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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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5 Program(s) Found
  • Ranked among the Best Online Bachelor’s Programs by U.S. News and World Report in 2015.
  • Ranked among the Best Online MBA Programs by U.S. News and World Report in 2015.
  • Founded in 1890, it has a campus in Waterbury, CT and offers online degree program in eight-week modules, six times a year.
  • About 800 students are enrolled at the main campus, and about half of them commute.
  • Online courses make it possible for students to earn a bachelor’s degree in as little as 18 months and a master’s degree in 14-24 months.
Good for Working Adults
  • Accredited
  • Online Courses
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  • Each program is designed to instill the knowledge, ethical values, and interpersonal skills of professional practice and to foster values of social responsibility.
  • Offers several flexible learning options, including a blended format that combines campus and online learning.
  • Several scholarship opportunities are available for students who qualify.
  • Online Courses
2 Program(s) Found
  • Our online program blends modern business theory with real-world applications
  • SACS accredited with associate's, baccalaureate, & master's degrees & diplomas
  • US News & World Report ranks Online Bachelor’s Programs among top 10%
  • Ranked one of the best for vets business schools by Military Times
  • Qualifying students can take faith in EPCI’s unwavering Fixed Tuition Pledge
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
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  • Transferable Credits
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