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Credit Analyst

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Life As a Credit Analyst

Credit Analyst Definition 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.

What Do Credit Analysts Do On a Daily Basis?

  • Analyze financial data such as income growth, quality of management, and market share to determine expected profitability of loans.
  • Consult with customers to resolve complaints and verify financial and credit transactions.
  • Compare liquidity, profitability, and credit histories of establishments being evaluated with those of similar establishments in the same industries and geographic locations.
  • Prepare reports that include the degree of risk involved in extending credit or lending money.
  • Analyze credit data and financial statements to determine the degree of risk involved in extending credit or lending money.
  • Confer with credit association and other business representatives to exchange credit information.

Qualities of a Credit Analyst

Below is a list of the skills most Credit Analysts say are important on the job.

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

  • Loan Review Analyst
  • Credit Negotiator
  • Escrow Representative
  • Loan Officer
  • Credit and Collections Analyst

Job Demand for Credit Analysts

In the United States, there were 73,800 jobs for Credit Analyst in 2016. 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. Due to new job openings and attrition, there will be an average of 6,800 job openings in this field each year.

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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.

Average Credit Analysts Salary

Credit Analysts make between $43,100 and $137,610 a year.

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Credit Analysts who work in District of Columbia, New York, or Virginia, make the highest salaries.

How much do Credit Analysts make in each U.S. state?

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

What Tools do Credit Analysts Use?

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 to Become a Credit Analyst

What education or degrees do I need to become a Credit Analyst?

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How Long Does it Take to Become a Credit Analyst?

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Who Employs Credit Analysts?

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The table below shows some of the most common industries where those employed in this career field work.

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Other Jobs You May be Interested In

Those thinking about becoming a Credit Analyst might also be interested in the following careers:

Those who work as a Credit Analyst sometimes switch careers to one of these choices:

References:

Image Credit: Pixabay via CC0 License

More about our data sources and methodologies.

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