Anybody ever been a Credit Analyst for a commercial bank?
I'm thinking about applying and here is the job description:
"Responsible for supporting the CTL Underwriting Group by conducting a thorough financial / credit analysis review of borrower financial statements and / or tax returns. The scope of the analysis will be on individuals, trusts, partnerships, limited liability companies (LLC's) corporations and other complicated structures including tenant-in common (TIC) structures. The ideal candidate must be a "team player", flexible and willing to support other business line partners in an effort to provide stellar customer service."
I'm familiar with the 3 financial statements, but what kind of analysis do they expect to be made?
I'm trying to break into the Finance, but my work experience in the field is really lacking. I'm thinking about applying to this Credit Analyst position or perhaps a Personal Banker role.
You will need to know the 3 financial statements, mainly the balance sheet an Income statement. You will need to know how to read a tax return.
They will probably have you looking at a balance sheet, income statement, personal and corporate tax returns, pro forma statements if any, personal financial statement, and credit reports...having you analyze all the credit information about the commercial property or business and the borrowers personal debt obligations.
They will want you to make sure that as an individual, company and or real estate, and globally they can meet their debt obligations if they were to lend them money. You would make your recommendations based on your analysis of the borrowers financial situation and the specific industry trends.
So would you view this as an entry-level position? It is preferred that I have "1-3 years of financial / credit analysis including complicated entity structures or related experience", which I don't have. In terms of looking at financial statements, I've only had experience with this in a classroom setting.
I definitely prefer this over the Personal Banker position, though; because the PB role is more of a sales position and that's not something I think I'd be very good at.
You do NOT want to be a Personal Banker. I am not even sure you need a college degree for a Personal Banker.
Apply for the Credit position. Everyone is putting 1-3 years experience now, very few companies actually mean it.
You're right, the Personal Banker role doesn't ask for a college degree (although it is preferred), but it does put you ahead of those without one. Maybe I'll apply to both. It's just that I'm not too confident in analyzing financial statements. I'm definitely familiar with the many financial statements, but I'm not too sure about what it means to analyze it.
If you want to break into finance, wthere that be commercial, corporate, or investment... you do NOT want to have a personal banker job on your resume.
It is possible to go from the Credit Analyst position after a year or two and move to a corporate or even investment banking position. That wont happen with a personal banker position.
What's the starting salary for a position like that (Credit Analyst at a commercial bank)?
It's bank/location dependent. Expect between 50-60k.
jeez, no bonus?
negligible, think 5%...
Are personal bankers the same thing as financial advisors?
More of a sales position.
A personal banker is basically a glorified teller or concierge clerk.
Median salary is like 35K a year. You only need a high school diploma.
Do not be a personal banker.
50-60k isn't bad, imo! I applied and hope to to land an interview!
Damn, I mean 60K is not bad, but 50K? That's even less than accountants make
I work as a commercial credit analyst for a bank. Trust me, this is not a easy job. If you dont have either a bachelors degree with strong emphasis in business and/or accounting, OR several years experience in small business accounting (GAAP required) and tax return LLC, Partnership, S-corps, then you will likely: 1. Not qualify for the position 2. Pull your hair out during the first 6 months, should you get lucky enough to get hired. I work on a team of 5 analyst, all with at least a bachelors degree, and we constantly get stumped on occupancy analysis, business structures, etc. This career is not for the faint of heart.
Ever see anyone go from Credit Analyst to IB Analyst or Credit Analyst to Corporate Banking Analyst to IB Analyst?
Yes, it's been done. Not often though.
Difficult to do, but doable. You would have to set yourself apart from the other credit analysts by networking constantly and some additional education (CFA or CPA - perhaps MPA or MSF).
Credit Analyst at a small bank (Originally Posted: 04/14/2017)
I am graduating in May and still looking for a job. I recently got an offer to be a credit analyst at a small unknown commercial bank (~800 million in assets) and it would mainly involve looking at business loans. I have also interviewed with State Street for an entry level accounting job and Prudential for a sales support role in the past week and am waiting to hear back from both of them. I am ultimately looking to go into some kind of equity/fixed income research role. Should I accept the credit analyst job or turn it down and hope for one of the others?
Of your three options, the credit analyst role would presumably give you the most likely exposure to financial statement analysis which is a transferable skill. As for transitioning to fixed income...that is very much a long shot, particularly from a small community bank. Any chance would likely need to be incremental - i.e. credit analyst => ratings agency or credit risk or dcm at a larger bank => then maybe a boutique AM.
Do you think taking the credit analyst role is a better idea than trying to work my way up at one of the larger companies I mentioned
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