Becoming a Credit Analyst

In today’s financial industry, getting a job as a credit officer could be a good career option for someone who has good investigative, numerical and analytical skills. Good credit analysts make a lot of money and you may aspire to owning your own firm someday.

Banks and other financial institutions need to give out loans to make significant profits but doing this also comes with the risk of losing money if people are unable to pay back their loans. This is why credit analysts are so important. As a credit officer your main task will be to compile and analyze the financial data of individuals or organizations to determine their credit worthiness.

When large corporate organizations issue bonds or other debt instruments, credit analysts help to let the public know just how secure these instruments are.

If you’re considering a career as a credit analyst this guide will help you understand a path.

Instructions

  • 1

    Get a degree in finance or accounting


    Getting a college degree is a must if you would like a job as a credit analyst. Preferably you should major in finance or accounting but people with management and economics degrees still have a very good chance of getting good jobs as credit analysts, especially if they have applicable work experience.

    While in college be sure to do as many mathematical courses as you can, such as calculus or statistics.

  • 2

    Go for an advance degree


    Advanced degrees are always a good differentiator in the job market for obvious reasons. If you have an advanced degree the logical assumption is that you are knowledgeable and more capable of making astute business decisions.

    Also, having an advanced degree means you stand out from the crown of applicants who may otherwise have similar academic and professional credentials.

    You may not be looking forward to stacking up more debt from student loans but the potential rewards from a position as a credit analyst are well worth the costs.

  • 3

    Apply for an internship


    Internships are always a great idea for undergraduate students and fresh graduates too as most organizations would like to hire staff who are already experienced, particularly in a relevant field.

    Try to get an internship with a reputable firm or better still, identify the particular organization you would like to work for and try to get an internship with them. Getting internships is not always easy and you will need to have maintained good grades in college to get an internship with an established firm.

  • 4

    Gather work experience from multiple sectors


    If you find it difficult to find entry level jobs or internships as a credit analyst, then, career-wise, you may want to consider a slight change of scenery. Some experience in banking, insurance, mortgages will all put you in good stead when you finally apply for your dream job as a accredit analyst.

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