What is a Credit Analyst

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 is more than meets the eye when it comes to being a Credit Analyst. For example, did you know that they make an average of $24.33 an hour? That's $50,601 a year!

Between 2018 and 2028, the career is expected to grow -4% and produce -65,800 job opportunities across the U.S.

What Does a Credit Analyst Do

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.

Learn more about what a Credit Analyst does

How To Become a Credit Analyst

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.

Choosing the right major is always an important step when researching how to become a Credit Analyst. When we researched the most common majors for a Credit Analyst, we found that they most commonly earn Bachelor's Degree degrees or Associate Degree degrees. Other degrees that we often see on Credit Analyst resumes include Master's Degree degrees or High School Diploma degrees.

You may find that experience in other jobs will help you become a Credit Analyst. In fact, many Credit Analyst jobs require experience in a role such as Customer Service Representative. Meanwhile, many Credit Analysts also have previous career experience in roles such as Administrative Assistant or Cashier.

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Average Salary
$50,601
Average Salary
Job Growth Rate
-4%
Job Growth Rate
Job Openings
21,046
Job Openings
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Credit Analyst Career Paths

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Average Salary for a Credit Analyst

Credit Analysts in America make an average salary of $50,601 per year or $24 per hour. The top 10 percent makes over $70,000 per year, while the bottom 10 percent under $36,000 per year.
Average Salary
$50,601
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Credit Analyst Resumes

Designing and figuring out what to include on your resume can be tough, not to mention time-consuming. That's why we put together a guide that is designed to help you craft the perfect resume for becoming a Credit Analyst. If you're needing extra inspiration, take a look through our selection of templates that are specific to your job.

Learn How To Write a Credit Analyst Resume

At Zippia, we went through countless Credit Analyst resumes and compiled some information about how to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

View Credit Analyst Resume Examples And Templates

Credit Analyst Demographics

Credit Analyst Gender Statistics

female

53.6 %

male

42.2 %

unknown

4.2 %

Credit Analyst Ethnicity Statistics

White

63.4 %

Hispanic or Latino

13.8 %

Asian

10.6 %

Credit Analyst Foreign Languages Spoken Statistics

Spanish

52.7 %

French

9.2 %

Portuguese

5.3 %
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Credit Analyst Education

Credit Analyst Majors

35.5 %
18.8 %

Credit Analyst Degrees

Bachelors

65.1 %

Associate

13.8 %

Masters

9.4 %

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None
High School / GED
Associate
Bachelor's
Master's
Doctorate

Top Colleges for Credit Analysts

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

2. Northwestern University

Evanston, IL • Private

In-State Tuition
$54,568
Enrollment
8,451

3. University of Southern California

Los Angeles, CA • Private

In-State Tuition
$56,225
Enrollment
19,548

4. SUNY at Binghamton

Vestal, NY • Private

In-State Tuition
$9,808
Enrollment
13,990

5. Villanova University

Villanova, PA • Private

In-State Tuition
$53,308
Enrollment
6,819

6. San Diego State University

San Diego, CA • Private

In-State Tuition
$7,488
Enrollment
30,018

7. Bentley University

Waltham, MA • Private

In-State Tuition
$49,880
Enrollment
4,177

8. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238

9. SUNY Stony Brook

Stony Brook, NY • Private

In-State Tuition
$9,625
Enrollment
17,407

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339
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Online Courses For Credit Analyst That You May Like

Credit Risk Analysis
udemy
4.3
(290)

All you want to know about Credit Specific Risk Analysis from a Bankers and Analyst Perspective...

Credit Risk Analysis and Modeling
udemy
4.1
(290)

Learn all about Credit Risk Analysis, Credit Rating, Credit Scoring, Structural Models, Term Structure in details...

Commercial Credit Analysis
udemy
4.5
(1,179)

This course provides you with the tools needed to undertake effective, conclusion-based, commercial credit analysis...

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Top Skills For a Credit Analyst

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, 12.0% of Credit Analysts listed Credit Reports on their resume, but soft skills such as Computer skills and Detail oriented are important as well.

