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Credit Analysts

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What Do Credit Analysts Do?

Credit Analyst 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 decision making.

What do Credit Analysts do On a Daily Basis?

  • Complete loan applications, including credit analyses and summaries of loan requests, and submit to loan committees for approval.
  • Consult with customers to resolve complaints and verify financial and credit transactions.
  • 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.
  • Evaluate customer records and recommend payment plans, based on earnings, savings data, payment history, and purchase activity.
  • Generate financial ratios, using computer programs, to evaluate customers’ financial status.

Credit Analyst Skills

These are the skills Credit Analysts say are the most useful in their careers:

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.

Reading Comprehension: Understanding written sentences and paragraphs in work related documents.

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.

  • Credit Negotiator
  • Loan Review Analyst
  • Credit Analyst
  • Credit and Collections Analyst
  • Credit Specialist

Job Outlook for Credit Analysts

There were about 73,800 jobs for Credit Analysts in 2016 (in the United States).

New jobs are being produced at a rate of 8.4% which is lower than average. The Bureau of Labor Statistics predicts 6,200 new jobs for Credit Analysts by 2026. Due to new job openings and attrition, there will be an average of 6,800 job openings in this field each year.

Forecasted Number of Jobs for Credit Analysts in U.S.

The states with the most job growth for Credit Analysts are Texas, California, and New York.

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 Salary

The salary for Credit Analysts ranges between about $43,100 and $137,610 a year. The median salary is $71,520.

Salary Ranges for Credit Analysts

Below is a list of the median annual salaries for jobs of this type in different U.S. states.

Annual Mean Salary by State
State Annual Mean Salary

New York

$119,180

District of Columbia

$108,420

Connecticut

$93,970

California

$89,430

Virginia

$85,090

New Jersey

$85,030

North Carolina

$84,530

New Hampshire

$84,250

Massachusetts

$84,020

Hawaii

$82,580

Texas

$81,540

Florida

$81,410

Minnesota

$81,070

Alabama

$80,900

Pennsylvania

$80,710

Illinois

$77,800

Vermont

$77,670

Ohio

$77,510

Colorado

$76,870

Washington

$76,500

Missouri

$75,620

Kentucky

$75,160

Rhode Island

$75,050

Oregon

$74,520

Montana

$71,890

Michigan

$71,070

Wisconsin

$70,550

Nevada

$70,540

Maryland

$70,150

Georgia

$70,040

Maine

$69,420

Utah

$68,920

Kansas

$68,720

Iowa

$68,680

Delaware

$68,010

South Carolina

$67,070

North Dakota

$65,200

Nebraska

$64,420

Tennessee

$64,380

Idaho

$63,950

Arizona

$63,710

Louisiana

$63,690

South Dakota

$62,210

Indiana

$61,790

New Mexico

$61,500

West Virginia

$61,140

Arkansas

$60,540

Mississippi

$60,220

Oklahoma

$57,940

Wyoming

$57,460

What Tools do Credit Analysts Use?

Although they’re not necessarily needed for all jobs, the following technologies are used by many Credit Analysts:

  • Structured query language SQL
  • Oracle JD Edwards EnterpriseOne
  • Microsoft PowerPoint
  • Microsoft Excel
  • Microsoft Visual Basic
  • Microsoft Office
  • Oracle Business Intelligence Enterprise Edition
  • Microsoft SQL Server
  • Microsoft Word
  • SAP

Who Employs Credit Analysts?

Credit Analyst Sectors

Similar Careers

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

  • Risk Management Specialists

Are you already one of the many Credit Analysts in the United States? If you’re thinking about changing careers, these fields are worth exploring:

  • Insurance Sales Agents
  • Financial Analysts

References

Bureau of Labor Statistics

College Factual

O*NET Online

Image Credit: Via Wikimedia Commons

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