What does a credit analyst do?
A credit analyst's role is to assess and determine a client's capacity to uphold financial obligations when applying for loans or credit programs. Working for creditors like banks and lending firms, a credit analyst must interpret and analyze financial data and personal records, identify inconsistencies and risks, and verify necessary documentation in support of loan committees. Furthermore, a credit analyst must also perform administrative tasks such as preparing reports and applications, fulfilling document requests, reaching out to clients, and coordinating with colleagues to assure accuracy in all operations.
Credit analyst responsibilities
Here are examples of responsibilities from real credit analyst resumes:
- Provide treasury with funding requirements to maximize LIBOR rate advantage.
- Manage a team to help facilitate efficient loan origination, underwriting and closing.
- Lead a presentation to the FHA quantitative team by using multiple data visualization techniques.
- Manage A/R transactions, prepare weekly account reconciliation's, perform research/ adjustments on A/P and A/R discrepancy accounts.
- Utilize data manipulation and quantitative analysis using VBA macros, SQL and advance excel knowledge to manage credit risk exposure.
- Manage accounting operations, accounting close, account reporting and reconciliations.
- Cooperate with senior colleagues to conduct stratify sampling of GSE loan data to draw samples using SQL in SAS.
- Call on NSF status every morning for customer to make deposits and check for bank/teller errors.
- Create PowerPoint presentations, create new reports, and modify existing reports for better data understanding.
- Create a process to monitor the life of each commercial loan throughout its origination to eliminate processing delays.
- Negotiate floor planning programs and credit reporting agency contracts (Dunn & Bradstreet, Cortera & Experian).
- Extract data leveraging SQL server; fill in missing values and smooth noise data to provide higher quality data.
- Adopt ARIMA and GARCH in SAS to develop time series models of mortgage rates, unemployment rates and housing prices.
- Serve as interpreter (Haitian-Creole, French, and Spanish) to ensure clear communication between health care workers and patients.
- Utilize PowerPoint to develop monthly presentations to senior management.
Credit analyst skills and personality traits
We calculated that 12% of Credit Analysts are proficient in Customer Service, Credit Analysis, and Customer Accounts. They’re also known for soft skills such as Computer skills, Detail oriented, and Integrity.
We break down the percentage of Credit Analysts that have these skills listed on their resume here:
- Customer Service, 12%
Worked closely with customer service staff as a liaison between customer and sales representatives to develop and maintain excellent sales/credit relationships.
- Credit Analysis, 7%
Implemented a fundamental approach to credit analysis including financial modeling, published research, analyst discussions and direct company contact.
- Customer Accounts, 4%
Analyzed customer accounts, obtained funds that were outstanding, and increased customer satisfaction through effective problem solving and account reconciliation.
- Real Estate, 4%
Prepared profitability models, real estate analysis, and forecast projections for all underwriting packages for the commercial lending department.
- Credit Risk, 4%
Credit Risk Analysis of Corporate Clients including evaluation of Business and Operational Risk, Ratio Analysis and Analysis of Financial Statements.
- Strong Analytical, 4%
Maximize revenue by balancing market penetration with sound risk management principles, demonstrating strong analytical skills and sound underwriting judgment.
