Credit Analysts

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Also known as:
Chief Credit Analyst, Credit Analyst, Credit Assessment Analyst, Credit Risk Analyst, Factorer

See all Finance Careers.

ABOUT CREDIT ANALYST CAREERS
Video transcript

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
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 decisionmaking.
Leadership
LOW
Critical decision making
HIGH
Level of responsibilities
LOW
Job challenge and pressure to meet deadlines
HIGH
Dealing and handling conflict
LOW
Competition for this position
MED
Communication with others
HIGH
Work closely with team members, clients etc.
LOW
Comfort of the work setting
HIGH
Exposure to extreme environmental conditions
LOW
Exposure to job hazards
LOW
Physical demands
LOW
Daily tasks

Consult with customers to resolve complaints and verify financial and credit transactions.

Complete loan applications, including credit analyses and summaries of loan requests, and submit to loan committees for approval.

Analyze financial data, such as income growth, quality of management, and market share to determine expected profitability of loans.

Generate financial ratios, using computer programs, to evaluate customers' financial status.

Analyze credit data and financial statements to determine the degree of risk involved in extending credit or lending money.

Compare liquidity, profitability, and credit histories of establishments being evaluated with those of similar establishments in the same industries and geographic locations.

Prepare reports that include the degree of risk involved in extending credit or lending money.

MAIN ACTIVITIES
Analyzing Data or Information Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
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.
Processing Information Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Communicating with Supervisors, Peers, or Subordinates Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
Making Decisions and Solving Problems Analyzing information and evaluating results to choose the best solution and solve problems.
Updating and Using Relevant Knowledge Keeping up-to-date technically and applying new knowledge to your job.
Interpreting the Meaning of Information for Others Translating or explaining what information means and how it can be used.
AREAS OF KNOWLEDGE
Economics and Accounting Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
Mathematics Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
English Language Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Law and Government Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
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.
Computers and Electronics Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
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.
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.
TOP SKILLS
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.
Speaking Talking to others to convey information effectively.
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.
Mathematics Using mathematics to solve problems.
Judgment and Decision Making Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Writing Communicating effectively in writing as appropriate for the needs of the audience.