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Started By
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Anyone works (or worked) as a Credit Analyst?
Posted on 7/30/12 at 10:03 am
Posted on 7/30/12 at 10:03 am
I work right now in a retail branch for a local bank in Nola. I'm considering applying for a Credit Analyst position downtown at our HQ.
I have a degree in Finance and my short to medium term goal is to be in the best position possible when our company starts an Investment department. (Salary increase notwithstanding)I'm told taking this position would improve my standing towards this goal.
My question is what people that are really familiar with this position think about it? My concerns would mainly be switiching from a position of high customer contact to one with little to no customer contact. I guess I envision this position being quite boring looking at numbers all day long in a cubicle.
I have a degree in Finance and my short to medium term goal is to be in the best position possible when our company starts an Investment department. (Salary increase notwithstanding)I'm told taking this position would improve my standing towards this goal.
My question is what people that are really familiar with this position think about it? My concerns would mainly be switiching from a position of high customer contact to one with little to no customer contact. I guess I envision this position being quite boring looking at numbers all day long in a cubicle.
4
Posted on 7/30/12 at 10:24 am to Brightside Bengal
credit analyst is a temp gig. I did it for 2.5 years and am now a commercial lender.
IMO it's the gateway to any successful banking job you would like to pursue. There isn't enough training in banking anymore and to get on the commercial side of banking (where the money is) you really need a strong credit background.
And FWIW, commercial underwriting and consumer underwriting are night and day difference. Commercial underwriting is ALL grey. No right answer. Consumer underwriting is all number driven (credit score, DTI etc etc)
IMO it's the gateway to any successful banking job you would like to pursue. There isn't enough training in banking anymore and to get on the commercial side of banking (where the money is) you really need a strong credit background.
And FWIW, commercial underwriting and consumer underwriting are night and day difference. Commercial underwriting is ALL grey. No right answer. Consumer underwriting is all number driven (credit score, DTI etc etc)
Posted on 7/30/12 at 10:25 am to Brightside Bengal
I've been one for 7 years in various capacities. It pays pretty well if you advance.
You do get some customer interaction. My advice would be to take initiative and work hard.
But it's a good job. I have a finance background. I'm also a registered CPA in Illinois. If you know accounting and you have a finance degree, you should be fine.
You do get some customer interaction. My advice would be to take initiative and work hard.
But it's a good job. I have a finance background. I'm also a registered CPA in Illinois. If you know accounting and you have a finance degree, you should be fine.
Posted on 7/30/12 at 10:26 am to Im4datigers
quote:
Im4datigers
I'd echo his thoughts as well.
Posted on 7/30/12 at 10:32 am to Brightside Bengal
What everyone else has said is true.
The ceiling on retail banking is very low, I think it would be an excellent career move to take a commercial banking analyst position.
The ceiling on retail banking is very low, I think it would be an excellent career move to take a commercial banking analyst position.
Posted on 7/30/12 at 11:13 am to TheHiddenFlask
quote:
What everyone else has said is true. .
I second this.
It really is the best gateway to advancement in banking, not just commercial lending. Formalized credit training has a ton of value in the industry.
It can be boring work at times. You spend the vast majority of your days staring at corporate financial statements and putting together packets for loan review. But it's worth it if you're serious about a career in banking.
This post was edited on 7/30/12 at 11:14 am
Posted on 7/30/12 at 7:53 pm to Brightside Bengal
Your concerns have merit, it is absolutely number focused and probably has less customer interaction. That said, it's also a no brainier that it will put you in a better position than your current role for reaching the "investment department".
Are you hoping to land in a wealth manager type role or investment banking role?
-Senior Credit Analyst
Are you hoping to land in a wealth manager type role or investment banking role?
-Senior Credit Analyst
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