Hello, I’m a recent grad from the University of Waterloo (actuarial science and finance). Though I’ve missed the recruiting season, I’m in a job search looking to get a credit analyst (loan syndication, origination, credit facilities, etc.) position at one of the banks. I saw some posts by “nyami 23” discussing a similar job that I’ve applied to. “nyami 23” if you could be kind enough to post here about what factors led to your success in obtaining a position. It seems that I have the skills and attributes that the recruiters are looking for, but I’m not having much success in getting interviews. Any suggestions or advice would appreciated.
Is that the same thing as a loan officer position? I’ve seen one person with a loan officer title and another with a credit analyst position, and they seemed to be doing the same job.
its not a loan officer position. its in the credit departement - providing loans and related products to companies (revolving credit, etc.) I can post the job description if it helps…
Mike, I currently work in a specialized industry group at a bank as a credit analyst where we primarily participate in loan syndications. I was able to break into this area by preparing a research report on a publicly-traded company and submitting it with my resume. Let me know if you have any other questions.
Hi TMurf, As I mentioned, I recently graduated from the University of Waterloo. I studied Actuarial Science (with a finance option: heavy in quant/corporate finance courses as well as statistics). I have completed decent work terms, but not in finance. My GPA is %85. I didn’t go through recruitng because I had gained admissiong to the JD/MBA program at UofT; I’m in law school now, however, I am in a job search and am willing to leave law school for a positin as a credit analyst. CIBC had a credit analyst position to which I applied recently, though I haven’t heard back. What I want to know is: - are my credentials sufficient to be able to get interviews? - if not, what other credentials would make me more competitive? If you are willing to speak with me, my email address is mikeintoronto999@gmail.com
Perhaps Im an idiot, but I cannot understand why you, after getting into the best lawschool in Canada/Top3 MBA in Canada) would want to quit for a position that is so close to the bottom of the finance ladder…are you not aware of the types of jobs that UT JD/MBAs get after grad/articling??
I would consider all factors and seek advice. I wouldn’t make any decision before thinking long and hard about it. I’d like to interview with the firms anyway, at least to get an idea of what the costs/benefits/opportunities are.
Interesting scenario. If you have only applied for one position I wouldn’t get discouraged. I think some employers may be skeptical because you are wanting to make such a move. You will definitely have to defend why you want to make such a move and why you would be good at it. If you don’t have either a good accounting background or the ability to understand and interpret financial statements then moving into this area would prove difficult. You also need good presentation/communication and writing skills as you would be doing a lot of talking with CFO’s, preparing reports and defending your recommendations to your credit approval committee. Analytical skills are obviously important. You need to be able to look at industry trends, how they have affected the company, and what, if anything, management is doing in the face of various challenges. Not sure what advice I can give other than to network and work on your accounting/FSA knowledge.
Hi TMurf, Just to make sure there is no ambiguity, I’ve posted the job description below, let me know if you think it is reasonable to assume that I would be a fit for this job. Thanks Canadian Credit Capital Markets Through industry specialty groups (including oil and gas, real estate, media and telecommunications, mining, forest products, financial institutions and diversified industries), Canadian Credit Capital Markets (CCCM) is responsible for originating, structuring, syndicating and managing investment and non-investment grade credit related products for CIBC World Markets’ corporate clients. CCCM professionals work closely with Investment Banking, Merchant Banking, Debt Capital Markets and Treasury and Balance Sheet Management in providing financing solutions to our clients. CCM is comprised of seven industry groups and a Structuring and Syndication group. The various industry groups’ primary responsibility is the on-going development and management of the client relationship as it relates to the credit product and credit portfolio management, while the Structuring and Syndication Group is responsible for structuring new underwritten transactions, restructuring existing syndicated accounts, selling syndicated loans and advising on the liquidity of loan underwriting in both primary and secondary markets. The Role Of An Analyst In Canadian Credit Capital Markets Analysts will provide a broad range of analytical and research support to all the professionals within their group. Analysts will be involved with a variety of projects to expose them to various aspects of loan underwriting, credit analysis and portfolio management. They will work with a number of senior people internally to support a wide range of clients. There will be the opportunity to interact with professionals from other groups within World Markets including Investment Banking, Debt Capital Markets, and Equity Research. Specific duties include financial statement and data analysis, financial modeling, industry research and assisting in the preparation of information memoranda. Analysts will develop their skills through on the job training, mentoring and formal classroom training sessions.
