How to Become a
Credit Analyst
This “how to become a credit analyst” guide covers everything you need to develop the skills, experience and education to succeed in finance. You’ll also find helpful advice from a senior analyst, projected job openings, salary estimates and online tools like our Resume Builder and free resume examples to kickstart your credit analyst search.
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What Does a Credit Analyst Do?
A credit analyst is responsible for reviewing an individual’s or a company’s financial records and credit data to determine if they qualify for a loan or credit. These professionals work in commercial or investment banks, investment companies and other institutions that offer loans or grant credits, such as credit card issuers and credit rating agencies.
Typical responsibilities of credit analysts include:
Accounting tasks, such as calculating a client’s credit score.
Clerical duties, such as managing clients’ records.
Writing tasks, such as compiling reports.
Analyzing financial data and calculating the risk level associated with providing each client with a loan or credit.
Analyzing financial statements, statistics and ratio analysis.
Preparing reports based on the data analyzed and the loan terms they recommend for each client.
Possessing in-depth knowledge of their specific industry, such as real estate.
Investigating financial discrepancies in the client’s application materials to determine applicant’s financial credibility.
How Do You Become a Credit Analyst?
According to the Bureau of Labor Statistics, job opportunities for financial and credit analysts are projected to grow by 9% until 2031, with an estimated 32,000 annual job openings over the next decade. To pursue this high-paying career, follow these general guidelines on how to become a credit analyst.
Specialize in math during high school.
The first step to becoming a credit analyst is building a strong mathematical foundation. Although you can develop robust algebra, calculus and statistics skills in college courses, you’ll have an easier time if you do so through high school classes initially.
Earn your bachelor’s degree.
While certain banks and financial institutions offer on-the-job training without a required professional degree, most job postings prefer candidates to possess a bachelor’s degree in finance, economics, accounting or a related field.
Apply for entry-level credit analyst opportunities.
Most certifications require some on-the-job training and experience to apply for certification. You can apply to internships within the banking and finance industry or entry-level bank clerk positions to earn this experience. We have a detailed list of sample bank clerk resumes to help you start your application.
Decide which certification option is right for your career goals.
There are multiple fields of credit analysis with various levels of certification. Once you have some finance experience, you can decide which career track appeals to you and apply for the appropriate certifications. These specialties include:
- Credit Risk Certification (CRC) from the Risk Management Association.
- Credit Risk Analysis Professional Certificate from the New York Institute of Finance.
- Credit Business Associate (CBA) from the National Association of Credit Management (NACM).
- Credit Business Fellow (CBF) from NACM.
- Certified Credit Executive (CCE) from NACM.
Complete your certification.
Once you identify the correct certifications and licenses for your credit analysis interests, study and apply.
Apply to a certified credit analyst opening.
To set yourself apart from others when applying for jobs, concentrate on creating a winning resume by using our credit analyst resume examples. If you need help writing your resume or need to meet an application deadline, consider using our Resume Builder. This AI-powered service includes professional resume templates, pre-written industry-specific phrases, and a built-in formatting tool to help rearrange your resume sections.
Credit Analyst Skills
A credit analyst must have technical skills to analyze financial information and evaluate the risk associated with offering a loan or credit. This position requires a person with strong ethics and integrity, as they will be privy to sensitive information, which requires confidentiality and trust.
The following learned and social skills could help you complete your daily tasks effectively:
Hard skills:
Soft skills:
How Much Do Credit Analysts Get Paid?
The median yearly salary for Credit Authorizers, Checkers, and Clerks, such as Credit Analysts is $35,300. The lowest-paid professionals make $24,300, while the highest-paid earn $57,400.
Top 10 States for a Credit Analyst’s Salary
Credit Analysts in the following states make the highest median salary in the US.
Credit Analyst Resources
Find additional resources on information about a career in Credit Analysis below.
On the Web
National Association of Credit Management
Information about obtaining the Certified Credit and Risk Analyst SM (CCRA SM) Designation.
The Risk Management Association
Information about obtaining a Credit Analysis Certificate.
On LinkedIn
Credit Analyst Club Worldwide
A group with over 58,000 Credit Analysts where industry-related information is discussed.
Credit Risk Analyst Network
Created for Credit Analysts (working in Credit Risk Management) focusing on the following areas: FI's, Banks, NBFI's, Corporates and Asset Backed Securities.
@GetCreAnalyJobs
Credit Analyst jobs, careers and community site.
@CreditSpectrum
Global credit analysis from Hermes Fund Managers.