Credit Analysts: Salary, Job Description, How To Be One and More

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Credit Analysts jobs information
pros and cons of being a Credit Analyst

Credit Analysts

Other names for this job might include Analyst, Credit Administrator, Credit Analyst, Credit and Collections Analyst, Credit Assessment Analyst, Credit Manager, Credit Negotiator, Credit Representative, Credit Risk Analyst, Credit Specialist


  • $79720
    Salary
  • 70%
    Job satisfaction
  • Quite Hard
    Becoming one
  • Medium
    Job growth
OwlGuru Rank

B+



Credit Analysts: Know It All In 1 Minute


In this career summary, you will find out what the job of A Credit Analyst is about and what it is like.

After reading this, you will have a good idea on what the job is about and decide if this is the right career for you.



Job description

Credit Analysts analyze credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with credit information for use in decision making.

  • Analyze credit data and financial statements to determine the degree of risk involved in extending credit or lending money.
  • Generate financial ratios, using computer programs, to evaluate customers’ financial status.
  • Consult with customers to resolve complaints and verify financial and credit transactions.
  • Prepare reports that include the degree of risk involved in extending credit or lending money.

Read more about what does A Credit Analyst really do at work and what is it like being and working as one.


Become one

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Salary

Average salary
$79720 per year

Hourly wage
$38.33 an hour


Credit Analysts with little to no experience tend to make between $40250 and $51750 while the more experienced ones make over $95260 per year.

Top 5 paying statesHourlyAnnual
NY$57.35$119290
DC$52.29$108770
CT$46.42$96560
CA$41.88$87100
NC$40.72$84700

1 of the easiest ways to increase your salary as A Credit Analyst is to move to a higher paying state like NY. Right now, the highest paying states for Credit Analysts are NY, DC, CT, CA and NC.

However a higher pay at NY doesn’t guarantee that you will make more because the living expenses at NY might be 2x higher than where you are currently at now.

3 other factors that can increase your salary as A Credit Analyst is the degree you hold, the industry you work in and lastly the company you work for (bigger companies like the Fortune 500 companies tend to pay more).

Find out how much do successful Credit Analysts make and if their salary is high when compared to all the other careers.


Requirements

Recommended degree level
Bachelor’s Degree

We asked other Credit Analysts what degree they had when they got the job and most of them said they had a Bachelors degree followed by Associates degree.

Other than that we also asked them what did they major in and here are the most popular majors that came up.

Accounting
Finance, General
Credit Management

Another popular question from our readers is what makes A Credit Analyst successful or would they be good in this career.

Well, we found that most successful Credit Analysts have these 5 skillsets.

Critical Thinking
Active Learning
Reading Comprehension
Active Listening
Speaking

In addition to that, 1 common characteristic among successful Credit Analysts is they are good at Integrity. Here are the top 5 common characteristics.

Integrity
Attention to Detail
Analytical Thinking
Dependability
Self Control
= Hot in-demand that most employers are looking for

Read more about what it really takes to become A Credit Analyst and the degree, training and education you need


Pros and Cons

Here are some reasons why you should and shouldn’t choose A Credit Analyst as your career.

PROS
Suitable for people who likes to follow routines
Suitable for people who values relationships between coworkers and customers and wants to work in a friendly noncompetitive environment
This career is perfect for people who love to work indoors.
Very high salary (top 25% highest paid careers)
Normal working hours (40 hours per week)
CONS
Not suitable for people who likes to work with designs
It is hard to get into this career. A considerable amount of workrelated skill, knowledge, or experience is required for this career.


There will be pros and cons for all jobs. The point is how much do the pros outweigh the cons to you.

A pro to you might be a con to Bob. A pro to Bob might be a con to you. We suggest reading about this career framework that can help you to find out what type of careers are right for you.



What is the job like

Job satisfaction
70%

Is this job meaningful
37%


Working hours
40 hours per week

Working schedule
Regular (Set schedule and routine)


On a normal working week Credit Analysts work 40 hours per week.

70% of Credit Analysts said they were satisfied with their job and 37% said they feel like their job is making other people’s lives better.



Is this right for me

Best personality for this career
The Organizers and The Persuaders


You can read more about these career personality types here.

People who are suitable for this job tends to like following set procedures and routines. They like working with data and details more than with ideas.

They also like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business.



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Rank: B+
Salary: $73670

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Rank: A+
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They advise clients on financial plans using knowledge of tax and investment strategies, securities, insurance, pension plans, and real estate. Duties include assessing clients’ assets, liabilities, cash flow, insurance coverage, tax status, and financial objectives.





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Banking and Related Services, Financial and Investment Planning

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Job Description
Salary
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Related to Credit Analysts Career Information

Credit Analysts job description, Credit Analysts salary, Credit Analysts information, what is the job of a Credit Analyst like, pros and cons about Credit Analysts, colleges and universities for Credit Analysts, is Credit Analysts the right career for me, Quite Hard careers to get into, careers in Business and Finance

Additional resources

http://www.bls.gov/oes/current/oes132041.htm

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Credit Analysts
Written by: Stanley Tan
Credit Analysts analyze credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with credit information for use in decision making.
4.5 / 5 stars

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