What does a Credit Analyst do?
Credit Analysts are typically employed by commercial and investment banks, credit card companies, credit rating agencies and investment companies. They gather information about clients, read financial briefs and analyse and interpret complex financial information.
Credit Analysts may also help debtors fill relevant loan application forms and submit loans to the loan committees for approval. Some are involved in reviewing problem accounts. For instance, clients who default on payments may need to have their cards closed or deducted.
Credit Analyst skills and qualifications
Credit Analysts need to be adaptable, confident, reliable and self-motivated. They must have a keen eye for detail and the ability to work effectively under pressure. A successful Credit Analyst will have various prerequisite skills and qualifications that typically include:
- In-depth understanding of unsecured consumer lending and reporting
- Proficiency with Microsoft Office software including Word, Excel and Outlook
- Basic knowledge of programming languages such as SAS, Python and other languages
- In-depth understanding of information management, data aggregation and manipulation
- Good documentation and organisation skills
- Emotional stability and cautiousness
- Good verbal and written communication skills
- Excellent accounting skills
Credit Analyst experience requirements
Credit Analysts often require at least three years of work experience in credit analysis, credit management, credit risk, credit underwriting or other related fields. They also require working experience with statistical packages and financial software. Candidates with previous working experience in a financial or administrative position can also fit into the Credit Analyst positions. Other relevant work experiences areas that are valuable include accounts payable, accounting and credit application processing.
Credit Analyst education and training requirements
Credit Analysts often require a bachelor’s degree in finance, accounting, economics or related fields to qualify for the positions. Candidates with A-level GCSEs must have additional certifications in financial courses, such as a CPA programme. It’s important that candidates understand accounting principles and financial techniques. Some banks and other financial institutions may prefer applicants with a master’s degree in business administration or a practical designation .
Credit Analyst salary expectations
According to Indeed Salaries, the average salary of a Credit Analyst in the UK is £38,280 per year. Their salary varies depending on factors, including experience, education, geographical location and company.
Job description samples for similar positions
If a Credit Analyst is not quite what you’re looking for, here are other job description samples that may fit your needs: