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Credit Analyst

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All About Credit Analysts

Example of Credit Analyst Job 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.

List of Credit Analyst Job Duties

  • Prepare reports that include the degree of risk involved in extending credit or lending money.
  • Review individual or commercial customer files to identify and select delinquent accounts for collection.
  • Analyze financial data such as income growth, quality of management, and market share to determine expected profitability of loans.
  • Complete loan applications, including credit analyses and summaries of loan requests, and submit to loan committees for approval.
  • Compare liquidity, profitability, and credit histories of establishments being evaluated with those of similar establishments in the same industries and geographic locations.
  • Evaluate customer records and recommend payment plans, based on earnings, savings data, payment history, and purchase activity.

Credit Analyst Required Skills

When polled, Credit Analysts say the following skills are most frequently used in their jobs:

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.

  • Credit Representative
  • Loan Officer
  • Factorer
  • Financing Analyst
  • Credit Negotiator

Job Demand for Credit Analysts

In the United States, there were 73,800 jobs for Credit Analyst in 2016. 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. There will be an estimated 6,800 positions for Credit Analyst per year.

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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 average yearly salary of a Credit Analyst ranges between $43,100 and $137,610.

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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

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

How to Become a Credit Analyst

Are there Credit Analysts education requirements?

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How Long Does it Take to Become a Credit Analyst?

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Who Employs Credit Analysts?

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Below are examples of industries where Credit Analysts work:

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Other Jobs You May be Interested In

Those interested in being a Credit Analyst may also be interested in:

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

References:

Image Credit: Pixabay via CC0 License

More about our data sources and methodologies.

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