Credit Analyst Job Description: Salary, Duties, Skills
Have you thought about becoming a credit analyst, which is also referred to as a credit risk analyst on some job descriptions? If so, that means you'll be responsible for determining the creditworthiness and risk profile of a business or individual. You'll accomplish this by analyzing their financial data and deciding if it's appropriate to extend them credit or not. Under most circumstances, a credit analyst works for investment firms or commercial banks.
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Credit Analyst Job Description Sample
Our company is actively searching for a credit analyst to join our team of professionals. You'll be responsible for managing a portfolio of clients and reporting to our company's Head of Credit. Additional responsibilities will include the evaluation of the financial status of potential clients, making informed decisions when extending credit, monitoring existing clients, performing risk assessments, and writing in-depth reports. Successful candidates must possess a Bachelor's in accounting, finance, or a related field. Top candidates can demonstrate remarkable analytical, judgment, and negotiation skills. Those who have a background in the financial industry have an advantage.
Credit Analyst Salary
According to 2019's data gathered by PayScale.com, the national average salary for a credit analyst is $50,532.00 per year. That equates to a median wage of, on average, $19.40 per hour. Entry-level credit analysts with less than one year of experience can expect to see salaries of at least $45,000 per year. Those who have been working as a credit analyst for twenty years or longer are reporting wages of at least $57,000.00 or more. That's a consistent salary trend for those who have been working between five to nine years, as well as those who have been employed between ten to nineteen years.
Credit Analyst Job Description For The Resume (Resume Summary)
Driven, detail-oriented, and certified credit analyst skilled in financial analysis for a variety of lending firms. Proven experience in the assessment of client applications, the establishment of credit lines, crucial decision-making, financial reporting, and reduction of overdue accounts. Impeccable analytical and critical thinking skills, strong knowledge of financial markets and trends, and great attention to deadlines and accuracy.
Credit Analyst Skills
- Can use sound assessments to make informed decisions.
- Handles multiple projects with ease while submitting applications on-time.
- Outstanding written and verbal communication skills.
- Excellent analytical, organizational, and time-management skills.
- Can prioritize tasks.
Credit Analyst Duties & Responsibilities
- Analyzing and assessing the credit history and financial statements of potential and existing clients.
- Reviewing credit applications and performing credit checks.
- Structuring deals and performing risk assessments.
- Consulting and negotiating with clients regarding credit limits, financial transactions, and payment terms.
- Making financial forecasts.
- Keeping abreast of all financial trends and news.
- Practicing due diligence.
- Maintaining a firm understanding of the business, industry, and economic risk.
- Completing cash flow, trend, and ratio cash flow analysis and developing projections.
- Using applications, balance sheets, legal documents, and so on for examining credit histories and financial transactions on a case by case basis.
- Delivering multidimensional perspectives on investment outlooks in an informative and accessible manner.
- Monitoring loans routinely for compliance.
- Adhering to credit guidelines and policies.
- Monitoring the quality of the corporate asset portfolio on an ongoing basis.
- Drafting credit information models predicting patterns and trends.
Credit Analyst Requirements
- Bachelors in accounting, finance, or an equivalent field.
- Might be necessary to have additional certifications.
- Proven background experience working as a credit analyst.
- Proficiency in financial software and statistical packages.
- Proficiency in MS Office.
- Advanced skills in MS Excel.
- Up-to-date with compliance, legal, and market risk-related issues.
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