What is a 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.
A Day in the Life of a Credit Analyst
- 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.
- 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.
- Confer with credit association and other business representatives to exchange credit information.
- Analyze credit data and financial statements to determine the degree of risk involved in extending credit or lending money.
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Qualities of a Credit Analyst
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.
Speaking: Talking to others to convey information effectively.
Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Other Credit Analyst Job Titles
- Credit Manager
- Loan Review Analyst
- Risk Analyst
- Credit Analyst
- Credit Coordinator
Job Outlook 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.
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.
Average Credit Analysts Salary
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 |
|---|---|
| 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 |
Tools & Technologies Used by Credit Analysts
Although they’re not necessarily needed for all jobs, the following technologies are used by many Credit Analysts:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- SAP
- Structured query language SQL
- Microsoft Dynamics
- SAS
- Microsoft Visual Basic
- Microsoft SQL Server
- Oracle JD Edwards EnterpriseOne
- Oracle Business Intelligence Enterprise Edition
- Experian Credinomics
- Moody’s KMV CreditEdge
- CGI-AMS BureauLink Enterprise
- Experian Strategy Management
- CGI-AMS CACS Enterprise
- CGI-AMS Strata
- Credit and risk analysis software
- Credit fraud detection software
Becoming a Credit Analyst
Learn what Credit Analyst education requirements there are.
What work experience do I need to become a Credit Analyst?
Where Credit Analysts Are Employed
The table below shows the approximate number of Credit Analysts employed by various industries.
Related Careers
Those interested in being a Credit Analyst may also be interested in:
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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