manager?
Ans.The minimum required qualifications to become a Transaction Manager is successful completion of undergraduate degree in business administration or any other commerce specialisation with mathematics, accounting and others.
Que. What are top Transaction Manager colleges?
Ans.Top Transaction Manager colleges are IIM Ahmedabad, IIM Bangalore, IIM Calcutta, FMS Delhi and IIM Indore.
Que. What are the Top Transaction Manager companies?
Ans.Top Transaction Manager employers are ICICI Bank Ltd., Kotak Mahindra, Indigo Airlines, Clayworks Technologies Limited and Deutsche Bank.
Que. What is the average fee of an MBA in Business Management?
Ans.The average fee of an MBA in Business Management ranges between Rs. 200,000 to Rs. 20,00,000 per annum.
Que. What does a transaction manager do?
Ans.In a career as a Transaction Manager, he or she is responsible for managing legal and financial matters, overseeing liabilities, coordinating leases, subleases, purchases, and looking for real estate opportunities.
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Did you know?
Fact 1
If transaction within a bank account is not made for two consecutive years, then it is treated as inoperative.
Fact 2
Validity period of cheques, drafts or banker’s cheques is three months.
Fact 3
It is mandatory for banks to send online alerts to card holders for card related transactions.
Fact 4
For failed ATM transactions, time limit of resolution of customer complaints is 7 working days.
