Lending is serious business and companies are willing to pay top dollar for experienced and educated officers who can help with the lending industry. The managerial role is a challenging one, but available to those with the temperament and know-how. The salary for such a position is an impressive $186,000 according to Certified Compensation Professionals, based on summaries from HR departments. The chief lending officer is in charge of directing a company’s loan portfolio. He or she also develops policies and procedures that will benefit lending activities. This is part of preparing and “growing” the portfolio.
What Chief Lending Officers Do
When employers look for a lending officer, they want someone with proven experience, a solid education, and leadership potential. Since you would be applying for a managerial position, you are expected to have proven strategic leadership experience on your resume. Not in management alone, but in some aspect of banking and loans, such as loan production and credit experience. Managers are also expected to lead and direct loan officers, developing their skills.
In some respects, this is a job about the bottom line, profit and portfolio growth. Yet, it’s also a job that requires knowledge of credit structure and financial analysis. While the officers do the work, you are in charge of screening loan requests, mentoring staff, and overseeing client calls. Final decisions regarding a loan rest with you, even before submitting an application to the Loan Committee. Although the loan officer helps borrowers submit claims, the chief officer critiques the credit presentation. Your role is a complex one, as you seek to help the lender as well as the consumer with a number of issues.
As a leader, you design training programs and new lending products, which are what loan officers work with when negotiating with borrowers. Reviewing monthly, and quarterly reports, are part of the job description, as is ensuring that all policies and procedures are compliant with state law. Developing your staff and determining expectations will result in a quality team.
Educational Requirements and Preferred Experience
Education is paramount, especially at the executive level. Most applicants call attention to their bachelor’s degree and stick to related fields like finance, business or even marketing. Clearly, employers favor managers who have a master’s degree. Experience grabs attention, and 10-15 years of senior management banking experience would certainly put you in top consideration. This shows that you understand the fundamentals of management, and are also familiar with practices and procedures involved in the day-to-day aspect of this career field. You don’t require extra training, but can work with what the company gives you.
If you want a career change, it’s time to start thinking marketable skills and experience. Going back to school and earning a degree will help you to build a resume that catches the attention of employers and establishes you as a valuable part of any team. Attending college, at any age in life, is not a risk. It’s putting real effort into your career.