How To Become A Credit Analyst: What It Is and Career Path - Zippia (2024)

Key steps to become a credit analyst

1. Explore credit analyst education requirements

   The educational requirements for a credit analyst are typically a bachelor's degree. According to John Doe, a finance professor at XYZ University, "A bachelor's degree in business, finance, accounting, economics, or management is often required for credit analyst positions." While some organizations may hire those with a high school diploma or associate degree, the vast majority prefer candidates with a bachelor's degree. Some credit analysts may also pursue certifications such as Chartered Financial Analyst (CFA), Certified Public Accountant (CPA), or Certified Management Accountant (CMA) to enhance their skills and qualifications.

   Most common credit analyst degrees

   Bachelor's

   65.1

   %

   Associate

   13.8

   %

   Master's

   9.4

   %

2. Start to develop specific credit analyst skills

   A credit analyst must perform fundamental credit analysis by reviewing credit bureau information, analyzing financial data, and coordinating financial statements for customer portfolios. They input and analyze complex financial data to evaluate past performance and project financial probabilities. They also review credit card accounts and approve credit line increases within automatic increase authority limits. They must be able to work quickly and efficiently utilizing various computer programs and data processing skills while maintaining a minimal error margin.

   Skills	Percentages
   Customer Service	12.36%
   Credit Analysis	7.36%
   Customer Accounts	4.49%
   Real Estate	4.34%
   Credit Risk	4.23%

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3. Complete relevant credit analyst training and internships

   Accountants spend an average of 1-3 months on post-employment, on-the-job training. New credit analysts learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a credit analyst based on U.S. Bureau of Labor Statistics data and data from real credit analyst resumes.

   See Also

   Credit analysts | Data USA

4. Research credit analyst duties and responsibilities

   A credit analyst's responsibilities include implementing a fundamental approach to credit analysis and reviewing and analyzing credit applications and credit bureau information to make credit decisions. They also investigate and release credit holds and coordinate the aggregation of information and preparation of quarterly financial statements and financial reports. As a credit analyst, it's important to analyze business credit applications, financial statements, and purchase orders for the establishment of initial credit lines within company guidelines. They also review and analyze income, payment history, and various credit repositories to determine customer buying credibility and ensure the validity of the borrower.

   • Provide treasury with funding requirements to maximize LIBOR rate advantage.
   • Manage a team to help facilitate efficient loan origination, underwriting and closing.
   • Lead a presentation to the FHA quantitative team by using multiple data visualization techniques.
   • Manage A/R transactions, prepare weekly account reconciliation's, perform research/ adjustments on A/P and A/R discrepancy accounts.

5. Prepare your credit analyst resume

   When your background is strong enough, you can start writing your credit analyst resume.

   You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on a credit analyst resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.

   Choose From 10+ Customizable Credit Analyst Resume templates

   Build a professional

   Credit Analyst

   resume in minutes. Browse through our resume examples to identify the best way to word your resume.

   Then choose from 10+ resume templates to create your Credit Analyst resume.

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

6. Apply for credit analyst jobs

   Now it's time to start searching for a credit analyst job. Consider the tips below for a successful job search:

   1. Browse job boards for relevant postings
   2. Consult your professional network
   3. Reach out to companies you're interested in working for directly
   4. Watch out for job scams

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The Zippia Research Team has spent countless hours reviewing resumes, job postings, and government data to determine what goes into getting a job in each phase of life. Professional writers and data scientists comprise the Zippia Research Team.