Leasing Credit Analyst? Worth it?
Hi guys. I just had an interview with BofA as a credit analyst in their leasing division. I'm currently working at a small company in their FP&A department. Graduated in 2015 from a semi-target school with a finance degree.
The thing is, the job is essentially entry level. It's just spreading financial statements all day. Seriously, there's not much more to the job than that. You do that for 1-2 years and then you move on somewhere else, either within the bank or outside of it. You get your foot in the door though, which you can't put a price on.
While I think it's time to move on to another opportunity from my current one, I was wondering if people here have experience with credit analysis and a position like that, in regards to career path and such. I'm a bit apprehensive because of the initial lack of scope in the position (seriously, it sounds pretty bare bones, at least to begin with), but again the bank alone is such a huge entity so that's encouraging. Currently optimistic, but interested to see feedback.
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No promises, but sometimes if we mention a user, they will share their wisdom: Schwa100 @sigan7" Arlemert
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In a similar situation, interested in any responses.
Every bank has their nuances in terms of organizational structure, but from what I see in my bank is that after the analyst level, you can get promoted into a portfolio manager role and keep climbing up the chain in credit management (essentially the underwriting, due diligence and analysis of any existing and new clients). Or, you can break away from that branch and pursue the more client facing side which is origination (essentially sales). From there your work is more focused around meeting clients and bringing in new business for the bank.
Agree with this. It seems like a strong place to start in order to move into underwriting or relationship management. But each organization is different, so I'd advise OP to do as much research as possible about where people have exited to from this role. Does it look like there's a defined path, where this pool of analysts is the go-to internal source for transfers into PM or RM roles? Or do analysts generally stay within support-like functions?
I'm rather confused, although this may be because I am coming from a traditional AM background. Are you saying it is normal to move from analyst to PM? We had a PM quit recently, and it took dangling PM, #2 in charge of >12 equity portfolios with >$3b in assets to pry a VP charterholder with a decade+ experience and an excellent reputation out of risk, and without the PM title we wouldn't have gotten him.
Might be different in other places, but in my firm there really isn't an "associate" level. Being promoted to senior analyst can be comparable to associate, but that is not the official title. PM is essentially a VP title with responsibility over an x # of existing (and new) clients.
Right out of school, it is certainly possible to become a PM in 3-5 years, considering others promote out their current roles + strong deal flow and growing business lines.
you only graduated 2 years ago, so of course you will be interviewing for an entry level role...not sure what the problem is?
financial statement/credit analysis is a good foundational skillset from which to start. i assume youll also learn about structuring the deal, collateral values, etc at some point in the role. these are transferable skills. if you post the JD then maybe that would help.
is this at headquarters or a regional office?
Seconded.
I started my career as a basic credit analyst in the HQ of a super-regional bank. The benefits of the job came in two forms: 1. Being the gofer to the credit officers who you got to interact with and listen to. Maybe the OP doesn't have this in the BOA setting, though. 2. Learning the fundamentals of accounting and how the statments I was looking at could/should be interpreted and thus spread in order to be useful for decisioning. Whether its in debt/equity or any other type of capital market - the ability to understand accounting treatments is invaluable to analysis and you'll see more of it in a short period of time being an analyst than you would in any other job.
OP is this equipment financing or real estate leasing? Or something else?
Good corporate banking / credit analysts can move to IB Coverage or IB Risk positions, I’ve seen it done in top BB’s. Bide your time for 2-3 years and do a consistently good job. Impress the right people and lean on the right people for mentorship
Leasing Credit Analyst-BofA Interview, Would Appreciate Feedback and Input (Originally Posted: 03/29/2018)
Hi guys. I just got an interview with BofA as a credit analyst in their leasing division. I'm currently working at a small company in their FP&A department. Graduated in 2015 from a semi-target school with a finance degree.
The thing is, the job is essentially entry level. It's just spreading financial statements all day. Seriously, there's not much more to the job than that. You do that for 1-2 years and then you move on somewhere else, either within the bank or outside of it.
While I think it's time to move on to another opportunity from my current one, I was wondering if people here have experience with credit analysis and a position like that, in regards to career path and such. I'm a bit apprehensive because of the initial lack of scope in the position (seriously, it sounds pretty bare bones, at least to begin with), but again the bank alone is such a huge entity so that's encouraging. Currently optimistic, but interested to see feedback.
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