What is a Credit Analyst?
Career Description Analyze credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with credit information for use in decision making.
Life As a Credit Analyst: What Do They Do?
- Compare liquidity, profitability, and credit histories of establishments being evaluated with those of similar establishments in the same industries and geographic locations.
- Generate financial ratios, using computer programs, to evaluate customers’ financial status.
- Confer with credit association and other business representatives to exchange credit information.
- Evaluate customer records and recommend payment plans, based on earnings, savings data, payment history, and purchase activity.
- Consult with customers to resolve complaints and verify financial and credit transactions.
- Prepare reports that include the degree of risk involved in extending credit or lending money.
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What Every Credit Analyst Should Know
Credit Analysts state the following job skills are important in their day-to-day work.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Active Learning: Understanding the implications of new information for both current and future problem-solving and decision-making.
Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Speaking: Talking to others to convey information effectively.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Other Credit Analyst Job Titles
- Underwriter
- Credit Risk Analyst
- Credit Representative
- Credit Analyst
- Financial Analyst
What Kind of Credit Analyst Job Opportunities Are There?
There were about 73,800 jobs for Credit Analyst in 2016 (in the United States). New jobs are being produced at a rate of 8.3% which is above the national average. The Bureau of Labor Statistics predicts 6,100 new jobs for Credit Analyst by 2026. The BLS estimates 6,800 yearly job openings in this field.
The states with the most job growth for Credit Analyst are Utah, Arizona, and Nevada. Watch out if you plan on working in Wyoming, West Virginia, or Vermont. These states have the worst job growth for this type of profession.
Credit Analyst Average Salary
The salary for Credit Analysts ranges between about $43,100 and $137,610 a year.
Credit Analysts who work in District of Columbia, New York, or Virginia, make the highest salaries.
How much do Credit Analysts make in different U.S. states?
| State | Annual Mean Salary |
|---|---|
| Alabama | $80,900 |
| Arizona | $63,710 |
| Arkansas | $60,540 |
| California | $89,430 |
| Colorado | $76,870 |
| Connecticut | $93,970 |
| Delaware | $68,010 |
| District of Columbia | $108,420 |
| Florida | $81,410 |
| Georgia | $70,040 |
| Hawaii | $82,580 |
| Idaho | $63,950 |
| Illinois | $77,800 |
| Indiana | $61,790 |
| Iowa | $68,680 |
| Kansas | $68,720 |
| Kentucky | $75,160 |
| Louisiana | $63,690 |
| Maine | $69,420 |
| Maryland | $70,150 |
| Massachusetts | $84,020 |
| Michigan | $71,070 |
| Minnesota | $81,070 |
| Mississippi | $60,220 |
| Missouri | $75,620 |
| Montana | $71,890 |
| Nebraska | $64,420 |
| Nevada | $70,540 |
| New Hampshire | $84,250 |
| New Jersey | $85,030 |
| New Mexico | $61,500 |
| New York | $119,180 |
| North Carolina | $84,530 |
| North Dakota | $65,200 |
| Ohio | $77,510 |
| Oklahoma | $57,940 |
| Oregon | $74,520 |
| Pennsylvania | $80,710 |
| Rhode Island | $75,050 |
| South Carolina | $67,070 |
| South Dakota | $62,210 |
| Tennessee | $64,380 |
| Texas | $81,540 |
| Utah | $68,920 |
| Vermont | $77,670 |
| Virginia | $85,090 |
| Washington | $76,500 |
| West Virginia | $61,140 |
| Wisconsin | $70,550 |
| Wyoming | $57,460 |
Tools & Technologies Used by Credit Analysts
Below is a list of the types of tools and technologies that Credit Analysts may use on a daily basis:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- SAP
- Structured query language SQL
- SAS
- Microsoft Dynamics
- Microsoft Visual Basic
- Microsoft SQL Server
- Oracle JD Edwards EnterpriseOne
- Oracle Business Intelligence Enterprise Edition
- CGI-AMS BureauLink Enterprise
- Experian Credinomics
- Moody’s KMV CreditEdge
- Fair Isaac Capstone Decision Manager
- Experian Retention Triggers
- Fair Isaac Application Risk Model Software
- Experian Quest
- Fair Isaac Falcon ID
How do I Become a Credit Analyst?
What education or degrees do I need to become a Credit Analyst?
What work experience do I need to become a Credit Analyst?
Who Employs Credit Analysts?
Credit Analysts work in the following industries:
You May Also Be Interested In…
Those thinking about becoming a Credit Analyst might also be interested in the following careers:
Career changers with experience as a Credit Analyst sometimes find work in one of the following fields:
References:
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More about our data sources and methodologies.
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