Credit Analysts
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Credit Analysts >
About Credit Analysts
Credit analysts work with credit and financial information to determine a
borrower's financial situation, evaluate customer records, assess risk
involved in lending money, identify delinquent accounts, and verify
financial and credit histories. Credit analysts typically work for
companies involved in lending money or making financial decisions, such
as banks, insurance companies, mortgage lenders, and credit reporting agencies. Many credit
analysts are responsible for supervising or training others, such as
accountants, database managers, and sales people.
A credit analyst typically has a four-year bachelor's degree in a field such as accounting, business, finance, or economics. Work experience, on-the-job training, and vocational programs are generally needed for the analyst to earn promotions and make advances in his or her career.
The work environment for credit analysts is ideal for anyone who enjoys working with and analyzing data, and is capable of working as part of a team as well as supervising others. Credit analysts typically work in office environments, and spend a large portion of their time sitting at desks in front of computers. Some travel may be required.
In addition to having excellent financial and accounting skills, credit analysis professionals must be savvy when it comes to what's going on in the financial markets. Because of high interaction with clients, they must have excellent interpersonal and communication skills. Listening, critical thinking, analyzing, and decision-making skills must also be well-honed. Tools frequently used by credit analysis personnel include computers and calculators, so it's necessary for those who choose this profession to display aptitude in using both. Credit analysts and consultants typically have to master particular software used in this profession, and they must be willing to keep up with their education so they are aware of new software trends.
While lending habits tend to go hand-in-hand with the health of the economy, credit analysts are needed in both good and bad economies. However, they do need to keep up with changing standards. Generally, lending standards tend to be much more strict in bad economies, while lending is more flexible in robust economies. The economy does affect how many lending applications are being received to some degree, as requests for new business, business expansion, and construction loans tend to dip in bad economies.
Additional information about the work of credit analysts can be found on the Capital Markets Credit Analysts Society website.
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