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

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

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.

$82300
Salary
70%
Job Satisfaction
Hard
Becoming One
Medium
Job Growth
Suitable Personality

Credit Analysts

Salary, Job Description, How To Become One, and More


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.


    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
    $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.



    How we can help

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