Credit Analysts
13-2041.00

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 decisionmaking.

Sample of reported job titles: Credit Administrator, Credit Analyst, Credit and Collections Analyst, Credit Officer, Credit Representative, Credit Risk Analyst, Municipal Fixed Income Analyst

Occupation-Specific Information

Tasks

  • Analyze credit data and financial statements to determine the degree of risk involved in extending credit or lending money.
  • Complete loan applications, including credit analyses and summaries of loan requests, and submit to loan committees for approval.
  • Generate financial ratios, using computer programs, to evaluate customers' financial status.
  • Prepare reports that include the degree of risk involved in extending credit or lending money.
  • Analyze financial data, such as income growth, quality of management, and market share to determine expected profitability of loans.
  • Compare liquidity, profitability, and credit histories of establishments being evaluated with those of similar establishments in the same industries and geographic locations.
  • Consult with customers to resolve complaints and verify financial and credit transactions.
  • Contact customers to collect payments on delinquent accounts.
  • Evaluate customer records and recommend payment plans, based on earnings, savings data, payment history, and purchase activity.
  • Review individual or commercial customer files to identify and select delinquent accounts for collection.
  • Confer with credit association and other business representatives to exchange credit information.

back to top

Technology Skills

  • Analytical or scientific software — SAS statistical software
  • Business intelligence and data analysis software — Oracle Business Intelligence Enterprise Edition Hot technology
  • Content workflow software — Equifax Application Engine; Experian Transact SM
  • Data base user interface and query software — Microsoft SQL Server Hot technology ; Structured query language SQL Hot technology
  • Development environment software — Microsoft Visual Basic Hot technology ; Microsoft Visual Basic for Applications VBA Hot technology
  • Document management software — Credit adjudication and lending management system CALMS
  • Enterprise resource planning ERP software Hot technology — Microsoft Dynamics Hot technology ; Oracle JD Edwards EnterpriseOne Hot technology ; SAP business and customer relations management software
  • Financial analysis software — CGI-AMS Strata; Experian Quest; Fair Isaac Capstone Decision Manager; Moody's KMV Risk Advisor; 17 more
  • Information retrieval or search software — CGI-AMS BureauLink Enterprise
  • Office suite software — Experian Strategy Management; Microsoft Office Hot technology
  • Presentation software — Microsoft PowerPoint Hot technology
  • Spreadsheet software — Microsoft Excel Hot technology
  • Word processing software — Microsoft Word Hot technology
Hot technology Hot Technologies are requirements frequently included in employer job postings.

back to top

Occupational Requirements

Work Activities

  • Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
  • Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources.
  • Working with Computers — Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
  • Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
  • Communicating with Supervisors, Peers, or Subordinates — Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
  • Making Decisions and Solving Problems — Analyzing information and evaluating results to choose the best solution and solve problems.
  • Updating and Using Relevant Knowledge — Keeping up-to-date technically and applying new knowledge to your job.
  • Interpreting the Meaning of Information for Others — Translating or explaining what information means and how it can be used.
  • Establishing and Maintaining Interpersonal Relationships — Developing constructive and cooperative working relationships with others, and maintaining them over time.
  • Evaluating Information to Determine Compliance with Standards — Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
  • Organizing, Planning, and Prioritizing Work — Developing specific goals and plans to prioritize, organize, and accomplish your work.
  • Identifying Objects, Actions, and Events — Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
  • Documenting/Recording Information — Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
  • Training and Teaching Others — Identifying the educational needs of others, developing formal educational or training programs or classes, and teaching or instructing others.

back to top

Detailed Work Activities

back to top

Work Context

back to top

Experience Requirements

Job Zone

Title
Job Zone Four: Considerable Preparation Needed
Education
Most of these occupations require a four-year bachelor's degree, but some do not.
Related Experience
A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
Job Training
Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
Job Zone Examples
Many of these occupations involve coordinating, supervising, managing, or training others. Examples include real estate brokers, sales managers, database administrators, graphic designers, chemists, art directors, and cost estimators.
SVP Range
2-4 years of preparation (7.0 to < 8.0)

back to top

Training & Credentials

State training
Local training
Certifications
State licenses
Apprenticeships
Have a career path or location in mind? Visit Apprenticeship.gov external site to find apprenticeship opportunities near you.

