Credit Analysts
Credit analysts evaluate requests for credit and loans.
Credit analysts determine whether their company will likely make money by giving a loan to a customer. They predict the likelihood of a person being able to pay back a loan based on their credit history, assets, and income.
Credit Analysts are in the Finance career cluster and the Banking Services pathway.
Quick Facts
Wages: |
Well above the statewide median
$29.05 / hour Read more about wages |
Outlook: |
Percent Growth
17.9% Above statewide average Read more about outlook |
Education & Training: |
Bachelor's degree is common. |
On the Job: |
Work Activities
Assess your skills |
Job Title Examples: |
Credit Representative,
Credit Administrator,
Credit Manager
See more job title examples |
Source: Minnesota Department of Education, Minnesota Department of Employment and Economic Development, and CareerOneStop.
Wages & Outlook
Wages
Wages for credit analysts vary by their responsibilities and level of education. The area of the country where they work may also affect their pay.
Credit analysts who work full time usually receive benefits. Common benefits are sick leave, paid vacation, and health insurance.
View the Regional Wage Comparison Chart for:
Employment
In Minnesota, about 1,787 credit analysts work in this small occupation.
Major employers:
- Banks and credit unions
- Credit card companies
- Car and truck dealers
- Business management companies
Outlook
The need for credit analysts depends on the state of the economy. When the economy is weak, fewer people apply for home, car, and business loans. Thus, fewer credit analysts will be needed to analyze these loan applications. In addition, growth in this occupation will be slowed by the increased use of computers. Many credit companies use computers to analyze applicant's financial information. This reduces the amount of work analysts must do before they prepare their reports. As a result, analysts can process more applications.
| Employment | Employment Change | |||
|---|---|---|---|---|
| 2010 | 2020 | Number | Percent | |
| U S | 63,300 | 75,900 | 12,500 | 19.7% |
| Minnesota | 1,436 | 1,693 | 257 | 17.9% |
| 2010 | 2020 | Number | Percent | |
| Central Minnesota | 63 | 79 | 16 | 25.4% |
| Northeast Minnesota | 21 | 23 | 2 | 9.5% |
| Northwest Minnesota | 50 | 56 | 6 | 12% |
| Southeast Minnesota | 101 | 121 | 20 | 19.8% |
| Southwest Minnesota | 33 | 43 | 10 | 30.3% |
| Seven County Mpls-St Paul, MN | 1,165 | 1,362 | 197 | 16.9% |
Source: Minnesota Department of Employment and Economic Development and Minnesota Department of Education.
On the Job
Overview
Credit analysts evaluate requests for credit and loans. They prepare reports about whether the company should lend money to loan applicants.
Did you know that people have bought items on credit for over 3,000 years? Essentially, buying via credit means that you buy now and pay later. Credit gradually became a more popular way to pay, and then of course, credit cards were invented. The first credit card was issued in 1951 by Diner's Club. It allowed people to use the card to pay for meals at a select group of restaurants. However, it wasn't until the 1970s that credit cards became widely used by the general public. Today, we use credit cards to purchase nearly everything, from gas to groceries to cars.Credit analysts examine the information people provide when applying for loans or credit. In particular, credit analysts look at earnings, savings, debts, and payment history on credit cards. They analyze whether applicants can repay loans. They also examine whether the company will make money from the loans. Credit analysts weigh the strengths and weaknesses of applications. In the end, credit analysts decide how much risk there is in lending to each applicant. Analysts write a summary of the credit analysis and submit it to the loan committee. These reports include a payment plan. Credit analysts determine how much money applicants can pay each month based on their income and other expenses.
Credit analysts use computers to help analyze the information. They use computer programs that calculate different measures of financial status. Sometimes credit analysts talk to loan applicants. Analysts may check to be sure that all the information they have is correct. When they find errors, analysts update the information in the computer.
Occasionally credit analysts review files after loans have been made. They look for accounts that have not been paid. Analysts forward these accounts to bill collectors or lawyers. In addition, credit analysts sometimes exchange credit information with credit associations.
Work Activities
The following list of occupational tasks is specific to this career.
- Complete loan applications and forward to loan committees.
- Determine how much risk is involved in lending money for loans.
- Evaluate customers' financial status. Examine earnings, savings, debts, and payment history.
- Use a computer to calculate different measures of financial well-being.
- Find accounts that have not been paid and forward them to bill collectors.
- Recommend a payment plan based on the financial status of the borrower.
- Talk to customers to check that all information is correct. Revise information as needed.
- Analyze how much money loans will make for the lending company.
- Exchange credit information with credit associations and similar businesses.
- Write credit and lending reports.
People in this career perform the following list of tasks, but the tasks are common to many occupations.
- Get information needed to do the job.
- Use computers.
- Communicate with supervisors, peers, or subordinates.
- Analyze data or information.
- Make decisions and solve problems.
- Establish and maintain relationships.
- Document and record information.
- Process information.
- Communicate with people from outside the organization.
- Organize, plan, and prioritize work.
- Update and use job-related knowledge.
- Resolve conflicts and negotiate with others.
- Identify objects, actions, and events.
- Explain the meaning of information to others.
- Evaluate information against standards.
- Perform administrative tasks.
- Judge the value of objects, services, or people.
Working Conditions
In a typical work setting, people in this career:
- Have a medium level of social contact. They work with loan applicants, loan officers, and office staff.
- Communicate with coworkers and applicants daily by telephone, e-mail, and in person.
- Write letters and memos daily.
- Occasionally are placed in conflict situations in which applicants may be rude or angry.
- Always work indoors.
- Work near other people, but in a separate office or many feet apart.
- Must be exact in their work and avoid errors. Errors could lose money for the company.
- Meet strict deadlines weekly.
- Often make decisions that affect the financial resources of the company.
- Work as part of a loan team.
- Can make most decisions and set most goals without talking to a supervisor.
- Usually work full time.
- Work a regular set schedule.
Interpersonal Relationships
Physical Work Conditions
Work Performance
Hours/Travel
Physical Demands
In a typical work setting, people in this career:
- Sit for long periods of time.
- Repeat the same movements.
- Use their hands to handle, control, or feel objects, tools, or controls.
- See details of objects that are less than a few feet away.
- Speak clearly so listeners can understand.
- Understand the speech of another person.
- Use fingers or hands to grasp, move, or assemble objects.
- Focus on one source of sound and ignore others.
- See details of objects that are more than a few feet away.
- See differences between colors, shades, and brightness.
People in this career frequently:
It is important for people in this career to be able to:
It is not as important, but still necessary, for people in this career to be able to:
Source: Minnesota Department of Education.
Education & Training
Preparation
To work as a credit analyst, you typically need to:
- have a high school diploma or GED; and
- have a bachelor's degree.
Education after high school
Most credit analysts have a bachelor's degree. Common areas of study are accounting, economics, statistics, finance, or business administration. A master's degree in one of these areas may help advance your career.
Work experience
Working in a bank, credit union, or finance company while in college provides good experience.
On-the-job training
Employers provide new analysts with training in credit report writing, customer relations, and other areas. Training generally lasts between two and six months.
Related Programs (Current training programs available)
Fields of Study (What to study to prepare for this career)
Click on any of the Fields of Study listed below to find out more about preparing for this career.
Level of Education
The table below lists the level of education attained by a subset of workers in this occupation. The workers surveyed were between age 25 and 44.
| Education level attained | Percentage of workers in this occupation* |
|---|---|
| Less than high school diploma | 1 |
| High school diploma or equivalent | 13 |
| Some college, no degree | 20 |
| Associate degree | 8 |
| Bachelor's degree | 44 |
| Master's degree | 14 |
| Doctoral (Ph.D.) or professional degree | 1 |
* National data for credit analysts (SOC 13-2041).
Helpful High School Courses
In high school, take classes that prepare you for college. A college preparatory curriculum may be different from your state's graduation requirements.
You should also consider taking some advanced courses in high school. This includes Advanced Placement (AP) and International Baccalaureate (IB) courses if they are available in your school. If you do well in these courses, you may receive college credit for them. Advanced courses can also strengthen your college application.
Helpful electives to take in high school that prepare you for this occupation include:
- Banking and Finance
- Computer Applications
- Consumer Law
- Keyboarding
- Personal Finance
The courses listed above are meant to help you create your high school plan. If you have not already done so, talk to a school counselor or parent about the courses you are considering taking.
You should also check with a teacher or counselor to see if work-based learning opportunities are available in your school and community. These might include field trips, job shadowing, internships, and actual work experience. The goal of these activities is to help you connect your school experiences with real-life work.
