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How to Become a Credit Analyst

Career News May 29, 2014

If you enjoy working with people, have a natural talent with math, and love strategizing with others on finance, then this career field may be your calling. A credit analyst is in charge of assessing loan applicant’s data, and determining their final creditworthiness rating. Many applicants will be at high risk of default and will not qualify. Others, however, fall somewhere in the middle, and it is your job to examine the details to determine best business strategy.

This particular career field is in credit, so you are dealing with commercial interests, investment, or even bank/credit card lenders. The role remains universal, since your priority is to analyze financial data about clients.

Items to consider include payment habits, history, earnings, savings, and purchases. Based on this information, you recommend a course of action. This might be beyond the lending evaluation and involve decisions on whether or not to close the card or even reduce a credit line.

College Education

Pursuing college courses in related fields like finance or accounting is a fine way to start down a successful career path. In fact, given the responsibility of this site, most employers will not hire you without seeing a degree on your resume.

This formal education will teach invaluable subjects like statistics, ratio analysis, calculus and business economics. Now this doesn’t mean that you cannot apply for this job without a degree; it’s just going to be a more difficult challenge to overcome. Some companies will hire you with a high school diploma, but that’s with the assurance of practical work experience. This work experience will likely include some major responsibility within the finance industry.

One trend among companies worth noting is the hiring of Chartered Financial Analysts (CFAs), who have met high standards within the nationwide company. Required skills include diligence and careful attention to detail, (since this oftentimes will decide on whether the loan is a high credit risk or not) as well as the ability to analyze mathematical figures rapidly. Good speaking skills and knowledge of the business would balance out a college degree and work experience. Not every business will require software familiarity, but flexibility is always an asset, since that means you can quickly learn systems and fit the business dynamic.

Strategies for Success

When you do reach college, communicate with your teachers and use their knowledge to build your own identity for this field. Always think critically but logically, taking careful heed of the company’s directives. If you have no work experience, don’t underestimate internships, which may accompany some school programs. You can also apply for jobs online.

All in all, this is a promising career position and can easily turn into a managerial role with more experience or perhaps more education, such as an MBA. The sky is the limit, and you have full opportunity to reach out and take the career you want! Ask University of Maryland or the colleges listed below for more information about enrollment.

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  • Available business concentrations include Accounting, Economics, General Management, Marketing, and Human Resource Management.
  • Ranked among the Best Online MBA and Online Graduate Business Programs in 2016 by U.S. News & World Report.
  • Programmatic accreditation provided by the Accreditation Council for Business Schools and Programs (ACBSP).
  • Regionally accredited by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC).
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5 Program(s) Found
  • • Liberty University’s online programs ranked in the top 10 out of more than 2,100 colleges & universities for academic quality, affordability, and accessibility.*
  • 100% online programs at associate, bachelor’s, master’s, and doctoral level.**
  • Transfer up to 90 credits into an undergraduate degree program.
  • Up to 50% of your master’s degree can be transferred in to help you get the most out of your hard work and maximize the credit you previously earned.
  • *BestColleges.com Gold Medal of Distinction
  • **excludes licensure, certification, and some doctoral programs
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  • Online Courses
  • Financial Aid
  • Transferable Credits
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  • Just Fill Out a Few Questions and You Can Find Your Perfect IT/Computer Science Degree Program Within Minutes.
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