With 8 children living in my home, races abound.  As soon as the snow melts and spring weather arrives, it’s only a matter of time before someone is challenged to a foot race by a sibling.

I like a healthy competition as much as anyone, and I know it won’t be much of a contest if the 10-year-old races against the 5-year-old.  The simple answer?  Give the younger child a head start. The hardest part is to determine how much of a lead to provide, lest if be unfair to the older child.  I’ve often been surprised by how a small head start can be difficult to overcome, especially when the early lead gives the younger child a temporary dose of confidence that they otherwise wouldn’t have enjoyed.

We have all watched Olympic swimming or track meets where athletes who have prepared for years strive to get the best possible start out of the blocks.  Why? They know that an extra split second jump gives them a huge competitive advantage, which can make the difference between gold and silver.  But unlike the races in my back yard, head starts are illegal in the Olympics; if you gain any advantage by starting before your competitors, you are immediately disqualified and sent home.

The Job Race

The good news for you is that nothing is holding you back from getting a jump on your competition in the race for a successful banking career.  Thousands of college graduates armed with business degrees enter the job market each year, and you are vying with them for a limited number of available positions.  You will need every possible advantage to win the job you want and begin well.  So how can you give yourself a head start?

Here are three suggestions that will quickly put distance between you and other candidates:

• Seek to understand why banks hire Credit Analysts – that is, how will you help your bank to achieve its profitability goals? The simple answer to this question is that better credit quality reduces a bank’s provision for credit losses expense, thus improving its bottom line.   The more clearly you comprehend and can articulate this concept, the quicker you will catch on to the credit process and truly add value.
• Scope out the neighborhood – learn about the other people in the bank with whom Credit Analysts interact. Imagine if someone taught you to dribble and shoot a basketball but never let you watch an actual game until you played in one.  If your concentration wasn’t rattled by the unexpected noise from those strangers in the bleachers, you would certainly be distracted by the guy in the zebra shirt blowing his whistle in your ear.  These people are all part of the game, and the sooner you understand everyone’s role, the quicker you’ll get into the flow and play well.  Similarly, the sooner you learn about Special Assets, Loan Review, Treasury Management, and the OCC, the quicker you’ll be comfortable in your Credit Analyst role.
• Learn the lingo – every industry has its own unique terms and acronyms, and commercial banking is no exception. From ABL to ZBA, there are plenty of Three Letter Acronyms (TLAs) to learn, and the sooner the better.  What’s the difference between a secured and an unsecured loan?  Why are recourse loans usually less risky than non-recourse loans?  Why do banks want their commercial borrowers to hedge with interest rate derivatives, and what does this mean?  Mastering these concepts takes time, but you will start your job more confidently if you are familiar with some basic banking terminology.

Come-from-behind victories are exciting, but I recommend taking an early lead and never looking back.  Give yourself a head start in your career and have fun breaking into banking!