Job Responsibilities
My main responsibility is to prepare precise and concise credit
proposals with comprehensive analysis for a number of different
purposes such as; new banking facilities/clients, waivers,
amendments, and administrative renewals. Credit proposals
consist of: detailed spreading, analyzing, and commenting on
financial statements, cashflow projections, utilization studies,
risk analysis, due diligence, account strategizing, and
objective recommendations. I spend about 80-90% of my time
gathering and compiling information for this purpose and
composing the final proposal for management approval.
I have other responsibilities such as: performing necessary
credit administrative work and interacting with the business
lines to attend client meetings, as well as other miscellaneous
duties assigned by management from time to time.
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Job Requirements
In general, work experience in credit or a related field is
necessary. However, the specific hiring requirements for this
position are not set in stone and are negotiable to a certain
degree. Thus, if you graduated from a prestigious college with
a degree in accounting, finance, or economics, you are also
likely to at least get an interview. Besides, the training
program will enable you to pick up the necessary skills to
perform your job. You are usually assigned to a particular
client portfolio team and can move horizontally to other teams
with ease. However, once you master the art of preparing credit
proposals (1-3 years), you can apply to become a relationship
manager and begin building relationships with the clients to
obtain more business.
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Uppers
Credit Analysis builds the basic foundation for understanding different
industries, financial analysis, and commercial banking, which will allow
advancement into almost any business sector, thus this job only opens more
windows of opportunity to advance your career.
This job is always interesting because you are faced with different client
files, various banking needs, and changing business environments which effect the
financial statements of the clients, therefore, you are always working on
something different and continuously learning.
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Downers
Because this job builds such a good foundation that allows
people to jump to different better positions so easily, those
who are left suddenly have twice as much work on their tables.
Although, these situations last for only short periods of time
as new analysts are hired, they are nonetheless tough and
stressful.
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Lifestyle
Lifestyle is probably the biggest PRO for this particular position. Despite my
earlier comment on the occasional lack of manpower, the hours are reasonable
(9-6pm with an hour for lunch). This is not to say that if you wish to work
longer you are not allowed to so and you are compensated accordingly. Business
travel is rare, but does occur maybe once every 3 months. The company provides
numerous social events and activities such as wine tasting, trips overseas,
community service, casual day competitions etc?? The dress code is business
casual and casual on Fridays. One point that I deem noteworthy is the fact that
as China is really opening itself up to business, if in addition to English, you
can speak, read, and write Chinese, you are going to be a huge asset to this firm.
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Compensation
The base salary for an analyst with no prior working experience
is about USD2000/month after tax. The company also contributes
an additional USD500 to a retirement fund of your choice.
Bonuses are determined on a case by case basis depending on
performance. Although, this is not a lot compared to investment
banking or consulting jobs in the States, relative to the
average salary in Hong Kong, it is considered quite
satisfactory. Furthermore, as the company sponsors further
education and provides quality training for their employees, I
believe that the compensation is acceptable.
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Advice to Jobseekers
My advice is to act immediately. The market in Hong Kong has
been picking up since Spring of 2004 and companies are hiring
left and right in order to meet business demands. If you are
considering venturing into China in the future, Hong Kong is
definitely the place to be in terms of a basic stepping stone to
learning the ropes and building the relationships to lead to
success.
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