Well, I can’t really comment on if you would be a fit for the job. You seem smart and they will provide training so I’m thinking your lack of experience won’t be too much of an issue. If I were you I would start calling HR to make sure they got your resume and if you could schedule a time to come in.
Thanks, I’m going to that. Thanks for your help, I appreciate it.
commstudent Wrote: ------------------------------------------------------- > Perhaps Im an idiot, but I cannot understand why > you, after getting into the best lawschool in > Canada/Top3 MBA in Canada) would want to quit for > a position that is so close to the bottom of the > finance ladder…are you not aware of the types > of jobs that UT JD/MBAs get after grad/articling?? no shit, unless you NEED to start earning now its a huge step backwards. Id kill to be in your position.
Top Act Sci UW Student. And now JD/MBA, wow crazy stuff. Btw I am pretty sure CCCM at CIBCWM is more close to being an Ibanking Structuring role and it is not low on the financial ladder by far. But you should be aimming for an Associate position in an investment bank with your credentials.
Am I missing something? Is the position I posted above not a good way to get decent experience in finance?
I wouldn’t worry about some of the posts above. Like adehbone mentioned, this is definitely not near the bottom of the finance ladder. However, as an analyst you would be at the lower end of your group.
Right… i-banking associate with no experience, no designations, straight out of undergrad? Stellar grades and highly accomplished individuals is the norm for i-banker analysts, not the exception. Even after his MBA he will have trouble landing an associate position (possible, but requires top marks). I think the job description pretty clearly states that it is an entry corporate finance job. While it isn’t a bad place to start, it certainly doesn’t open as many doors as ER or IB imo.
Exactly. Doors open for the JD/MBA’s, but that is after working as an associate at a law firm for a couple of years. I think paying my dues now makes more sense. I understand that the credit analyst job is entry level, but thats exactly what I am looking for - a place to start off and get the requisite experience needed for a job as an analyst. What I’m trying to find out is if this job (or others similar) can open the door to the IB analyst program at one of the BBs in Toronto.
mikeintoronto Wrote: ------------------------------------------------------- > Hello, > > I’m a recent grad from the University of Waterloo > (actuarial science and finance). > > Though I’ve missed the recruiting season, I’m in a > job search looking to get a credit analyst (loan > syndication, origination, credit facilities, etc.) > position at one of the banks. > > I saw some posts by “nyami 23” discussing a > similar job that I’ve applied to. “nyami 23” if > you could be kind enough to post here about what > factors led to your success in obtaining a > position. > > It seems that I have the skills and attributes > that the recruiters are looking for, but I’m not > having much success in getting interviews. > > Any suggestions or advice would appreciated. Hi… I am just seeing your message now. May I first say, Your credentials sound great to me… Lets just say I was lucky to get in through campus recruitment. I wouldnt know how the process works in the real work. I ended up getting a “Credit Analyst” position with another similar bank. I got an interview for the CIBC position too, but did not get an offer. It was extremely competitive this year. And may I just say, you might have applied a little late and it has nothing to do with credentials. I believe this position is now closed. Keep on trying and I am sure someone will take you up. By the way, I was interviewed for this position and it did not sound to me that it is in the bottom of the ladder. But you know as an analyst , you are at the lower end of the group. But that was okay to me, I was looking for experience and to work my way up. In addition, The hours are decent and you still make a decent pay. I would say keep looking. CIBCWM are tough recruiters so dont beat yourself down and keep on trying. PS: I am Finance major, recent grad , no financial service experience but CFA level II candidate.
Hi, Thanks for the encouraging information. I am going to keep applying to other banks. I share your view with respect to the ladder - I think the position is a great way to learn the ropes.