A credit analyst is a financial professional who reviews and assesses the financial history of a person or organization to determine if they are good candidates for a loan. They assess the creditworthiness of individuals and companies. The roles of a credit risk analyst include the evaluation of financial data to determine the level of default risks and preparing a report for the client and the lender. It also includes the provision of recommendations tied to analysis and assessment of credit risk, presentation of analysis, findings, and recommendations to the manager. A credit analyst develops and prepares spreadsheets to support analysis of new and existing credit applications and keeps up to date with the company's lending protocols.
A credit risk analyst must have strong proficiency in MS office and general computer use. They must also have the ability to effectively manage deadlines for projects in a high-pressure work environment and pay attention to details to notice discrepancies in data. As a credit analyst, you must have an impeccable understanding of financial statements and concepts. A credit analyst usually has at least a bachelor's degree in finance, accounting, or related fields. On average, the credit risk analyst earns $78,000 per year.
There is more than meets the eye when it comes to being a Credit Risk Analyst. For example, did you know that they make an average of $41.46 an hour? That's $86,232 a year!
Between 2018 and 2028, the career is expected to grow 14% and produce 118,300 job opportunities across the U.S.
There are certain skills that many Credit Risk 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 Math skills.
If you're interested in becoming a Credit Risk Analyst, one of the first things to consider is how much education you need. We've determined that 70.0% of Credit Risk Analysts have a bachelor's degree. In terms of higher education levels, we found that 20.1% of Credit Risk Analysts have master's degrees. Even though most Credit Risk Analysts have a college degree, it's impossible 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 Risk Analyst. When we researched the most common majors for a Credit Risk Analyst, we found that they most commonly earn Bachelor's Degree degrees or Master's Degree degrees. Other degrees that we often see on Credit Risk Analyst resumes include Associate Degree degrees or High School Diploma degrees.
You may find that experience in other jobs will help you become a Credit Risk Analyst. In fact, many Credit Risk Analyst jobs require experience in a role such as Internship. Meanwhile, many Credit Risk Analysts also have previous career experience in roles such as Credit Analyst or Underwriter.