back to top

Worker Requirements

Skills

  • Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
  • Active Learning — Understanding the implications of new information for both current and future problem-solving and decision-making.
  • Reading Comprehension — Understanding written sentences and paragraphs in work-related documents.
  • Speaking — Talking to others to convey information effectively.
  • Active Listening — Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
  • Mathematics — Using mathematics to solve problems.
  • Judgment and Decision Making — Considering the relative costs and benefits of potential actions to choose the most appropriate one.
  • Writing — Communicating effectively in writing as appropriate for the needs of the audience.
  • Complex Problem Solving — Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
  • Monitoring — Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
  • Service Orientation — Actively looking for ways to help people.
  • Social Perceptiveness — Being aware of others' reactions and understanding why they react as they do.
  • Time Management — Managing one's own time and the time of others.

back to top

Knowledge

  • Economics and Accounting — Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
  • English Language — Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
  • Law and Government — Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
  • Administrative — Knowledge of administrative and office procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and workplace terminology.

back to top

Education

How much education does a new hire need to perform a job in this occupation? Respondents said:

  • 95%
     
    responded: Bachelor’s degree required
  • 5%
     
    responded: Master’s degree requiredmore info

back to top

Worker Characteristics

Abilities

  • Oral Expression — The ability to communicate information and ideas in speaking so others will understand.
  • Inductive Reasoning — The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
  • Oral Comprehension — The ability to listen to and understand information and ideas presented through spoken words and sentences.
  • Written Comprehension — The ability to read and understand information and ideas presented in writing.
  • Deductive Reasoning — The ability to apply general rules to specific problems to produce answers that make sense.
  • Mathematical Reasoning — The ability to choose the right mathematical methods or formulas to solve a problem.
  • Number Facility — The ability to add, subtract, multiply, or divide quickly and correctly.
  • Problem Sensitivity — The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing that there is a problem.
  • Information Ordering — The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
  • Near Vision — The ability to see details at close range (within a few feet of the observer).
  • Written Expression — The ability to communicate information and ideas in writing so others will understand.
  • Speech Recognition — The ability to identify and understand the speech of another person.
  • Category Flexibility — The ability to generate or use different sets of rules for combining or grouping things in different ways.
  • Speech Clarity — The ability to speak clearly so others can understand you.
  • Flexibility of Closure — The ability to identify or detect a known pattern (a figure, object, word, or sound) that is hidden in other distracting material.
  • Perceptual Speed — The ability to quickly and accurately compare similarities and differences among sets of letters, numbers, objects, pictures, or patterns. The things to be compared may be presented at the same time or one after the other. This ability also includes comparing a presented object with a remembered object.

back to top

Interests

Interest code: CE
Want to discover your interests? Take the O*NET Interest Profiler at My Next Move.
  • Conventional — Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
  • Enterprising — Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.

back to top

Work Values

  • Relationships — Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service.
  • Support — Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical.
  • Independence — Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.

back to top

Work Styles

  • Analytical Thinking — Job requires analyzing information and using logic to address work-related issues and problems.
  • Attention to Detail — Job requires being careful about detail and thorough in completing work tasks.
  • Integrity — Job requires being honest and ethical.
  • Dependability — Job requires being reliable, responsible, and dependable, and fulfilling obligations.
  • Initiative — Job requires a willingness to take on responsibilities and challenges.
  • Stress Tolerance — Job requires accepting criticism and dealing calmly and effectively with high-stress situations.
  • Adaptability/Flexibility — Job requires being open to change (positive or negative) and to considerable variety in the workplace.
  • Achievement/Effort — Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
  • Cooperation — Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
  • Independence — Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.
  • Persistence — Job requires persistence in the face of obstacles.
  • Self-Control — Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
  • Leadership — Job requires a willingness to lead, take charge, and offer opinions and direction.

back to top

Workforce Characteristics

Wages & Employment Trends

Median wages (2021)
$37.23 hourly, $77,440 annual
State wages
Local wages
Employment (2020)
73,000 employees
Projected growth (2020-2030)
Decline (-1% or lower)
Projected job openings (2020-2030)
5,500
State trends
Top industries (2020)

Source: Bureau of Labor Statistics 2021 wage data external site and 2020-2030 employment projections external site . “Projected growth” represents the estimated change in total employment over the projections period (2020-2030). “Projected job openings” represent openings due to growth and replacement.

back to top

Job Openings on the Web

State job openings
Local job openings

back to top

More Information

Related Occupations

back to top

Sources of Additional Information

Disclaimer: Sources are listed to provide additional information on related jobs, specialties, and/or industries. Links to non-DOL Internet sites are provided for your convenience and do not constitute an endorsement.

back to top