Credit Analysts

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About the Job

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 decision making.

It is also Called

  • Underwriter
  • Risk Analyst
  • Loan Review Analyst
  • Loan Officer
  • Financing Analyst
  • Financial Analyst
  • Factorer
  • Escrow Representative
  • Credit Specialist
  • Credit Risk Analyst

What They Do

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

Interests

People who work in this occupation generally have the interest code: CE.

This means people who work in this occupation generally have Conventional interests, but also prefer Enterprising environments.

Work Values

People who work in this occupation generally prize Relationships, but also value Achievement and Recognition in their jobs.

Things They Need to Know

  • 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.
  • Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
  • Clerical - Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.

Things They Need to Be Able to Do

  • 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.
  • 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.
  • Speaking - Talking to others to convey information effectively.
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
  • Mathematics - Using mathematics to solve problems.

Education Required

Most of these occupations require a four-year bachelor's degree, but some do not.

LMI Region

Wages

In 2013, the average annual wage in New Jersey was $78,370 with most people making between $47,860 and $125,860

Outlook

1.14%
avg. annual growth

During 2008, this occupation employed approximately 1,750 people in New Jersey. It is projected that there will be 1,950 employed in 2018.

This occupation will have about 20 openings due to growth and about 30 replacement openings for approximately 50 total annual openings.