What is a Credit Analyst?
Example of Credit Analyst Job 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
- Generate financial ratios, using computer programs, to evaluate customers’ financial status.
- Review individual or commercial customer files to identify and select delinquent accounts for collection.
- Prepare reports that include the degree of risk involved in extending credit or lending money.
- Compare liquidity, profitability, and credit histories of establishments being evaluated with those of similar establishments in the same industries and geographic locations.
- Complete loan applications, including credit analyses and summaries of loan requests, and submit to loan committees for approval.
- Analyze financial data such as income growth, quality of management, and market share to determine expected profitability of loans.
Qualities of a Credit Analyst
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
- Financing Analyst
- Risk Analyst
- Financial Analyst
- Credit Representative
Is There Going to be Demand for Credit Analysts?
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. Due to new job openings and attrition, there will be an average of 6,800 job openings in this field each 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.
How Much Does a Credit Analyst Make?
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.
Below is a list of the median annual salaries for Credit Analysts in different U.S. states.
|State||Annual Mean Salary|
|District of Columbia||$108,420|
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
- Structured query language SQL
- 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?
Individuals working as a Credit Analyst have obtained the following education levels:
What work experience do I need to become a Credit Analyst?
Credit Analysts Sector
Below are examples of industries where Credit Analysts work:
You May Also 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:
More about our data sources and methodologies.
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