Credit Analysts: Salary, Job Description, How To Become One, and Quiz

Stan T.Career, OverviewLeave a Comment

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.



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Salary

Average salary
$82300 per year

Average hourly wage
$40 per hour


Credit Analysts with little to no experience tend to make between $43100 and $54540 while the more experienced ones can earn over $98180 per year.

Top 5 paying statesHourlyAnnual
NY$57$119,180
DC$52$108,420
CT$45$93,970
CA$43$89,430
VA$41$85,090

One 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 VA.

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

Three 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.


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 Bachelor’s Degree followed by an Associate’s 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
Read more about how to become a Credit Analyst and the degree, training and education you need.

Pros and Cons

Here are some of the pros and cons of being a Credit Analyst.

PROS
Suitable for people who likes to follow routines
Suitable for people who values relationships between co-workers and customers and wants to work in a friendly non-competitive 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 work-related skill, knowledge, or experience is required for this career.

What is the job like

Job satisfaction
70%

Is this job meaningful
37%


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 Entrepreneurs

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.




Learn more about Credit Analysts

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Related 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, careers in Business and Finance

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