Also called: Analyst, Credit Analyst, Credit Manager, Underwriter
Produced by CareerOneStop
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If you or someone in your family uses a credit card, a decision had to be made about whether you could be trusted to pay back the money you charge. That decision depends on the work of a credit analyst. A credit analyst examines the financial statements and credit history of individuals or companies. Based on that information, the analyst determines the degree of risk involved in extending credit, or lending money. Credit analysts often work for banks and other financial institutions, though any corporation that extends credit might employ one or more. For example, manufacturing concerns might run credit checks on customers before starting to make products, to make sure that customer has a history of paying on time. It’s a job that requires careful consideration of information, and the ability to prepare a clear, objective report. The decisions must be made on facts, not instinct, so a credit analyst must be able to focus on details, hour after hour, and day after day. The working conditions are usually very comfortable, with an office, and a standard 40-hour workweek the norm. A bachelor’s degree is the most common source of training. College graduates with business related degrees can move easily into these positions, but it can be a position for which training is available on the job. A key part of the nation’s economy runs smoothly when this job is done well. Without credit, in fact, much of the economy would grind to a halt; houses wouldn’t be built, tuitions wouldn’t be paid, cars wouldn’t be bought…the list goes on and on. To continue the flow of credit, analysts consider whether it’s safe to loan the money, case by case.
What they do: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.
On the job, you would:
- Analyze credit data and financial statements to determine the degree of risk involved in extending credit or lending money.
- Generate financial ratios, using computer programs, to evaluate customers' financial status.
- Consult with customers to resolve complaints and verify financial and credit transactions.
- accounting and economics
- customer service
Arts and Humanities
- English language
Math and Science
- arithmetic, algebra, geometry, calculus, or statistics
- thinking about the pros and cons of different ways to solve a problem
- figuring out how to use new ideas or things
- noticing a problem and figuring out the best way to solve it
People and Technology Systems
- thinking about the pros and cons of different options and picking the best one
- choose the right type of math to solve a problem
- add, subtract, multiply, or divide
- communicate by speaking
- listen and understand what people say
Ideas and Logic
- notice when problems happen
- make general rules or come up with answers from lots of detailed information
People interested in this work like activities that include data, detail, and regular routines.
They do well at jobs that need:
- Attention to Detail
- Analytical Thinking
- Self Control
- Stress Tolerance
You might use software like this on the job:
Financial analysis software
- CGI-AMS Strata
- Experian Credinomics
Content workflow software
- Equifax Application Engine
- Experian Transact SM