What does a Credit Analyst do?

Credit analysts assess the credit data and financial statements of individuals or firms to determine any and all potential risk involved in extending credit or lending money to them. They prepare reports with credit information for use of informed decision-making by the financial institutions where they work.

Credit analysts compile the applicant’s financial records and information to make knowledgeable recommendations on whether to extend them credit. If they are preparing a portfolio recommendation to an individual investor, a credit analyst will take their past financial statements and credit history and combine the information with the current health of their lines of credit. Credit analysts also enter, update, and retrieve information for credit applications to determine the applicant's worthiness. They designate the risk involved when extending credit by performing cash flow analysis and ensure the approved applications are in compliance with firm and lender criteria and regulations. They keep abreast of financial news and trends and ensure they are up-to-date on due diligence to ensure quality. Credit analysts need a bachelor’s degree in finance, accounting, or a related subject.

What responsibilities are common for Credit Analyst jobs?
  • Perform and manage credit and financial analysis and reviews.
  • Prepare cash flow models for the basis of credit decisions.
  • Understand and evaluate financial statements, perform detailed financial analysis, and determine credit risk of customers.
  • Set up and maintain databases used to analyze accounts and/or portfolios.
  • Maintain and provide input to commercial loan pricing model.
  • Manage Letters of Credit process to ensure prompt payment.
  • Generally furnish information relative to credit inquiries to appropriate parties.
  • Participate in external and internal audits, and regulatory examinations as needed.
  • Interface with sales, account managers, and billing in reconciling accounts.
  • Analyze requests for changes to collateral on existing loans.
  • Provide additional loan agreement / covenant monitoring support to commercial lending and underwriting groups.
  • Understand and complete job responsibilities in accordance with federal and state regulations.
  • Write memos and develop presentations summarizing analysis, results, and recommendations.
  • Obtain and review financial statements on a timely basis.
  • Maintain accurate credit and collection files and collection notes.
  • Ensure attainment of accounts receivable and cash collection rolling forecasts.
  • Propose methods and procedures on new assignments.
  • Monitor for receipt, and analyze and evaluate documents surrounding credits.
  • Track and monitor data required to respond to RFPs and internal reporting.
  • Interact on a daily basis with customers via email and phone.
  • Investigate and resolve problems (equipment failures, duplicate or incorrect shipments, special terms, pricing errors, early shipments.)
  • Identify loan policy and regulatory exceptions as they apply to individual loans.
What are the typical qualifications for Credit Analyst jobs?
  • associates or Bachelor's Degree in accounting, business, finance or business administration, or equivalent experience.
  • Experience with R Language and spreadsheets.
  • Prior experience in a banking position.
  • Strict attention to detail and professionalism alongside negotiation and critical thinking skills.
  • Solid work ethic and decision making skills.
  • Is a natural problem solver with sound judgment.
  • Experienced in enterprise resource planning, and with ratios, GAAP, statistics, and professional writing.
EducationBachelor's Degree
Work/Life Balance
3.6 ★
Salary Range--
Career Opportunity
3.4 ★
Avg. Experience2-4 years

Credit Analyst Salaries

Average Base Pay

$79,750 /yr
Same as national average
Not including cash compensation
See More Insights
$60K
Median: $80K
$95K
See More Insights
Glassdoor Estimated Salary

Credit Analyst Career Path

Learn how to become a Credit Analyst, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.

L2
Credit Analyst
$79,750/yr
L3
L2

Average Years of Experience

0 - 1
23%
2 - 4
45%
5 - 7
18%
8+
14%
Not including years spent in education and/or training
See Career Path

Credit Analyst Insights

Read what Credit Analyst professionals have to say about their job experiences and view top companies for this career.
Exeter FinanceExeter Finance
Credit Analyst
13 Mar 2021

“Great place to work job was amazing I enjoyed going to work every day Pay was great too”

TransfixTransfix
Senior Credit and Collections Analyst
20 Aug 2020

“Great IT support so your laptop and software needed to get your job done was always reliable.”

NewDay USANewDay USA
Credit Analyst
11 Aug 2021

“NewDay has a terrific training program which will set you up for the next step in your career.”

Bank of IrelandBank of Ireland
Credit Analyst
31 Mar 2022

“Career progress is slow and restricted”

Robert HalfRobert Half
Credit Analyst
28 Feb 2021

“People are really nice and kind.”

Chiyu Banking CorportationChiyu Banking Corportation
Credit Officer
22 Oct 2021

“1. Good and capable department head”

PennymacPennymac
Credit Analyst
7 June 2022

“I was hired in November 2021 and was part of a mass layoff in May 2022.”

First Lending
Credit Analyst
22 Feb 2021

“You will get good pay to work here and it is beneficial to get inside mortgage information.”

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Credit Analyst Interviews

Frequently asked questions about the role and responsibilities of a Credit Analyst

When working as a Credit Analyst, the most common skills you will need to perform your job and for career success are Microsoft Office Suite, Excellent Organizational, Excellent Communication, Written Communication and Problem Solving.

The most similar professions to Credit Analyst are:
  • Financial Analyst
  • Credit Manager
  • Finance Manager
  • Controller

The most common qualifications to become a Credit Analyst is a minimum of a Bachelor's Degree and an average of 0 - 1 of experience not including years spent in education and/or training.

Related Careers

Financial Analyst
$80,000
50% skills overlap
Credit Manager
$100,000
25% skills overlap
Finance Manager
$130,000
Controller
$80,000
25% skills overlap

Credit Analyst jobs