  • Credit Reports, 12.0%
  • Customer Service, 11.6%
  • Financial Statements, 11.1%
  • Loan Portfolio, 8.9%
  • Credit Analysis, 6.3%
  • Other Skills, 50.1%
  • See All Credit Analyst Skills

12 Credit Analyst RESUME EXAMPLES

Best States For a Credit Analyst

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, New Jersey, Connecticut, and Massachusetts. Credit Analysts make the most in New York with an average salary of $84,650. Whereas in New Jersey and Connecticut, they would average $61,412 and $60,494, respectively. While Credit Analysts would only make an average of $58,343 in Massachusetts, 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

Total Credit Analyst Jobs:
1,353
Highest 10% Earn:
$141,000
Location Quotient:
1.84
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. New Jersey

Total Credit Analyst Jobs:
495
Highest 10% Earn:
$102,000
Location Quotient:
1.09
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. District of Columbia

Total Credit Analyst Jobs:
274
Highest 10% Earn:
$99,000
Location Quotient:
2.84
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
Full List Of Best States For Credit Analysts

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Top Credit Analyst Employers

We've made finding a great employer to work for easy by doing the hard work for you. We looked into employers that employ Credit Analysts and discovered their number of Credit Analyst opportunities and average salary. Through our research, we concluded that Bank of America was the best, especially with an average salary of $80,253. Wells Fargo follows up with an average salary of $79,415, and then comes JPMorgan Chase & Co. with an average of $80,892. In addition, we know most people would rather work from home. So instead of having to change careers, we identified the best employers for remote work as a Credit Analyst. The employers include MUFG Americas Holdings, FIS, and U.S. Bank

Credit Analyst Videos

Becoming a Credit Analyst FAQs

How do I become a credit analyst?

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.

The most common path towards a career as a credit analyst is a bachelor's degree in finance, accounting, or a related field. This will help you to develop your skills and gain the credibility needed to land an entry-level position as a credit analyst.

There are some banks and companies that provide on-the-job training in credit analysis to candidates who do not have finance-related degrees. They still may require work experience in an accounting or finance-related field or a graduate degree in a business-related field.

In addition to education, earning certifications is a great way to stand out from the crowd and help advance your career. Some popular certifications include; Credit Risk Certification (CRC), Professional Certificate in Credit (PCC), Credit Business Associate (CBA), Credit Business Fellow (CBF), and Certified Credit Executive (CCE).

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How long does it take to become a credit analyst?

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.

The most common path towards a career as a credit analyst is a four-year degree in finance, accounting, or a related field. This will provide you with a foundation to develop the skills needed to land an entry-level position as a credit analyst.

For those with a two-year degree or someone coming from a different but somewhat related field, there are some companies that provide on-the-job training in credit analysis. They still may require work experience in an accounting or finance-related field or a graduate degree in a business-related field.

Some employers may also require candidates to be certified. The most common certifications desired in a credit analyst include; Credit Risk Certification (CRC), Professional Certificate in Credit (PCC), Credit Business Associate (CBA), Credit Business Fellow (CBF), and Certified Credit Executive (CCE).

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Is a credit analyst a good job?

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.

A mid-level credit analyst, for example, can earn upwards of $100,000 a year - such as those working at Lord Abbett ($122,072 per year) or De Lage Landen ($96,189 per year). On the downside, many credit analysts are expected to work longer than the traditional 40-hour workweek.

There are also many opportunities to advance or change fields for those starting out as credit analysts. For example, some go on to other exciting financial paths, such as loan manager, investment banker, and portfolio manager.

Not to mention credit analysts are in high demand. Thanks to the growing range of financial products on the market, there's expected to be a 16% increase in demand for credit analysts to assess the creditworthiness of borrowers.

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What does it take to become a credit analyst?

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 most common path towards a career as a credit analyst is a bachelor's degree in finance, accounting, or a related field. For those with an associate's degree or someone coming from a different but somewhat related field, there are some companies that provide on-the-job training in credit analysis.

In addition to education, earning certifications is a great way to stand out from the crowd and help advance your career.

The most common certifications for credit analysts are:

  • CREDIT RISK CERTIFICATION (CRC) from the risk management association.

  • PROFESSIONAL CERTIFICATE IN CREDIT from the New York Institute of finance.

  • CREDIT BUSINESS ASSOCIATE from the national association of credit management (NACM).

  • CREDIT BUSINESS FELLOW (CBF) from NACM

  • CERTIFIED CREDIT EXECUTIVE (CCE) from NACM

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What skills does a credit analyst need?

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.

Important skills needed to work as a credit analyst include:

  • Quantitative and analytical skills. Credit analysts are required to review different types of financial documents related to a client's business. They should be able to identify key areas such as omissions, errors, and fraud that may affect the credibility of the lending process.

  • Due diligence. Credit analysis requires a high degree of caution and care in assessing the financial health of a borrower. An analyst is required to demonstrate great attention to detail when reviewing client documentation.

  • Proficiency in financial software. The work of a credit analyst requires incorporating statistical software in the evaluation process to obtain ratios and analyze large volumes of data within a short time.

  • Ability to work under pressure. The daily routine of a credit analyst involves dealing with multiple clients and urgent projects at the same time.

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