Financial Services Sales Agent: Commercial Lender-Bender

Introduction
First of all, do NOT go into this field because you like the sound of "banker's hours." This became a myth decades ago. You will, on average, work as many hours in this field as you would in an average professional field (accounting, marketing, etc.).

Second, realize that this field is constantly changing. What works today may not work tomorrow, the rules and regulations today may not be the rules and regulations tomorrow. Do not enter this field if you are not comfortable with change.

Job Function
Commercial lending is mostly divided into two areas (sales or credit) with only the smallest of lenders still requiring/utilizing generalists. You will either be on the sales side (people person, constant sales calls, lots of client face time) or you will be on the credit/risk side (analyzing the numbers, meeting occasionally with customers, trying to minimize losses).

These two are in a constant fight. The sales side wants every deal approved just like the prospect requested it (afterall, a good deal of their compensation is directly tied to the volume of loans closed). The credit side always wants better loans and many times will suggest changes to help mitigate the risks associated or simply decline the loan request (afterall, a good deal of their compensation is directly tied to the quality of the loan portfolio).

If you are a "numbers person" then you will most likely hate the sales side (spending all day trying to get in front of prospects and sell your bank versus another). If long hours in the office pouring over financials and spreadsheets is not your cup of tea, then the credit side would not be a good fit for you. Advertisement
Lifestyle
Regardless of whether you work on the sales side or the credit side, very few people in this industry are going to be rich. Most will live a comfortable middle class lifestyle.

Occasionally, long hours are required. Whether your on the credit side spending the night in the office or on the sales side spending the night at the 5th fundraising event of the week, you are not "off the clock" at 5 PM.

However, most weeks require reasonable hours 45-50 hours per week. This leaves time for recreation and hobbies.

Lenders working on the sales side have more flexibility in location (as most banks have business development officers anywhere from large cities to small towns). However, the credit offices are normally centralized in larger cities (with a few having regional offices in various metropolitan areas throughout their service area).

The "people person" who goes to a party and enjoys meeting 20 new people before the end of the night normally enjoys and does well on the sales side. The "number cruncher with personality" who goes to the same party and enjoys spending her time with only a few people normally does well on the credit side. However, employees on both sides of the fence must have a decent knack for numbers and reasonable personality in order to prosper.

Additional Information
Commercial lending is an industry that is aging (most institutions have more gray hairs than youngsters in the group). Because of this, there is an upside potential for those entering the field. However, recent changes in the credit markets (late '07 and early '08) have resulted in many institutions decreasing hiring in the immediate term. But, like all other things, this cycle will eventually play out and hiring will resume.