CREDIT ANALYSTS analyze current data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. When extending credit to individuals, credit analysts rely on personal interviews, credit reports, and financial institution records. When extending credit to commercial customers, credit analysts look at financial statements and balance sheets, and use computers to record data on spreadsheets. Credit analysts look at factors such as income, growth, quality of management, market share, and potential risks of industry. Credit analysts review loan applications, including results of credit analysis and summary of loan request.
Salary, Size & Growth
- $68,000 average per year ($32.75 per hour)
- A medium occupation (62,700 workers in 2010)
- Expected to grow moderately (1.5% per year)
A bachelor's degree in accounting or finance is the usual requirement for CREDIT ANALYSTS. No special licensing or certification is required for credit analysts. However, certification through the National Institute of Credit (NIC), headquartered in Maryland, or the International Credit Association in Missouri, will be helpful to those in the profession.