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Also known as:
Chief Credit Analyst, Credit Analyst, Credit Assessment Analyst, Credit Risk Analyst, Factorer
If you or someone in your family uses a credit card, a decision had to be made about whether you could be trusted to pay back the money you charge. That decision depends on the work of a credit analyst. A credit analyst examines the financial statements and credit history of individuals or companies ...
. Based on that information, the analyst determines the degree of risk involved in extending credit or lending money.
Credit analysts often work for banks and other financial institutions, though any corporation that extends credit might employ one or more. For example, manufacturing concerns might run credit checks on customers before starting to make products, to make sure that customer has a history of paying on time.
It's a job that requires careful consideration of information and the ability to prepare a clear objective report. The decisions must be made on facts, not instinct, so a credit analyst must be able to focus on details, hour after hour, and day after day.
The working conditions are usually very comfortable, with an office and a standard 40-hour workweek the norm. A bachelor's degree is the most common source of training. College graduates with business-related degrees can move easily into these positions, but it can be a position for which training is available on the job.
A key part of the nation's economy runs smoothly when this job is done well. Without credit, in fact, much of the economy would grind to a halt. Houses wouldn't be built, tuitions wouldn't be paid, cars wouldn't be bought - the list goes on and on. To continue the flow of credit, analysts consider whether it's safe to loan the money, case by case.
SNAPSHOT
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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.
Leadership
LOW
Critical decision making
HIGH
Level of responsibilities
LOW
Job challenge and pressure to meet deadlines
MED
Dealing and handling conflict
LOW
Communication with others
HIGH
Work closely with team members, clients etc.
HIGH
Comfort of the work setting
HIGH
Exposure to extreme environmental conditions
LOW
Exposure to job hazards
LOW
Physical demands
LOW
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DAILY TASKS
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Compare liquidity, profitability, and credit histories of establishments being evaluated with those of similar establishments in the same industries and geographic locations.
Confer with credit association and other business representatives to exchange credit information.
Generate financial ratios, using computer programs, to evaluate customers' financial status.
Review individual or commercial customer files to identify and select delinquent accounts for collection.
Consult with customers to resolve complaints and verify financial and credit transactions.
Analyze credit data and financial statements to determine the degree of risk involved in extending credit or lending money.
Prepare reports that include the degree of risk involved in extending credit or lending money.
MAIN ACTIVITIES
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Getting Information
Observing, receiving, and otherwise obtaining information from all relevant sources.
Interacting With Computers
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Communicating with Supervisors, Peers, or Subordinates
Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
Analyzing Data or Information
Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Making Decisions and Solving Problems
Analyzing information and evaluating results to choose the best solution and solve problems.
Establishing and Maintaining Interpersonal Relationships
Developing constructive and cooperative working relationships with others, and maintaining them over time.
Documenting/Recording Information
Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
Processing Information
Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
AREAS OF KNOWLEDGE
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Economics and Accounting
Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
English Language
Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Mathematics
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Customer and Personal Service
Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
Clerical
Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
Law and Government
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Computers and Electronics
Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Administration and Management
Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
KEY ABILITIES
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Mathematical Reasoning
The ability to choose the right mathematical methods or formulas to solve a problem.
Problem Sensitivity
The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
Deductive Reasoning
The ability to apply general rules to specific problems to produce answers that make sense.
Oral Expression
The ability to communicate information and ideas in speaking so others will understand.
Oral Comprehension
The ability to listen to and understand information and ideas presented through spoken words and sentences.
Inductive Reasoning
The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Number Facility
The ability to add, subtract, multiply, or divide quickly and correctly.
Written Comprehension
The ability to read and understand information and ideas presented in writing.
TOP SKILLS
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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.
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.
Reading Comprehension
Understanding written sentences and paragraphs in work related documents.
Mathematics
Using mathematics to solve problems.
Complex Problem Solving
Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
