Updated June 25, 2024
6 min read
A credit analyst assesses the credit-worthiness of individuals or organizations applying for loans or credit. They analyze financial data and credit histories to determine the likelihood of repayment and the potential risks. Credit analysts also make recommendations on interest rates, loan terms, and credit limits. They work in various industries, including banking, investment firms, and credit bureaus. Essential skills include analytical skills, attention to detail, and knowledge of financial regulations.
How long does it takes to become a credit analyst?
It typically takes 4-6 years to become a credit analyst:
- Years 1-4: Obtaining a Bachelor's degree in a relevant field such as finance, accounting, or economics.
- Years 5-6: Accumulating the necessary work experience in analyzing and interpreting credit data, evaluating creditworthiness, and preparing reports on credit risks and opportunities.
ScoreCredit AnalystUS Average
Salary
4.8
Avg. Salary $61,422
Avg. Salary $59,228
Stability Level
6.0
Growth Rate -5%
Growth Rate 0.3%
Diversity
5.6
Race
American Indian and Alaska Native 0.27%
Asian 10.50%
Black or African American 7.73%
Hispanic or Latino 9.49%
Unknown 2.64%
White 69.35%
Gender
female 55.76%
male 44.24%
Age - 38
Race
American Indian and Alaska Native 3.00%
Asian 7.00%
Black or African American 14.00%
Hispanic or Latino 19.00%
White 57.00%
Gender
female 47.00%
male 53.00%
Age - 38
Stress Level
6.0
Stress level is manageable
7.1 - high
Complexity Level
8.0
Complexity Level is challenging
7 - challenging
Work Life Balance
6.4
Work Life balance is fair
6.4 - fair
What are the pros and cons of being a Credit Analyst?
Pros
Good salary and benefits
Exposure to various industries and businesses
High demand for credit analysts in many industries
Potential for bonuses based on performance
Ability to work in a stable industry
Cons
Long hours, including weekends and evenings
Dealing with difficult customers or clients
Risk of burnout due to heavy workload and high expectations
May have to make tough decisions that can affect people's lives and livelihoods negatively
Limited opportunities for creativity or innovation in the role.
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Credit Analyst career paths
A credit analyst can move into various roles such as finance analyst, manager, vice president, or even a group vice president. They can also transition into underwriting positions like senior underwriter, underwriting manager, or branch manager. Some may choose to become relationship managers, senior relationship managers, or even portfolio managers.
Key steps to become a credit analyst
Explore credit analyst education requirements
The educational requirements for a credit analyst are typically a bachelor's degree. According to John Doe, a finance professor at XYZ University, "A bachelor's degree in business, finance, accounting, economics, or management is often required for credit analyst positions." While some organizations may hire those with a high school diploma or associate degree, the vast majority prefer candidates with a bachelor's degree. Some credit analysts may also pursue certifications such as Chartered Financial Analyst (CFA), Certified Public Accountant (CPA), or Certified Management Accountant (CMA) to enhance their skills and qualifications.
Most common credit analyst degrees
Bachelor's
65.1
%
Associate
13.8
%
Master's
9.4
%
Start to develop specific credit analyst skills
A credit analyst performs a range of tasks, including financial modeling, credit application reviews, and collection efforts. They analyze financial data, credit bureau information, and business credit applications to determine creditworthiness and make informed decisions. This requires strong data processing skills, attention to detail, and the ability to communicate effectively with customers and dealers.
Skills Percentages Customer Service 12.36% Credit Analysis 7.36% Customer Accounts 4.49% Real Estate 4.34% Credit Risk 4.23% Show more
Complete relevant credit analyst training and internships
Accountants spend an average of 1-3 months on post-employment, on-the-job training. New credit analysts learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a credit analyst based on U.S. Bureau of Labor Statistics data and data from real credit analyst resumes.
Research credit analyst duties and responsibilities
Credit analysts perform tasks like reviewing and analyzing credit applications, preparing financial statements and reports, and evaluating past financial performance. They also release credit holds, initiate collection efforts, and coordinate the preparation of quarterly financial statements. They work quickly and efficiently, maintaining a minimal error margin, and ensure adherence to the Bank Secrecy Act.
- Provide treasury with funding requirements to maximize LIBOR rate advantage.
- Manage a team to help facilitate efficient loan origination, underwriting and closing.
- Lead a presentation to the FHA quantitative team by using multiple data visualization techniques.
- Manage A/R transactions, prepare weekly account reconciliation's, perform research/ adjustments on A/P and A/R discrepancy accounts.
Prepare your credit analyst resume
When your background is strong enough, you can start writing your credit analyst resume.
You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on a credit analyst resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.
Choose From 10+ Customizable Credit Analyst Resume templates
Build a professional
Credit Analyst
resume in minutes. Browse through our resume examples to identify the best way to word your resume.
Then choose from 10+ resume templates to create your Credit Analyst resume.Apply for credit analyst jobs
Now it's time to start searching for a credit analyst job. Consider the tips below for a successful job search:
- Browse job boards for relevant postings
- Consult your professional network
- Reach out to companies you're interested in working for directly
- Watch out for job scams
How Did You Land Your First Credit Analyst Job
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Average credit analyst salary
The average Credit Analyst salary in the United States is $61,422 per year or $30 per hour. Credit analyst salaries range between $40,000 and $93,000 per year.
Average
Credit Analyst
Salary
$61,422Yearly
$29.53
hourly
More credit analyst salary info
What Am I Worth?
How do credit analysts rate their job?
-/5
5 Stars
4 Stars
3 Stars
2 Stars
1 Star
Credit Analyst reviews
A zippia user wrote a review on Oct 2019
Cons
Interacting with computer for too long in making decisions in mitigating the risk asset going bad 'bad loan'
A zippia user wrote a review on May 2019
Pros
The job is self motivating and result oriented .
Cons
Its very demanding where by you have to closely monitor the portfolio every time and now to be able to report the right information .
Credit Analyst FAQs
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Credit Analyst jobs by state
- Credit Analyst jobs in Alaska
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- Credit Analyst jobs in Wyoming
Updated June 25, 2024
Zippia Team
Editorial Staff
The Zippia Research Team has spent countless hours reviewing resumes, job postings, and government data to determine what goes into getting a job in each phase of life. Professional writers and data scientists comprise the Zippia Research Team.
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Updated June 25, 2024
