What Does it Take to Be a Credit Analyst?
Credit Analyst Example 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?
- Generate financial ratios, using computer programs, to evaluate customers' financial status.
- Compare liquidity, profitability, and credit histories of establishments being evaluated with those of similar establishments in the same industries and geographic locations.
- Evaluate customer records and recommend payment plans, based on earnings, savings data, payment history, and purchase activity.
- Analyze credit data and financial statements to determine the degree of risk involved in extending credit or lending money.
- Prepare reports that include the degree of risk involved in extending credit or lending money.
- Confer with credit association and other business representatives to exchange credit information.
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Things a Credit Analyst Should Know How to Do
When polled, Credit Analysts say the following skills are most frequently used in their jobs:
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.
Related Job Titles
- Credit Specialist
- Credit Administrator
- Credit Coordinator
- Financing Analyst
- Risk Analyst
Is There Job Demand for Credit Analysts?
In 2016, there was an estimated number of 73,800 jobs in the United States for Credit Analyst. 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. There will be an estimated 6,800 positions for Credit Analyst per year.
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 average yearly salary of a Credit Analyst ranges between $43,100 and $137,610.
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 & Technology do Credit Analysts Use?
Although they’re not necessarily needed for all jobs, the following technologies are used by many Credit Analysts:
- 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
Becoming a Credit Analyst
Individuals working as a Credit Analyst have obtained the following education levels:
How many years of work experience do I need?
Where Credit Analysts Are Employed
The table below shows the approximate number of Credit Analysts employed by various industries.
Similar Careers
Those interested in being a Credit Analyst may also be interested in:
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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