What does a Credit Analyst do?
Credit Analysts typically work for insurance companies, banks, credit agencies or unions and investment companies to ensure the financial stability of loan applicants. They work closely with other credit professionals to weight the risks of potential lenders and investigate financial documents to determine past debts or missed payments. Their job is to use review company lending policies to distinguish qualified applicants from unqualified applicants. They may also be responsible for interacting with current lenders to help them apply for additional loans and follow up with lenders about missed payments.
Credit Analyst skills and qualifications
A successful Credit Analyst candidate will have the following skills and qualifications to conduct daily activities for this role:
- Research skills
- Strong problem-solving, mathematical and analytical skills
- Excellent written and verbal communication skills
- Ability to maintain confidentiality
- Proficiency with computers and computer software, like programs that aid in statistical and financial calculations
- Proficiency with financial reports and statements
Credit Analyst salary expectations
The average salary for a Credit Analyst is $55,556 per year. Exact salary may vary depending on the applicant’s level of education, experience and geographical location. The typical tenure for a Credit Analyst is one to three years.
Credit Analyst education and training requirements
The education and training required of a Credit Analyst includes at minimum a bachelor’s degree in finance, accounting or a related field. A related field could include bookkeeping or business. A Master of Business Administration degree is a plus. Applicants with a Certified Public Accountant, Certified Financial Planner, Chartered Financial Analyst, Certified Management Accountant, Certified Banking and Credit Analyst or similar certification are especially encouraged to apply.
Credit Analyst experience requirements
Companies hiring Credit Analysts often look for business-related experience including work in payroll departments, accounts payable and accounts receivable as a suitable background. The ideal candidate will bring at least 4 years of experience as a Credit Analyst or Financial Analyst and possess a strong knowledge of common accounting and office suite software. Experience in lending is a must, and experience at a supervisory level is ideal.
Job description samples for similar positions
If this Credit Analyst job description template isn’t what you’re looking for, see our job descriptions for related positions: