This occupation is part of the Business and Financial Operations cluster
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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
- Analyst
- Credit Administrator
- Credit Analyst
- Credit and Collections Analyst
- Credit Assessment Analyst
- Credit Manager
- Credit Negotiator
- Credit Representative
- Credit Risk Analyst
- Credit Specialist
What They Do
- Analyze credit data and financial statements to determine the degree of risk involved in extending credit or lending money.
- Generate financial ratios, using computer programs, to evaluate customers' financial status.
- Consult with customers to resolve complaints and verify financial and credit transactions.
- Prepare reports that include the degree of risk involved in extending credit or lending money.
- Compare liquidity, profitability, and credit histories of establishments being evaluated with those of similar establishments in the same industries and geographic locations.
- 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.
- Complete loan applications, including credit analyses and summaries of loan requests, and submit to loan committees for approval.
- Analyze financial data such as income growth, quality of management, and market share to determine expected profitability of loans.
- Evaluate customer records and recommend payment plans based on earnings, savings data, payment history, and purchase activity.
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.
Wages
In 2012, the average annual wage in United States was $69,500.00 with most people making between $37,000.00 and $115,880.00
Outlook
During 2010, this occupation employed approximately 63,000 people in United States. It is projected that there will be 75,000 employed in 2020.
This occupation will have about 1,000 openings due to growth and about 24,000 replacement openings for approximately 25,000 total annual openings.
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- Tax Examiners and Collectors, and Revenue Agents
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