| Topic Name: |
Accounting career |
| Message Name: |
Very Similar |
| Date Posted: |
05/26/2008 |
| In Reply To: |
Hi,
I just graduated with a double major in accounting and finance. Originally I wanted to get a job in commercial banking by getting into an analyst or development program like the ones they have at Wells or Comerica. I went to a small school and could not get a job in this area because of the current hiring conditions. Instead I will be starting the Becker CPA review course this summer and I landed a job as an auditor at a Big Four accounting firm in the Midwest.
I was wondering if a CPA and financial audit experience would be valuable if I still wanted to pursue a career in credit analysis or commercial lending at a commercial bank in the future? I know the Big Four experience can be beneficial, but I will be looking for more work-life balance and a mixture of analysis and sales in the future.
I noticed from previous postings that this is a similar path that you took in your career. Please let me know if this is possible and how the transition is.
Thanks |
| Message: |
Yes. The path you appear to be on is very similar to the path I have taken.
And, yes, your experience in auditing will be looked on favorably (though not a favorably as someone coming out of the analyst program for a large bank).
Here are my recommendations (keep in mind that this is free - and anything that is free is typically worth the price you paid):
1) Look for opportunities to work on a bank audits. While this will not relate directly to what you would be doing as a credit analyst, it might give you a better "feel" for the banking environment.
2) When you get ready to make your move, look for an opportunity in a group related to your audit specialty (healthcare, real estate, utilities, etc.). Many of the mid-sized banks (and most of the large banks) now have their commercial lending teams divided up by industry.
3) Network. Whether it's a "business after hours" event, civic organization, etc., there will typically be some bankers there (always pressing the flesh). Get to know some them. Once you have built a professional relationship with them, let them know of your interest in commercial lending.
4) Don't forget the back door. Many times, there are opportunities to enter commercial lending through a "back door" (i.e. work in loan review for a few years, work for OCC or some other regulatory agency, etc.). While the shortest distance is a straight line, that is not always possible. If doors don't open, then look for alternate routes. I too graduated during a down economy and had to take an alternate route to where I wanted to be.
Get some quality experience while you're at the Big 4. Just keep your goals in mind. And don't sacrifice your life for a paycheck.
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