Most credit analysts use their skills in "customer service," "credit analysis," and "customer accounts" to do their jobs. You can find more detail on essential credit analyst responsibilities here:
Computer skills. To carry out their duties, the most important skill for a credit analyst to have is computer skills. Their role and responsibilities require that "bookkeeping, accounting, and auditing clerks need to be comfortable using computer spreadsheets and bookkeeping software." Credit analysts often use computer skills in their day-to-day job, as shown by this real resume: "prepared credit presentations and performed due diligence for new vendor programs in the computer hardware and software industries. "
Detail oriented. Another soft skill that's essential for fulfilling credit analyst duties is detail oriented. The role rewards competence in this skill because "bookkeeping, accounting, and auditing clerks are responsible for producing accurate financial records." According to a credit analyst resume, here's how credit analysts can utilize detail oriented in their job responsibilities: "assisted business bankers with preparation of credit presentations, including detailed credit analysis, cash flow analysis and projections. "
Integrity. Another skill that relates to the job responsibilities of credit analysts is integrity. This skill is critical to many everyday credit analyst duties, as "bookkeeping, accounting, and auditing clerks have control of an organization’s financial documentation, which they must use properly and keep confidential." This example from a resume shows how this skill is used: "enhanced integrity of financial data by performing detailed verification and documentation for all client applications that meet approval criteria. "
Math skills. credit analyst responsibilities often require "math skills." The duties that rely on this skill are shown by the fact that "bookkeeping, accounting, and auditing clerks deal with numbers daily and should be comfortable with basic arithmetic." This resume example shows what credit analysts do with math skills on a typical day: "assigned internal ratings to corporate borrowers and financial institutions through quantitative and qualitative in-depth credit analysis. "
The three companies that hire the most credit analysts are:
- TD Bank74 credit analysts jobs
- Northwest Bank50 credit analysts jobs
- Change Healthcare47 credit analysts jobs
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Compare different credit analysts
Credit analyst vs. Accounts receivable analyst
An Accounts Receivable Analyst provides accounts receivable support through monitoring all aspects of the collection of outstanding debts owed to a company. They check missing and unresolved payment issues, monitor overdue accounts, and prepare statements for managers.
While similarities exist, there are also some differences between credit analysts and accounts receivable analyst. For instance, credit analyst responsibilities require skills such as "credit analysis," "real estate," "credit risk," and "credit worthiness." Whereas a accounts receivable analyst is skilled in "reconciliations," "pivot tables," "patients," and "general ledger." This is part of what separates the two careers.
Accounts receivable analysts really shine in the hospitality industry with an average salary of $45,068. Comparatively, credit analysts tend to make the most money in the finance industry with an average salary of $76,896.The education levels that accounts receivable analysts earn slightly differ from credit analysts. In particular, accounts receivable analysts are 1.6% less likely to graduate with a Master's Degree than a credit analyst. Additionally, they're 0.1% less likely to earn a Doctoral Degree.Credit analyst vs. Credit officer
A credit officer is responsible for evaluating financial documents and account statements to determine the eligibility of an applicant for a loan option. Credit officers communicate with the applicant to discuss the loan process, explain the terms of service, and provide them alternative options that would fit their payment ability and loan needs. They create financial reports and recommend the qualified applicant to the manager for approval. A credit officer should have excellent communication and analytical skills, ensuring that the loan policies adhere to the federal and state regulations.
Each career also uses different skills, according to real credit analyst resumes. While credit analyst responsibilities can utilize skills like "customer accounts," "risk analysis," "excellent interpersonal," and "economics accounting," credit officers use skills like "risk management," "portfolio management," "renewable energy," and "credit quality."
Credit officers earn a higher average salary than credit analysts. But credit officers earn the highest pay in the finance industry, with an average salary of $120,621. Additionally, credit analysts earn the highest salaries in the finance with average pay of $76,896 annually.Average education levels between the two professions vary. Credit officers tend to reach higher levels of education than credit analysts. In fact, they're 8.7% more likely to graduate with a Master's Degree and 0.1% more likely to earn a Doctoral Degree.Credit analyst vs. Investment banking analyst
An Investment Banking Analyst reviews and analyzes data for investment banking portfolios. They work with individuals and businesses to suggest potential investments for their clients.
The required skills of the two careers differ considerably. For example, credit analysts are more likely to have skills like "customer service," "credit analysis," "customer accounts," and "credit risk." But a investment banking analyst is more likely to have skills like "financial models," "healthcare," "capital markets," and "private equity."
Investment banking analysts earn the highest salary when working in the finance industry, where they receive an average salary of $89,090. Comparatively, credit analysts have the highest earning potential in the finance industry, with an average salary of $76,896.Most investment banking analysts achieve a similar degree level compared to credit analysts. For example, they're 4.0% more likely to graduate with a Master's Degree, and 0.5% more likely to earn a Doctoral Degree.Credit analyst vs. Credit representative
Credit representatives are professionals who analyze the credit data and the financial statements of firms or individuals for the determination of the risk in lending money or extending credit. The representatives are tasked to prepare reports with credit information used in decision making. They manage credit files and process credit reports from different credit reporting sources. They also mentor and coach credit representatives newly hired in corporate procedures and policies. Also, they expand collection procedures and policies to lessen DSO parameter risk.
Types of credit analyst
Updated January 8, 2025
