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Credit Analyst Job Description

A credit analyst analyses the credit worthiness of individuals or businesses who are applying for new or extended credit at lending organisations, such as banking, credit card, mortgage lending and other financial institutions.

Credit Analyst Job Duties:

If you are extremely good at managing finances, understand the various types of risks that a credit taker will face and can quickly assess an individual or group’s financial status, you might be perfect in the role of a credit analyst.

Duties would include:

1) Interviewing credit and loan applicants to understand their requirements, financial position and previous credit history

2) Analysing financial documents or reports of existing and potential borrowers, including their earnings, savings, prior repayment history and borrowing trends.

3) Approving or rejecting applications, based on the above.

4) Recommending the most suitable package, keeping in mind the risks involved to the lending institution and the borrower.

5) Explaining the risks involved to credit applicants.

6) Reviewing existing accounts and recommending which ones have to be closed, require reduction in credit limits or require enhanced collection efforts.

7) Communicating credit decisions to applicants.

8) Filing reports or completing responsibilities required by industry regulators, for example compliance with the Anti Money Laundering or Bank Secrecy Act regulations.

9) Ensuring that the organisation is providing services in adherence with state and federal laws.

10) Keeping abreast of legal and compliance issues prevailing in the industry.

Credit Analyst Knowledge and Skills:

1) Strong financial analysis, data management, mathematical and interpretation ability, including a keen attention to detail.

2) Good communication skills are essential, to properly understand clients, as well as to impart information to them.

3) Ability to use software like Microsoft Word, Outlook, Access, Excel and other spreadsheets.

4) Thorough understanding of financial statements such as balance sheets and profit and loss accounts.

Credit Analyst Educational Qualifications and Experience:

1) A Master’s or Bachelor’s degree in a finance related subject is essential.

2) Experience of 2 to 5 years is generally expected.

3) Certifications such as Chartered Public Accountant (CPA), Chartered Financial Analyst (CFA) and National Association of Security Dealers (NASD) are highly recommended.

Credit Analyst Salary and Benefits:

1) Annual salaries of credit analysts range between $35,000 and $90,000, depending on experience, company size and nature of job.

2) Benefits vary depending on individual company policy but usually include medical, dental, paid holidays and sick leave, 401(k), company pension plan, life insurance or disability.

3) Some companies may offer stock purchase options.