With the globalization of the world’s financial marketplace and the ever-increasing cost of housing and automobiles, many consumers rely upon the use of credit in order to make large purchases. Today’s consumers also use credit cards for everyday purchases of food and fuel as well as online purchases. Credit analysts are the interface between consumers and the banks extending the monetary loan that allows these purchases to be made.
Daily Duties of a Credit Analyst
Credit analysts may work at small banks and credit unions, large banking companies, private lending firms and other financial organizations. The daily job duties of these workers include analyzing the finances of an individual or a company that desires to borrow money or obtain a line of credit. They determine how much risk is involved in making the loan or extending the credit. These workers may also help determine individual interest rates and credit limits. In the event of a late payment or default on a loan, the analysts may be responsible for reporting the non-payment to the three national credit bureaus. The analysts may also work with mortgage lenders and bankers to manually underwrite mortgage loans and small business loans.
Skills, Knowledge and Abilities of Credit Analysts
In order to become an analyst of consumer or corporate credit, you’ll need at least a bachelor’s degree. Many workers in this field obtain a master’s degree. In some locales, you may need to obtain certification or a license in order to provide certain types of services. Most people in this field majored in economics, business, math, finance or statistics. In order to thrive in this type of position, you’ll need to have skills such as:
•Accurate data analysis
•The ability to create and use spreadsheets
•An aptitude for rapid decision making
•Attention to detail
Rewards and Benefits of Credit Analysis Jobs
Gaining a job as an analyst of consumer or corporate credit will bring you many benefits. There are plenty of opportunities for advancement in this field, from management of other analysts to the head financial officer of a large corporation. You’ll work in an office environment during routine business hours. While large projects might necessitate working on evenings or during the weekend, most of these positions offer perks such as tuition reimbursement, if you decide to continue your education with a master’s degree or gain certification in the field. With job openings in this field growing faster than average, you’ll enjoy a wide range of opportunities and competitive salaries. Candidates who hold a master’s degree and certification will be the most highly sought-after applicants in today’s job market.