1. University of Pennsylvania
Philadelphia, PA • Private
We have all heard of the banking crisis which led to the stock market crash in 2008. The Federal National Mortgage Association, purchasing risky mortgages from banks, and banks in turn repackaging them into mortgage-backed securities (MBS) for investors to purchase. The relaxing of the lending standards offered loans to those who could not afford them. Eventually, when house prices decreased, highly leveraged banks and investors got affected, due to borrowers defaulting on their loans and, thus, bursting the bubble.
Determining the creditworthiness of a borrower is the duty of a credit analyst. Basically, they are in charge of determining your default rate. Daily, a credit analyst will be tasked with assessing financial records, such as earnings and savings, perform account reconciliations, develop data programming, and manage underwriting guidelines. Besides that, they also create portfolio management strategies, write reports, and analyze market factor correlations.
Employers require credit analysts to have a bachelor's degree that is business-related, such as finance, accounting, or economics. A degree in mathematics would also be accepted, if you can also demonstrate fundamental business knowledge. A credit analyst earns, on average, $28 per hour and this position is suitable for those who have strong analytical skills.
There are certain skills that many credit analysts have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed computer skills, detail oriented and integrity.
If you're interested in becoming a credit analyst, one of the first things to consider is how much education you need. We've determined that 65.1% of credit analysts have a bachelor's degree. In terms of higher education levels, we found that 9.4% of credit analysts have master's degrees. Even though most credit analysts have a college degree, it's possible to become one with only a high school degree or GED.
In addition to switching up your job search, it might prove helpful to look at a career path for your specific job. Now, what's a career path you ask? Well, it's practically a map that shows how you might advance from one job title to another. Our career paths are especially detailed with salary changes. So, for example, if you started out with the role of finance analyst you might progress to a role such as manager eventually. Later on in your career, you could end up with the title group vice president.
What Am I Worth?
The role of a credit analyst includes a wide range of responsibilities. These responsibilities can vary based on an individual's specific job, company, or industry.Here are some general credit analyst responsibilities:
There are several types of credit analyst, including:
Mouse over a state to see the number of active credit analyst jobs in each state. The darker areas on the map show where credit analysts earn the highest salaries across all 50 states.
|Rank||State||Number of Jobs||Average Salary|
Philadelphia, PA • Private
Evanston, IL • Private
Los Angeles, CA • Private
Vestal, NY • Private
Villanova, PA • Private
San Diego, CA • Private
Waltham, MA • Private
Boston, MA • Private
Stony Brook, NY • Private
New York, NY • Private
The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 12.4% of credit analysts listed customer service on their resume, but soft skills such as computer skills and detail oriented are important as well.
Zippia allows you to choose from different easy-to-use Credit Analyst templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your Credit Analyst resume is top notch. Choose a template with the colors, fonts & text sizes that are appropriate for your industry.
After extensive research and analysis, Zippia's data science team found that:
1. Predicting Credit Card Fraud with R
Welcome to Predicting Credit Card Fraud with R. In this project-based course, you will learn how to use R to identify fraudulent credit card transactions with a variety of classification methods and use R to generate synthetic samples to address the common problem of classification bias for highly imbalanced datasets—the class of interest (fraud) represents less than 1% of the observations. Class imbalance can make it difficult to detect the effect independent variables have on fraud,...See More on Coursera
2. Term-Structure and Credit Derivatives
This course will focus on capturing the evolution of interest rates and providing deep insight into credit derivatives. In the first module we discuss the term structure lattice models and cash account, and then analyze fixed income derivatives, such as Options, Futures, Caplets and Floorlets, Swaps and Swaptions. In the second module, we will examine model calibration in the context of fixed income securities and extend it to other asset classes and instruments. Learners will operate model...See More on Coursera
3. Credit Risk Analysis
All you want to know about Credit Specific Risk Analysis from a Bankers and Analyst Perspective...See More on Udemy
Some places are better than others when it comes to starting a career as a credit analyst. The best states for people in this position are New York, Delaware, Massachusetts, and Connecticut. Credit analysts make the most in New York with an average salary of $101,509. Whereas in Delaware and Massachusetts, they would average $76,318 and $75,930, respectively. While credit analysts would only make an average of $75,385 in Connecticut, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.
1. New York
3. District of Columbia
|Rank||Company||Average Salary||Hourly Rate||Job Openings|
|2||JPMorgan Chase & Co.||$98,126||$47.18||497|
|6||TD Auto Finance||$88,485||$42.54||89|
|7||Fifth Third Bank||$84,785||$40.76||90|
To become a credit analyst requires an associate or bachelor's degree in finance, accounting, or a related field. To work as a credit analyst, you must have developed technical skills to analyze financial information and evaluate the risk associated with offering a loan or credit.
It takes about three to four years to become a credit analyst. Most credit analysts have a four-year degree. In some cases, having a two-year degree and at least one to two years of work experience is all you need to begin your career as a credit analyst.
Yes, being a credit analyst is a good job. One of the biggest advantages is that credit analysts are given the freedom to work for virtually any company offering financing plans for products or services. Credit analysts also bring home a solid salary with good benefits and the opportunity for advancement and job growth.
To become a credit analyst, you will need the right educational and training experience.
To help you to develop your skills and gain the credibility needed to land an entry-level position as a credit analyst, you must have at least a bachelor's degree and a strong understanding of the technical skills needed to analyze financial information and evaluate the risk associated with offering a loan or credit.
The skills needed to be a credit analyst include being skilled in several areas, such as financial analysis, due diligence, multitasking, and attention to detail. The skills can not really be learned in school; rather, they require formal training and work experience.