brought to light because of the credit crunch. Fred Crawley
reports.
to drive for recruitment across all disciplines, with an eye on
growth and development in the year ahead.
However, as every recruitment professional asked has admitted,
this has not been the case in 2009. Specifically, the market for
credit risk professionals – usually characterised by demand in
excess of supply – has been turned on its head.
“Despite attentions having definitely been drawn closer to
credit,” says Colin Manning of Manning Solutions, “many more credit
analysts have been forced into the job-hunting market. Reductions
in new business volumes have made for a lot less demand and there
is clear evidence of increased candidate competition.”
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Nevertheless, even though fewer deals are being written, those
that are require closer analysis and a greater emphasis on accurate
risk pricing than ever before, meaning that experience of complex
or long-term deals has become extremely desirable.
“There will always be a case for automated underwriting,” says
Sean Toms of Robinson Toms Recruitment, “but on more complex
transactions, experienced credit professionals will spot things
that aren’t picked up automatically.”
Toms adds that in-depth cashflow analysis skills beyond basic
balance sheet appraisal were crucial in this regard. As many
potential lessees with apparently strong balance sheets may yet
lose their reserves to fixed costs in the longer course of the
recession, the importance of cashflow analysis will only grow.
Another desirable characteristic for credit staff picked up by
recruiters was experience of lending in different economic
environments. All sources agreed that credit professionals with
experience of the 1991-1993 recession were in high demand.
In addition to these pure credit analysis skills, recruiters
have noticed increased demand for secondary skills in credit staff.
According to Prue Heron of Commercial Finance People, lessors are
“not just looking for pure new business underwriters, but people
with additional experience in areas such as recoveries and
collections”.
There is also a marked demand for transfer of experience in the
opposite direction, with demand for credit skills opening up in
other disciplines. Miles Clarke of CBC Recruitment noted a demand
for collections personnel with good credit instincts, and
furthermore a possibility for credit veterans to move to front-end
sales positions, acting as a “quality filter” to incoming
business.
Recruiters have also noticed increased interest in credit staff
with skills from outside the leasing world. One consultant
interviewed gave the example of a high level credit appointment in
which a credit analyst with excellent leasing experience was
unsuccessful in applying for a position, despite significant
knowledge of sector and asset characteristics. The position was
given to an analyst from the investment banking sector, on the
basis of the candidate’s quantitative analysis skill and ability to
model the market beyond the level of transaction and asset sector.
Other recruiters have noticed banks redeploying analysts, from
downsized investment and corporate banking divisions to positions
in leasing, where such market modelling skills have again proved
useful.
Certainly, it would seem that job-seeking credit staff with
experience of disciplines related to credit – or who are prepared
to move into those disciplines with a credit skill set – will be
most well served in terms of career options for 2009.
