You Do What?

When I first started in equipment finance, an industry colleague, Henry,* wrote a blog post about what he tells people at a cocktail party when he is asked what he does living. I read the blog with a lot of enthusiasm as I was struggling with my elevator pitch and explaining my job to people I would meet. I knew this person had over 20 years of industry experience, I knew he was in sales, but I was not sure what he did; unfortunately, after reading the blog I still didn’t understand what he did for a living. 

If someone says they are a teacher, nurse, engineer, policeman, etc., it is easy to conjure a picture in your mind and grasp their job function. Even careers related to ours, such as compliance officer, accountant, or credit underwriter, are pretty easy to grasp. But add the two words “equipment finance”—as in, “I do accounting for an equipment finance firm”—and you are met with a bewildered look and a quizzical “What is that?” I am sure most everyone in our industry runs into this same issue when trying to explain their career to someone outside of our sector. I know what my functions and role are but, like Henry, I struggle with the explanation. I will admit, my career is an enigma to my friends and family. I am dubbed the “Chandler Bing – nobody knows what you do.” Having recently attended both ELFA in Chicago and NEFA in San Diego, I decided to put myself in the role of the cocktail guest and listen to others’ narratives to see how they convey what it is they do.

With a cocktail in hand, I set about to  mingle and asked several colleagues if people know what their career is: 

Case Study 1: Owen 
Owen works for a company that is a full insurance carrier (home, car, jewelry, etc.) but his area of expertise is providing property and liability coverage for equipment leases. Being in the industry I get immediately what Owen does, but when I pried deeper, he finally admitted that he pretty much tells people (including immediate family) that he is in commercial insurance as its easier than explaining he is an insurance provider for the equipment finance industry. 

Case Study 2: Anne, CLFP 
Anne works for a company that provides commercial equipment financing and loans. Casually I asked Anne, “Do your friends and family know what you do for a living?” With a hardy laugh she said, “No, and I have given up trying to explain it.” I pushed a bit more as Anne has CLFP on her business card, so I was curious if anyone outside of the industry asks about that. Anne told me when she tells people it stands for Certified Lease & Finance Professional, “I just get a nod with an uncomfortable silence.” She sometimes just tells people she works in HR as it is “easier.”  


Case Study 3: Kevin 
Kevin has been in equipment finance since his first job out of college. His resume is very impressive, and he has experience in several areas (credit, collections, sales, syndication, portfolio management). Again, I probed with a question, asking, “Do your kids know what you do for a living?” Again, another chuckle as he explained they sort of get it as they are getting older, “But my daughter used to think I was in the mob as I left the house early, came home late and was always on the phone. Also, the companies I worked for didn’t have tangible products and the conversations she would overhear were about money, spreads and points.” So, all in all, Kevin is just happy that his daughter no longer believes he is mob-affiliated and is a legitimate businessman.  

After several more conversations, I have concluded I am not the only enigma “Chandler Bing” out there. Our industry continues to grow and despite the craziness around the industry right now, it’s comforting to know that there are folks out there who know what we do, and we have a support network that we can also use to navigate the industry’s highs and lows.  

A big thank you to all of the contributors to this article and kudos to those who continue to recruit and look for talent to expand the knowledge hub around our careers. You were either born into the equipment finance industry or fell into it by accident. Either way, we all get what each other does, and we get to work with amazing people. Cheers.

*Please note names have been changed for anonymity.