Credit Analyst -> Lev Fin
2nd year Credit Analyst for GE Capital type large undewriter looking to get into any Lev Fin group? Other than networking, anything I should be preparing for?
Advice?
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I've very recently asked this on here, specifically I was interested in going from credit to DCM. I'd link it to you but don't have enough bananas to do that. Check my profile if you want to see it.
From what I've heard, networking combined with an obvious understanding of the group you're hoping to go into is the key. I've read responses to other questions that suggest that the CFA can help, and failing that, in the long term an MBA would be a good stepping stone (provided you can get into a target school).
Regarding the difficulty of this kind of transition, it seems mixed. Someone on my question says it'll be a stretch, but is possible. On other threads, it seems like everyone knows credit analysts who've moved into lev fin/IB/whatever. Some people have even gone on to say that a solid understanding of credit is a good foundation for IB, while others say it's a completely different skill set.
It is possible, but to expand on Galt's comments, I think that results are likely to be quite mixed.
In my experience, credit analysts from a commercial/corporate lending background often have very wide and highly variable experiences. Some analysts will get good deal flow and experiences that allow them to develop the core credit and corporate finance skill sets to be successful in LevFin/IB. Other credit analysts may be severely lacking due to more limited work experience, type of work experience (e.g. underwriting treasury management, FX, corporate card risk, etc.), and work environment (mentors, credit program training/rigor, culture/expectations, etc.). Even outside of obtaining the necessary skills, commercial lending often has a much more lenient work culture, and some analysts find it difficult to transition into IB due to the hours, quality of the work product, and overall higher expectations in many cases.
In terms of advice, I think that it is important to have a very thorough understanding of credit and common structures employed (understand legal docs), and the ability to be conversational in capital structure and broader corporate finance topics. Credit and equity are just looking at different sides of the same coin.
Since you actually work in DCM, mind if I flick you a PM with some questions?
I moved from GE Capital directly to IBD. I would say network and try to get into as many capital markets/syndication type transactions. Try to get involved in transactions that mirror the clientele of your target banks. This will give you common ground with interviewers.
just to be clear, you're talking about IB- LevFin. not commercial bank lev fin?
yes ib lev fin
What's comp ranges for GE-type underwriter?
transition from credit analyst to lev fin (Originally Posted: 10/01/2010)
Highly considering applying for a leveraged finance position with MM bank in Southeast; experience thus far has been in credit analysis in commercial banking role. Required experience is credit skills/underwriting, preferred experience is obviously in lev fin, so... possibly an uphill battle.
Any advice?
Having your experience is better than someone who hasn't dealt with debt products before.
Just talk intelligently about your experiences and how they relate to your ability to evaluate credit.
interested in this as well..
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