Credit Analyst Job Profile

Securing a credit analyst job can provide you with a promising career for the future. Credit analysts are sought after in a number of different industries and companies. Here are the basics of being a credit analyst and what the job will be like.

Education

In order to become a credit analyst, you could follow any number of career paths. However, most of the time, businesses will want you to have at least a bachelors degree in finance, business administration, or accounting. If you choose to pursue a master's degree in any of these related fields, it will improve your chances of landing a job as a credit analyst. In order to perform your job tasks as a credit analyst, you will need to have a good understanding of all of these topics.

Basic Tasks

A credit analyst will perform a number of different tasks in regard to credit evaluation. They might look at individual applications for credit and determine whether a borrower is worthy of getting a loan. A credit analyst will analyze large amounts of financial information on a daily basis. They will look at many different lending proposals and provide a proper risk assessment of them. Many in management roles rely on credit analysts to help them make smart decisions. A credit analyst needs to have the ability to make sound financial decisions on behalf of their company. Credit analysts will have to work closely with other departments within their own company, and therefore, need to display good people skills as well. Credit analysts are also in charge of developing models to assist others when making credit decisions.

Work Schedule

A credit analyst will typically work a 40 hour work week. Most of the time, they will work from 9 to 5 Monday through Friday, however, this could vary depending on the company that you work for.

Salary

The median salary for a credit analyst is $63,000 per year. This can go up with the more experienced that you acquire in the industry.

Opportunities for Advancement

Credit analysts enjoy being in a good position for potential advancement in the future. Credit analysts can move on to management roles within a credit department of a business. Since credit analysts have to display a good financial acumen as well as decision-making ability, they often make great executives. Credit analysts start out working in the financial sector for businesses or banks. This experience provides them with the ability to move on to many other jobs in the future such as a CFO or CEO of a corporation. Typically, you will have to accumulate a great deal of experience as a credit analyst in order to move on to other things.

Types of Jobs

There are many different types of jobs that a credit analyst could fulfill. Some credit analysts work for banks, while others work for credit rating agencies. Investment companies will also employ credit analysts to help them make investment decisions.