Hi all. Thanks for taking the time to read my post, I appreciate it a lot. Having graduated two years ago from a finance MBA (montreal), and having just passed Level 3, I am wondering about the one year of of commercial lending/credit analysis experience I have thus far. It’s with a major Canadian bank, but I moved to a small town (40’000) to work in the role because as a new graduate I thought it would be fun and a good way to start my career in financial analysis! Now I kind of want out and back to a major city. I could wait until next summer when I can apply for a transfer within, or I could start looking elsewhere…
So does commercial lending experience give me as a recent grad good experience? Is it helpful to get into an associate analyst position or a business analyst position? I’ve been told by recruiters, friends, and colleagues alike that working on farm credits of such low value is kind of not-beneficial… That if I choose to stay in the role for the next year I won’t be any better off experience-wise as I am now already with a year done.
So I am looking for an associate analyst or business analyst position in the banking world in Canada. The main question is should I start looking now at other chartered banks in Canada, or do I hunker down, wait it out another twelve months, then apply for a transfer within? What’s your advice?
N.B. I started the job as a level 2 candidate. I’m the only commercial lender/credit analyst with all 3 levels of the CFA done in the province… Perhaps this just isn’t the best role to remain in as it doesn’t seem to be applicable?
What about trying to transfer within the bank you work at to the treasury department/ ALCO team or to the trust department?
I worked at a large regional commercial bank when I was a level 2 candidate as well. No one in lending seemed to understand or really care what the commitment to the cfa program meant, so eventually I chose to leave banking altogether and go into private wealth mangement. Sometimes I feel good about that decision, some days not so much. It’s a smaller RIA shop so I have no health or dental bene’s. Doesn’t seem like a big deal until you have to pay private insurance rates. I don’t have the political hassel of the larger corp-merica offices but theres trade offs there too in terms of salary etc.
Unfortunately there doesn’t seem to be any “magic pill” -ultimately I think I’m in a better posisiton to be self employed one day so i just try and focus on the positive and the long term. Good luck in your search.
I appreciate the response! Thank you very much for sharing your experience with me.
Lending is so very important to the business world, especially for those small businesses that need funds to start and grow into something great. I really do appreciate the service the lending profession provides by representing the bank to the client and the client to the bank - it’s a very critical position that people need! But I also have to consider my own career and what I need (and sometimes I feel guilty doing that) and my feeling is that this role will not allow me to apply the CFA and financial analysis learnings I have worked hard to learn. It is an excellent start in applying those skills, but after a year I feel I have reached a plateau in small business/farm financing…
My bank requries a minimum of 24 months in the role before an internal transfer and I am afraid after another year I will stagnate and become less employable in an analysis-type position. Of course there is the balance of job security being a bank employee past the evaluation period… In such uncertain times even the CFA cannot guarantee employment. I guess only I can make the choice between stagnating & secure vs. improving/challenging & less job security while I search/start a new job at another bank… But I do appreciate advice and insight from those who are willing to share.
Yes I received 6 months of formal credit training for my post from the chareted bank I am working for. It is said by many from competing banks & recruiters that it is a very good training program.
Thanks for your interst, I really do appreciate it! I did the only accredited Investment Management MBA/CFA program there was in the city. I tried hard looking for work in the field - networking with alumni, going to wine & cheese events, CFA events, job fairs, applying online, presenting my projects, regularly contacting financial boutiques, you name it I did it. Fortunately, after two years of trying to find work in the finance industry I finally got this position - I figured it would be a good start. It definitely has been, but I am looking to continue challenging myself, applying my skills and learning more about the finance industry. Now I am advancing credit, but I want to continue moving towards the source of where the funds come from. I want to eventually be a part of the team that earns the bank’s returns so that these businesses I lend to can have the funds they need at competitive rates. Thanks again for your advice.
I too am from Montreal and I can’t believe you could never find work with your diploma and all that you did. I only have a bachelors degree and I can’t find work either. I even have contacts (not manager level) at TD, BNC and Desjardins and it didn’t help me so far! I’m starting to look at other opportunities in corporate finance and proprietary trading. BTW, have you looked at pension funds of big companies such as Air Canada, Via Rail, CN, etc.? You can find good opportunities with those.
Hey Tahi! Thanks for sharing your experience. It’s always nice to meet a fellow Montrealer If I had to do it again I would not leave Montreal to come to a smaller town. I would keep toughing it out and working wherever I could to be close to my family and friends.
I guess on the plus side, I have some good entry-level experience and am a bit more worldly… but Montreal, Toronto, Ottawa are all very nice, convenient and multicultural with plenty of opportunity. It just takes commitment and perseverence - especially for a new grad. Two years was enough for me, but in retrospect I should have tried longer.
If I had to do it again I would not leave Montreal to come to a smaller town. I would keep toughing it out and working wherever I could to be close to my family and friends.