Credit Analysts: Job 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 decisionmaking.
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The Daily Work of Credit Analysts Do?
The core tasks performed by credit analysts cover:
- Analyze credit data and financial statements to determine the degree of risk involved in extending credit or lending money.
- Complete loan applications, including credit analyses and summaries of loan requests, and submit to loan committees for approval.
- Generate financial ratios, using computer programs, to evaluate customers' financial status.
- Prepare reports that include the degree of risk involved in extending credit or lending money.
- Analyze financial data, such as income growth, quality of management, and market share to determine expected profitability of loans.
- Compare liquidity, profitability, and credit histories of establishments being evaluated with those of similar establishments in the same industries and geographic locations.
- Consult with customers to resolve complaints and verify financial and credit transactions.
What Credit Analysts Need to Know
Effective credit analysts rely on a mix of skills and domain knowledge.
Top Skills
The abilities that matter most in this role, rated on an importance scale of 0 to 5:
Knowledge Areas
Other Credit Analysts Job Titles
This career also goes by job titles like:
- Commercial Credit Analyst
- Commercial Credit Manager
- Credit Administrator
- Credit Analyst
- Credit Assessment Analyst
- Credit Assistant Manager
- Credit Coordinator
- Credit Manager
How Many Credit Analysts Are There?
There are roughly 285,612 credit analysts working in the United States today. Demand is forecast to decline by -3.7% over the projection horizon.
Credit Analysts Pay
| Statistic | Value |
|---|---|
| Annual median | $66,233 |
| Hourly median | $31.84 |
| 10th percentile | $37,343 |
| 25th percentile | $51,788 |
| 75th percentile | $80,678 |
| 90th percentile | $95,123 |
Wages vary widely based on experience, location, and industry.
How Much Do Credit Analysts Make in Different U.S. States?
| State | Annual median salary |
|---|---|
| New York | $132,690 |
| District of Columbia | $103,530 |
| Alabama | $101,050 |
| New Jersey | $100,210 |
| Delaware | $99,030 |
| Virginia | $97,590 |
| Colorado | $95,670 |
| Massachusetts | $88,490 |
| California | $88,360 |
| North Carolina | $88,230 |
| Connecticut | $86,560 |
| Washington | $85,650 |
| Rhode Island | $83,520 |
| North Dakota | $82,210 |
| Vermont | $82,090 |
| Illinois | $81,380 |
| Nebraska | $81,160 |
| Maryland | $80,940 |
| New Hampshire | $80,750 |
| Pennsylvania | $80,650 |
| Maine | $79,690 |
| Minnesota | $79,280 |
| Oregon | $78,650 |
| Texas | $77,300 |
| New Mexico | $76,950 |
| Hawaii | $76,800 |
| Iowa | $76,460 |
| Florida | $76,240 |
| South Carolina | $76,050 |
| Louisiana | $75,820 |
| Kentucky | $75,320 |
| Arizona | $74,580 |
| Georgia | $73,300 |
| Michigan | $72,620 |
| Utah | $72,500 |
| Mississippi | $72,090 |
| Wyoming | $71,920 |
| Wisconsin | $70,640 |
| Kansas | $70,040 |
| South Dakota | $68,320 |
| Ohio | $67,970 |
| Tennessee | $66,980 |
| Montana | $65,690 |
| Idaho | $65,520 |
| Arkansas | $64,910 |
| Oklahoma | $64,830 |
| Nevada | $64,500 |
| Indiana | $64,230 |
| Missouri | $63,440 |
| Alaska | $61,930 |
| West Virginia | $55,840 |
| Puerto Rico | $47,160 |
Pay by U.S. Region
Pay for credit analysts vary by region. Top regions by median wage:
| Region | Median annual wage | Share of U.S. jobs | Location quotient |
|---|---|---|---|
| Middle Atlantic | $114,778 | 19.8% | 1.57 |
| New England | $86,409 | 4.4% | 0.97 |
| Far Western US | $85,953 | 13.2% | 0.80 |
| Southeast | $80,044 | 22.1% | 1.01 |
| Rocky Mountains | $79,893 | 3.6% | 0.94 |
