Career Overview: Credit Analyst

A credit analyst gathers and evaluates financial information about clients. This includes payment history, earnings, savings and purchasing activity. Once the data is gathered, the analyst evaluates and recommends a course of action for the customer.

A career in credit analysis opens a range of opportunities in the financial services industry. Credit analysts must possess a combination of interpersonal, analytical and decision-making skills. They work in an office atmosphere, regularly attend meetings and make telephone calls. Hours can be long and travel may be required.

Typical work duties are contingent on the type of financial services business in which the analyst works. Some of these duties may include the following:

  • Assessing the risk of assorted types of lending proposals
  • Analyzing statements, managing accounts and cash flow statements
  • Using specialized statistical software
  • Measuring the credit worthiness of client companies
  • Advising and recommending changes to policy and procedure
  • Communicating with account managers and product specialists
  • Ensuring that procedures comply with industry standards

Educational requirements and job prospects for credit analysts

The minimum education required is a bachelor’s degree in finance, accounting or other related field. The following are some of the most common courses:

  • Basic accounting and finance
  • Statistics
  • Ratio analysis
  • Economics
  • Financial statement analysis

Commercial and investment banks, credit card issuing institutions, credit rating agencies and investment companies are the biggest employers of these finance professionals. According to the Bureau of Labor Statistics, the mean annual wage for this profession in 2014 was $75,970. Employment projections show a 10.4% growth in the number of positions nationwide from 201 to 2022.

Check out the current job listings for Credit Analyst.



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