Work as a loan officer
The growth of the financial market and the popularity of credit products among the population is causing new demands on specialists in the banking sector. The greatest demand in banking institutions for credit experts or specialists in lending to individuals.
The position of a credit specialist is the most numerous of banking professions, because employees work not only in branches and branches of banks, but also in retail outlets, in retail sales offices of banking products, in mortgage and specialized credit centers. The success of a bank’s operations and the profitability of its loan portfolio depend on the qualifications and competence of specialists.
Despite the importance of the job, even students without work experience can apply for a vacancy. Such illegibility of banks is associated with a shortage of personnel and regular expansion of the network of points of sale. For beginners, this position is a great start to a career in a bank.
Priority for a vacancy is given to candidates with higher economic education. After approval of the application, you will have to undergo a two-week internship at the bank to study the specifics of the work of a loan officer. A more experienced employee will introduce the beginner to special programs, scoring-evaluation systems, teach the basics of record keeping and reporting.
Skills, knowledge, personal qualities and responsibilities
Knowledge of the basic computer office programs, skills of work on the Internet, ability to handle e-mail and other means of instant communication will be useful. During the internship, you will need to carefully examine the current offers of the bank and loan products. According to their conditions and features, a test or an exam is held for a probationary period.
There is a list of individual characteristics of character and personal traits that are necessary for the effective and successful work of a loan officer. These include:
The lowest position in the credit department of the bank will help to acquire skills of working with potential borrowers, to understand the specifics of the bank's internal policy, standards of activity and used technologies of customer service.
The main job duties of a loan officer are the assessment of possible risks and analysis of potential clients. A loan officer should not just sell products, he has to offer the best option for the client, based on his solvency and collateral. It is necessary in the profession to be able to make quick decisions, analyze the situation and calculate the variants of the development of events when building long-term relationships with customers.
You can stay in this position for several years, however, successful employees are quickly moving up the career ladder. Six months later, prospects may open up to become a manager or senior credit expert and take over the management of ordinary specialists or trainees. This requires a tendency to managerial work and leadership, will have to perfectly study the nuances of lending to individuals, be able to organize the work of subordinates, find a common language with clients and with members of the team, to be proactive.
The next stage of a career for an intelligent employee in retail lending will be the appointment of legal entities and corporate clients to the lending department.Career opportunities for an expert in working with individuals are limited by horizontal advancement, for example, from sending consumer loans to the mortgage sector. In the department of lending to legal entities, you can grow up to an expert in assessing and analyzing the financing of business projects.
The top of growth for a credit expert is the position of the head of the lending department for certain categories of clients, or the head of the lending sector in a separate division or regional office of the bank. There is another development option - to go to a company acting as a loan broker, or to create your own company.
If the goal is initially to work in the field of credit brokerage, it is better to work in several banks beforehand, to get to know and connect in a professional environment in order to simplify further monitoring of the market and building partnership agreements.
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