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Credit Analyst

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What Do Credit Analyst Do?

Position 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.

Daily Life Of a Credit Analyst

  • Analyze credit data and financial statements to determine 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.
  • 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.
  • Confer with credit association and other business representatives to exchange credit information.
  • Prepare reports that include the degree of risk involved in extending credit or lending money.

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.

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

  • Credit Administrator
  • Risk Analyst
  • Credit Negotiator
  • Escrow Representative
  • Credit Coordinator

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. 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 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.

Salary Ranges for Credit Analysts

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
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?

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

Becoming a Credit Analyst

Individuals working as a Credit Analyst have obtained the following education levels:

Credit Analyst Degree Level

What work experience do I need to become a Credit Analyst?

Credit Analyst Work Experience

Credit Analysts Sector

Credit Analyst Sectors

Below are examples of industries where Credit Analysts work:

Credit Analyst Industries

Similar Careers

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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