| Southwest | $75,720 | 14.5% | 1.24 |
| Plains States | $73,566 | 7.0% | 1.10 |
| Great Lakes | $72,830 | 14.3% | 1.10 |
Highest-Paying Metro Areas for Credit Analysts
| Metro area | State | Median annual wage | Employment |
|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ | NY | $133,180 | 7,820 |
| San Francisco-Oakland-Fremont, CA | CA | $127,470 | 1,090 |
| Winston-Salem, NC | NC | $124,520 | 100 |
| Birmingham, AL | AL | $105,510 | 190 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | DC | $105,010 | 1,060 |
| Bridgeport-Stamford-Danbury, CT | CT | $101,880 | 180 |
| Denver-Aurora-Centennial, CO | CO | $100,670 | 700 |
| Richmond, VA | VA | $100,460 | 550 |
Industry Breakdown
The largest employers of credit analysts are found across these industries:
| Industry | Employment | Median annual wage |
|---|---|---|
| Finance and Insurance | 48,610 | $82,170 |
| Management of Companies and Enterprises | 7,720 | $81,730 |
| Wholesale Trade | 2,630 | $67,490 |
| Administrative and Support and Waste Management and Remediation Services | 2,000 | $87,940 |
| Retail Trade | 1,330 | $74,790 |
| Professional, Scientific, and Technical Services | 1,290 | $70,330 |
| Manufacturing | 1,200 | $67,980 |
| Information | 1,140 | $64,180 |
Credit Analysts work in the following industries:
Software Credit Analysts Use
- Spreadsheet software: Microsoft Excel (hot technology)
- Office suite software: Microsoft Office software (hot technology)
- Electronic mail software: Microsoft Outlook (hot technology)
- Presentation software: Microsoft PowerPoint (hot technology)
- Data base user interface and query software: Microsoft SQL Server (hot technology)
- Development environment software: Microsoft Visual Basic (hot technology)
- Development environment software: Microsoft Visual Basic for Applications VBA (hot technology)
- Word processing software: Microsoft Word (hot technology)
- Object or component oriented development software: Python (hot technology)
- Enterprise resource planning ERP software: SAP software (hot technology)
- Analytical or scientific software: SAS (hot technology)
- Data base user interface and query software: Structured query language SQL (hot technology)
Work Environment
The work environment for credit analysts tends to involve the following characteristics:
- Indoors, Environmentally Controlled
- Spend Time Sitting
- Telephone Conversations
- Face-to-Face Discussions with Individuals and Within Teams
Getting Started in This Career
Typical credit analysts positions require a bachelor’s degree as the typical entry-level education. The role falls in Considerable Preparation Needed (Job Zone 4), indicating the level of preparation typically expected.
Similar Occupations
Similar Occupations
- Financial Managers (Supplemental)
- Investment Fund Managers (Supplemental)
- Accountants and Auditors (Primary-Long)
- Budget Analysts (Supplemental)
- Financial and Investment Analysts (Primary-Short)
- Personal Financial Advisors (Primary-Long)
- Insurance Underwriters (Supplemental)
- Financial Risk Specialists (Primary-Long)
Where to Study
Future credit analysts typically earn programs in:
Business, Management, Marketing, and Related Support Services
4 programs across 2 majors
References
Data on this page comes from the following authoritative sources:
- U.S. Bureau of Labor Statistics — Occupational Employment and Wage Statistics (OEWS) for employment and wage data by state and industry.
- BLS Employment Projections for total employment and growth forecasts.
- O*NET (Occupational Information Network) for skills, knowledge, tasks, work activities, work context, technology, and education-zone data.
SOC code: 13-2041.00 (Credit Analysts).
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