Why We Love It
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$79,720Potential Avg. Salary
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6.1%Job Growth Rate
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Growing DemandJob Outlook
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Deal MakingCareer Attribute
Credit analysts are responsible for reviewing consumer credit histories, debts, and incomes in order to determine the amount of risk inherent in providing a consumer with a loan. The analysis performed by a credit analyst is used to determine if a loan is made, as well as the rates and terms of the loan.
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What is a Credit Analyst?
The following job responsibilities are common for individuals in credit analyst roles:
- Analyze consumer credit histories, debts, and incomes to determine the amount of risk inherent in providing individual consumers with loans or lines of credit
- Review consumer finances and existing obligations to help form repayment plans that work for both the borrower and lender
- Establish finance rates and loan terms based on credit analysis findings
- Assist consumers in preparing loan application paperwork
- Understand government lending laws and regulations to ensure compliance in all lending activities
A Day in the Life
Credit analysts spend their days working with customers and loan applicants; analyzing loan applications, credit histories, and finance records; and creating and completing paperwork. When working with customers, credit analysts collect important information related to credit histories, finances, debts, and other financial obligations. They analyze credit histories to determine the amount of risk the loan holds for the bank, and they counsel customers on potential repayment options.
In many ways, credit analysts serve both the consumer and the lending institution. They perform thorough analysis to ensure the bank doesn’t take on unnecessary risk by lending to consumers that are likely to default on repayment. Conversely, they help consumers find the best possible loan options, work with them to understand their financial situation to find the best loan terms and repayment plans, and help educate consumers on how to apply for loans in order to get the best terms and rates.
The role of a credit analyst requires attention to detail, proficiency in math, good negotiation skills, and good people skills. Because they’re assisting people with financial matters and helping banks make decisions that could result in either profits or losses, the role a credit analyst plays is hugely important to both the lender and the borrower. This makes the job both difficult and rewarding for people with the right skill sets and an interest in the field.
Typical Work Schedule
Most credit analyst positions are full-time and are conducted during normal business hours. Overtime may be occasionally required but is not the norm, and most credit analysts are off on weekends and holidays.
Projected Job Growth
Demand for credit analysts is expected to grow in coming years due to new laws that impose stricter regulations on lending institutions.
Typical Employers
Most credit analysts work for banks, credit card companies, and other financial and lending institutions.
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How To Become a Credit Analyst
The minimum degree requirement for credit analyst positions is an associate’s degree. However, most positions require a bachelor’s degree. The degree pursued is somewhat flexible, though most credit analysts major in finance-related subjects like accounting, business, finance, economics, or statistics. Because a lot of the work credit analysts do is with numbers, taking advanced math classes in college could help better prepare you for your career.
With either an associate’s or bachelor’s degree, aspiring credit analysts should be qualified to take on entry-level positions at lending institutions. Getting a job as a credit analyst with no former experience may be difficult, so it’s common for aspiring credit analysts to take on junior-level roles to gain experience before applying for full credit analyst positions. Some may work in loan processing departments performing basic tasks, while others may be able to secure junior credit analyst positions.
Credit analysts that want to move into high paying roles later in their careers often go on to pursue master’s in business administration (MBA) degrees with a focus on finance. MBA degrees are commonly required for finance management and director positions. Additionally, aspiring credit analysts who are having difficulty finding roles without experience can enhance their resumes by enrolling in graduate certificate programs in credit analysis to show that they’re trained to perform the role.
Credit Analyst Salary Data
We’ve provided you the following to learn more about this career. The salary and growth data on this page comes from recently published Bureau of Labor Statistics data while the recommendations and editorial content are based on our research.
National Anual Salary
Low Range
$51,750Average
$79,720High Range
$134,080National Hourly Wage
Low Range
$25/hrAverage
$38/hrHigh Range
$64/hrHow do Credit Analyst salaries stack up to other jobs across the country? Based on the latest jobs data nationwide, Credit Analyst's can make an average annual salary of $79,720, or $38 per hour. On the lower end, they can make $51,750 or $25 per hour, perhaps when just starting out or based on the state you live in.
Salary Rankings And Facts
#141 Nationally for All Careers
Above Average Salary Nationally
Highest Education Among Credit Analysts
- 1.1% Doctorate
- 15.3% Masters
- 44.1% Bachelors
- 7% Associates
- 21.6% College
- 9.9% High School
- 1% Less than High School
Job Growth Projections and Forecast
2014 Total Jobs
69,4002024 Est. Jobs
73,600Job Growth Rate
6.1%Est. New Jobs
4,200How does Credit Analyst job growth stack up to other jobs across the country? By 2024, there will be a change of 4,200 jobs for a total of 73,600 people employed in the career nationwide. This is a 6.1% change in growth over the next ten years, giving the career a growth rate nationwide of Above Average.
Growth Rankings And Facts
#369 Nationally for All Careers
Above Avg. Growth Nationally
What Companies Employ The Most Credit Analysts
| Industry | Current Jobs | New Jobs Needed | % Increase |
|---|---|---|---|
| Depository credit intermediation | 20,800 | 1,400 | 1% |
| Management of companies and enterprises | 10,800 | 500 | 1% |
| Other nondepository credit intermediation, including real estate credit and consumer lending | 8,400 | 900 | 1% |
