What Do Credit Analysts Do (including Their Typical Day At Work)

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Job Description, Daily Responsibilities, and Work Life.

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. They also analyze credit data and financial statements to determine the degree of risk involved in extending credit or lending money.

Other tasks include:

  • 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.
  • Complete loan applications, including credit analyses and summaries of loan requests, and submit to loan committees for approval.
  • Compare liquidity, profitability, and credit histories of establishments being evaluated with those of similar establishments in the same industries and geographic locations.
  • Review individual or commercial customer files to identify and select delinquent accounts for collection.

We asked Credit Analysts how satisfied they are with their job. Here is what they said.

Job satisfaction

70%

How meaningful is this job

37%


70% of them said they were satisfied with their job and 37% said they find that their job makes the world a better place or helps to make someone else’s life better.



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Typical Day At Work

On a daily basis, Credit Analysts analyze financial data such as income growth, quality of management, and market share to determine expected profitability of loans. They prepare reports that include the degree of risk involved in extending credit or lending money.

A typical day for a Credit Analyst will also include:

  • Complete loan applications, including credit analyses and summaries of loan requests, and submit to loan committees for approval.
  • Consult with customers to resolve complaints and verify financial and credit transactions.
  • Review individual or commercial customer files to identify and select delinquent accounts for collection.
  • Generate financial ratios, using computer programs, to evaluate customers’ financial status.
  • Analyze credit data and financial statements to determine the degree of risk involved in extending credit or lending money.

We asked some Credit Analysts a few questions to find out what else does their work day look like. Here is what we found.

Do you have telephone conversations everyday in this job?90% said yes
How important is it to work in a team in this job?27% said very important
Do you have group discussions everyday in this job?60% said yes
Do you talk or work with customers everyday in this job?27% said yes
Do you have to deal with angry customers everyday in this job?7% said yes
Do you have to make decisions everyday in this job?53% said yes

Other responsibilities

Besides their typical day, Credit Analysts also review individual or commercial customer files to identify and select delinquent accounts for collection. They may also analyze credit data and financial statements to determine the degree of risk involved in extending credit or lending money.

On a weekly to monthly basis, Credit Analysts Confer with credit association and other business representatives to exchange credit information. They might also Generate financial ratios, using computer programs, to evaluate customers’ financial status.

In addition, they Compare liquidity, profitability, and credit histories of establishments being evaluated with those of similar establishments in the same industries and geographic locations.

Although specific duties may vary, many of them Evaluate customer records and recommend payment plans, based on earnings, savings data, payment history, and purchase activity.

To some Credit Analysts, it is also their responsibility to Prepare reports that include the degree of risk involved in extending credit or lending money.


Working life

Working hours

Standard 40 hour work week

Working schedule

Regular schedule like a 9 to 5

In a typical work week as a Credit Analyst, you can expect to work 40 hour work week.

Do Credit Analysts work in an office-style work environment?

Every day
87%


Never
13%


Do Credit Analysts work outdoors?

Never
93%


Once a year
7%



Is this right for me

Best personality for this career

The Organizers and The Entrepreneurs

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.

You can read more about these career personality types here.




Learn more about Credit Analysts

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Related to Credit Analysts Job Description

Credit Analysts job description, what do Credit Analysts do, typical day for Credit Analysts, what is it like to work as a Credit Analyst, how many hours do Credit Analysts work, day to day work of a Credit Analyst

Additional resources

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


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