The Finance - Banking industry is always vibrant, opening up many attractive job opportunities for candidates with high income and great advancement opportunities. Although the number of employees pursuing this industry is very high, it is still difficult for managers to recruit talents, especially in recruiting credit approval specialists. Understanding the situation, Navigos Search believes that with the sharing below, recruiters will have a more comprehensive view of this position and find good candidates!
1. Who are credit approval specialists?
A credit approval specialist is a person responsible for appraising, approving documents, and handling credit lending processes in banks and financial institutions. They will check and analyze whether the customer's financial ability and assets are suitable for the loan, loan term and current regulations.
A credit approval specialist is someone who appraises, approves, and handles the loan process
2. Objectives of the credit approval process
The credit approval process takes place with the goal of accurately assessing the customer's debt repayment ability to minimize the risk of capital loss for the unit, specifically as follows:
- Evaluate the creditworthiness of production or investment projects submitted by customers when carrying out loan procedures
- Assess the risk level of the project when making a loan decision
- Help managers reduce mistakes when deciding to lend an infeasible project or reject a good project
3. Duties of a credit approval specialist
It is possible that the credit approval method of banks and financial companies will not be exactly the same, but in general, they perform the following tasks:
- Review loan request
- Search and approach potential customers who are individuals and companies to introduce loan packages of the bank
- Give advice on loans, policies, regulations and incentives
- Directly approve credit, valuing collaterals of customers
- Manage domestic and foreign debt for post-lending
- Conduct credit risk assessment
- Give a loan or no-loan opinion on a credit-granting loan
- Update and store customer records
- Conduct property appraisal, carry out loan contract performance in the correct order
- Process loans to maturity and remind customers to pay
- For overdue debts, it is necessary to develop a plan and coordinate with the debt settlement department to propose appropriate solutions.
- Report to superiors about work situation
Tasks that need to be done
4. The most important elements required when recruiting credit approval specialists
Working with both people and money, this position is quite complicated, requiring different professional and soft skills:
Professional knowledge and experience
In any profession, understanding professional knowledge is a way to create a solid foundation for the job and a stepping stone to improve promotion opportunities later. Especially in the banking and finance industry, if you are not professional, it can lead to many risks. For the credit approval specialists, the background of expertise is the shield to prevent bad cases of credit loans.
Normally, when recruiting credit approval specialists, employers usually require candidates to have a Bachelor's degree or higher qualifications in the major of Banking, Finance, Business Administration, Economics,... and have at least 2 years of experience working in the same position.
Candidates need to have a good understanding of the common forms of credit extension (loans, guarantees, factoring, discounts,...), loan methods, subjects, credit limit,... in order to minimize the risks of credit loans for the bank.
Understand the provisions of the law
Knowing the provisions of the law related to credit is a great advantage, especially the law on finance and banking, the law on land ownership, real estate sales, inheritance, ... to help the credit approval process become more effective.
Evaluating and analytical skills
This profession requires you to access information, analyze and evaluate the assets and financial ability of individuals and businesses that borrow money. From there, make the most accurate and objective judgment about whether the loan capacity is suitable or not for approval.
Enthusiastic, hardworking
Credit approval specialists are considered the frontline of banks and financial institutions. The financial market is fiercely competitive, only with enthusiasm and hardworking spirit can you pursue a long-term career.
Customers are not always available to meet with you during office hours or at the bank. As a result, the credit approval specialists can meet them at lunchtime, in the evening, and even during holidays. Enthusiasm and hard working spirit for the job will create motivation to serve the job anywhere and at any time.
Careful, honest, ethical
The nature of this job is to always be in contact with cash, valuable assets and represent the unit to interact with customers to receive and appraise documents. If the bank or financial company is dishonest, for self-interest or intentionally performing unethical acts, that bank or financial company must suffer losses, affecting its reputation.
In addition, the job of credit approval specialists is related to the legal system. Just a small mistake or an unclear point in the contract can create big problems. In the process of working, they may encounter some dishonest customers, make fake mortgage documents or falsify financial declaration information, etc. At that time, they are responsible for all problems. The meticulousness and high degree of certainty in each approval stage will help them avoid these problems.
Applicants must meet requirements on expertise, experience and skills
5. What are the benefits offered and the promotion route?
Finance - Banking is one of the top industries with attractive salaries. Accordingly, the average salary of a credit approval specialist currently ranges from 15 to 30 million VND/month. The salary will vary because it depends on the working capacity of each person, the size of the operation and the business situation of each unit. Besides, there are immediate bonuses, KPI bonus and many other attractive benefits offered for this position.
In the current situation of high demand for finance and credit, banking units and financial companies are always looking for methods in recruiting good personnel to work for their units, especially recruiting credit approval specialists. When candidates hold the position of credit approval specialists and are confident in their ability, accumulating 3 - 5 years of experience, they can fully advance to higher positions such as Head of Approval Department, Deputy Director of a financial company, Bank Director (Bank CEO), …
6. Professional agency recruiting credit approval specialist
Attractive salary, benefits and great promotion opportunities have "attracted" many candidates to pursue this industry. However, it is still challenging for employers to find potential candidates for the position of credit approval specialist. They are having difficulties in recruiting credit approval specialists. It may be because the recruitment process is not methodical or qualified candidates are always "hidden"...
At this point, the most optimal solution is to choose to recruit through headhunter. With high accessibility, headhunters have the ability to find quality candidates, suitable for business requirements and quickly convince them to apply.
With more than 20 years of experience and a large team of headhunting experts who are very experienced and knowledgeable in the labor market, Navigos Search is the leading provider of middle and high-level human resources in Vietnam.
The leading prestigious headhunter company in Vietnam
A huge database of 375,000+ senior candidates, 85,000+ senior management level candidates, has become a rich resource for headhunters to support clients in all industries. In case a candidate quits or is fired due to unsuitable qualifications, Navigos Search will provide a replacement candidate for the same position without any other recruitment fees.
In addition, the recruitment process at Navigos Search will be conducted with a high level of confidentiality, only disclosing confidential information to relevant people with the consent of the customer. Our recruitment process includes the following steps:
- Step 1 → Find out the needs of customers: Navigos Search sends you full service information, a team of human resource consultants, along with sample CVs, etc. Our consultants will visit your office/factory to better understand the nature of the industry, corporate culture and recruitment needs.
- Step 2 → Record service usage information: The two parties will sign a contract and confirm the positions the company needs to recruit. Find out the requirements, benefits, and specific hiring requirements for each position.
- Step 3 → Send candidate profiles to customers: Our team of consultants will base on your requirements and recruitment information to send you candidate profiles that meet the most recruitment criteria.
- Step 4 → Assist clients in interviewing candidates: Our consultants will stand with you in the interview rounds to select the most suitable candidates.
- Step 5 → Vacancy is filled: After the candidate has been selected, we continue to closely support the candidate in the process of preparing to accept the job and other relevant necessary stages.
- Step 6 → Continue to accompany and support: Navigos Search continues to accompany customers and candidates throughout the process of "achieving success after getting the dream job".
Navigos Search owns a team of professional and experienced consultants
Throughout our operation in Vietnam, we are proud to have supported hundreds of thousands of businesses and corporations to obtain the best quality human resources. Right now, if your business is in need of recruiting personal credit approval specialists, recruiting credit approval specialists or any other mid- or high-level personnel position, please contact Navigos Search to quickly get the application from the most potential candidates!
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