Join some groups, try some hobbies, or volunteer with an organization that interests you. By participating in activities you can have fun, make new friends, and learn about yourself. Maybe one of them will help direct you to a future career.
Source: Minnesota Department of Education.
Skills
People in this career need to:
- Listen to others, understand, and ask questions.
- Express ideas clearly when speaking or writing.
- Read and understand work-related materials.
- Notice when something is wrong or is likely to go wrong.
- Analyze ideas and use logic to determine their strengths and weaknesses.
- Combine several pieces of information and draw conclusions.
- Use reasoning to discover answers to problems.
- Develop rules or follow guidelines for arranging items.
- Judge the costs and benefits of a possible action.
- Understand new information or materials by studying and working with them.
- Identify problems and review information. Develop, review, and apply solutions.
- Concentrate and not be distracted while performing a task.
- Add, subtract, multiply, and divide quickly and correctly.
- Use math skills to solve problems.
- Check how well one is learning or doing something.
- Manage the time of self and others.
- Be aware of others' reactions and change behavior in relation to them.
- Use several methods to learn or teach new things.
- Solve problems by bringing others together to discuss differences.
- Identify a pattern (a figure, object, word, or sound) that is hidden in distracting material.
- Quickly and accurately compare letters, numbers, objects, pictures, or patterns.
Communicate
Reason and Problem Solve
Use Math and Science
Manage Oneself, People, Time and Things
Work with People
Perceive and Visualize
Knowledge
People in this career need knowledge in the following areas:
- Economics and Accounting: Knowledge of producing, supplying, and using goods and services. Also includes knowledge of the methods for keeping business records.
- English Language: Knowledge of the meaning, spelling, and use of the English language.
- Mathematics: Knowledge of the rules and uses of numbers. Areas of knowledge include arithmetic, algebra, geometry, and statistics.
- Customer and Personal Service: Knowledge of providing special services to customers based on their needs.
- Clerical: Knowledge of general office work such as filing and recording information.
Interests
People in this career are people who tend to:
- Consider relationships important. They like to work in a friendly, non-competitive environment. They like to do things for other people. They prefer jobs where they are not pressured to do things that go against their sense of right and wrong.
- Consider achievement important. They like to see the results of their work and to use their strongest abilities. They like to get a feeling of accomplishment from their work.
- Consider recognition important. They like to work in jobs which have opportunities for them to advance, be recognized for their work, and direct and instruct others. They usually prefer jobs in which they are looked up to by others.
- Consider support from their employer important. They like to be treated fairly and have supervisors who will back them up. They prefer jobs where they are trained well.
- Consider independence important. They like to make decisions and try out ideas on their own. They prefer jobs where they can plan their work with little supervision.
- Have conventional interests. They like work activities that follow set procedures, routines, and standards. They like to work with data and detail. They prefer working where there is a clear line of authority to follow.
- Have enterprising interests. They like work activities that involve starting up and carrying out projects, especially in business. They like to lead and persuade others, make decisions, and take risks for profit.
Source: Minnesota Department of Education.
Tools & Technology for Credit Analysts
Tools
Calculators or accessories
| Personal computers |
Technology
Analytical or scientific software
| Information retrieval or search software
|
Licensing / Certification
Certification Details
Certifications are examinations that test or enhance your knowledge, experience or skills in an occupation or profession.
There are 21 certifications related to this career.
Licensing Details
No State of Minnesota license requirements are found for this career.
Source: Minnesota Department of Employment and Economic Development and CareerOneStop.
Jobs
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Hiring Practices
Most employers require that applicants have a bachelor's degree. They also look for applicants with several years of work-related experience.
Advancement Opportunities
Experienced credit analysts who have leadership skills may become loan or credit department supervisors. With additional training, they may become underwriters or loan officers.
Job Title Examples
Credit Representative, Credit Administrator, Credit Manager, Underwriter
Similar Careers
Below are careers similar to Credit Analysts you may be interested in reading about.
If you are looking to broaden your job search,
these careers require similar skills. Click on the names to link to their career profile.
Accountants and Auditors
Actuaries
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Related Industries
Below are industries related to Credit Analysts you may be interested in reading about. Employers in these industries typically hire
Credit Analysts. Click on the names to link to their industry profile.
Banking And Finance
Business Management And Support Services
Insurance
Motor Vehicle And Parts Dealers
Wholesale Trade
Source: Minnesota Department of Employment and Economic Development and Minnesota Department of Education.
