How to Become a Credit Analyst (2024)

FAQs

How to Become a Credit Analyst? ›

An associate or a bachelor's degree is required for entry-level positions, while significant relevant work experience may be required for placement into senior positions in the credit department. Most companies offer on-the-job training for entry-level positions to make the transition easy for recent graduates.

To become a credit analyst you will usually be required to have a minimum of a bachelor's degree in finance, accounting, or a related field. A potential employer may look to see if you have completed courses in statistics, economics, financial statement analysis, and risk assessment.

It's not necessary to earn a graduate degree to pursue a job in this field. However, you might choose to return to school later to earn a master's degree if your employer prefers to promote those with this advanced credential. It's common for newly hired credit analysts to undergo a period of on-the-job training.

Avg Salary

Wages typically start from $47,640 and go up to $160,680.

Postsecondary Training

Credit analysts usually have at least a bachelor's degree in accounting, economics, finance, or business administration. Those who want to move up in the field often go on to obtain master's degrees in one of these subjects.

An associate or a bachelor's degree is required for entry-level positions, while significant relevant work experience may be required for placement into senior positions in the credit department. Most companies offer on-the-job training for entry-level positions to make the transition easy for recent graduates.

The job can be a pathway to a career as an investment banker, portfolio manager, or loan and trust manager. Being a credit analyst can be a stressful job. You often must decide whether a person or a company can make a purchase, and at what interest rate, which is a significant responsibility.

In this role, you work remotely and communicate with the lender via phone or online. Your responsibilities involve analyzing information and creating reports that examine the risk of lending to a particular client.

Some of the easiest short-term certification courses in finance include financial modeling, certified financial planner, and certified financial analyst.

Outlook. Employment for credit analysts is expected to grow by 5 percent from 2018 to 2028, according to the U.S. Department of Labor, or about as fast as the average for all careers.

What is the daily life of a credit analyst? ›

The Credit Analyst Career Path: Day-to-Day Work

You'll still analyze clients' financial statements and create projections for different scenarios, write memos, monitor borrowers, and build relationships to sell them other services, such as corporate credit cards or cash management.

The workforce of Credit analysts in 2021 was 34,300 people, with 53.1% woman, and 46.9% men. The average age of male Credit analysts in the workforce is 37.9 and of female Credit analysts is 42.5, and the most common race/ethnicity for Credit analysts is White.

Credit Analyst salary in India ranges between ₹ 2.2 Lakhs to ₹ 16.0 Lakhs with an average annual salary of ₹ 8.1 Lakhs. Salary estimates are based on 6.8k latest salaries received from Credit Analysts.

Certified Credit Research Analyst (CCRA)

The CCRA is a global certification programme from the Association of International Wealth Management of India (AIWMI) and the National Institute of Securities Markets (NISM) . A CCRA certification allows credit analysts to improve their risk awareness and assessment abilities.

Credit analysts score highly on conscientiousness, which means that they are methodical, reliable, and generally plan out things in advance. They also tend to be high on the measure of social responsibility, indicating that they desire fair outcomes and have a general concern for others.

In general, you can become a Credit Analyst after completing your 4 year Bachelor's Degree in a related discipline. Depending on the type of Credit Analyst role you're pursuing, you may want to explore certification in certified humint collector.