Deciding what to do after college is a top priority for students–particularly as the day to don the cap and gown nears.
Your major does not necessarily determine what you will do with the rest of your life. It does, however, provide insight to future employers about your interests and background. It can also provide a springboard into your first job.
For students with a business major, particularly in finance or accounting, one potential career to explore is that of a chargeback analyst. If you are interested in commerce, read on to learn about this field that can be an inroad into the financial industry.
What Is A Chargeback Analyst?
First of all, to understand the position of chargeback analyst you must understand chargebacks.
Chargebacks exist to protect consumers from having to pay for fraudulent purchases made with their credit card. If a person notices that an unauthorized transaction was made with his card, he can file a chargeback with his bank. The bank then temporarily issues a refund and notifies the merchant that a chargeback has been filed.
Merchants can then dispute the claim if they suspect the consumer of fraud, or they can forfeit the refund and pay a fine.
A chargeback analyst is crucial for monitoring chargeback transactions. Analysts investigate and have the power to reverse refunds, track chargeback patterns, and serve as watchdogs for fraudulent activity.
A chargeback analyst is particularly important on the merchant end, as they work closely with merchants that choose to dispute chargebacks. Merchants must provide proper documentation–such as video evidence or a receipt–to prove that the customer actually did make the disputed purchase. A chargeback analyst can help round out these essentials and submit them in a timely fashion.
An analyst can also coach the business about proper chargeback prevention practices to help reduce the risk of future problems.
Most companies prefer incoming analysts to hold a bachelor’s degree (in the field of business is particularly valued) and have one to three years of experience in a relevant field. It is also possible to get a job with less experience or with a high school diploma, but higher education and prior work experience are qualifications that make you more likely to land the job.
Besides education and experience, chargeback analysts are also expected to be comfortable making judgment calls and have a certain degree of creativity and flexibility. Skills in accounting, analyzing, communication, and computers are also important.
As of July 2014, the median annual salary for a chargeback analyst in the United States is $32,255. This number will vary based on several factors, including geographic location, size of the company, level of education, and number of years of experience.
Best and Worst Cities
Some of the best cities for aspiring chargeback analysts to seek employment are:
- Hackensack, NJ
- New York, NY
- Philadelphia, PA
- Houston, TX
- Los Angeles, CA
The aforementioned cities have salaries that are higher than the national average. Cities below the national average include:
- Knoxville, TN
- Milwaukee, WI
- Abilene, TX
- Provo, UT
- Macon, GA
Being a chargeback analyst can be a rewarding career itself, and it can lead to further opportunities in the finance sector. College students and recent graduates with a degree in business can at least consider this career option.
Even students without a business degree can consider a career as a chargeback analyst as an understanding of accounting and a mind for analytics can also make you a strong candidate.
Chargeback management is a relatively new concept. Therefore, there are definite opportunities for growth, expansion, and career advancement. It is absolutely a worthy idea to consider.
Would you consider working as a chargeback analyst?