Job descriptions and industry overviews

Credit analyst: job description

21 Jun 2023, 15:37

Credit analysts assess and make decisions about applications for financial credit.

Credit analyst job description

What does a credit analyst do? Graduate salaries | Typical salaries | Qualifications and training | Key skills

Credit analysts determine the credit worthiness of people or companies applying for loans. They use a range of criteria including credit viability, payment history and credit-worthiness to decide whether an applicant for a loan is likely to be able to repay it.

Typical tasks include:

  • gathering information about clients
  • undertaking risk analysis by using specialist software and developing statistical models
  • assessing, analysing and interpreting complex financial information, and making recommendations based on this
  • building and maintaining client relationships
  • creating and delivering presentations
  • creating reports using written and numerical information
  • using credit-scoring systems for small credit amounts (such as small unsecured personal loans)
  • keeping knowledge of key issues up-to-date (for example legal, market risk and compliance issues)
  • helping to enhance the quality of credit applications.

Graduate salaries

Salaries for graduate credit analysts start from around £23,000, according to Glassdoor, a job comparison site. Depending on the type of employer, you may be entitled to bonuses and other incentives. Earnings will rise as you gain experience, and you could earn up to £75,000 at a senior level.

Typical employers of credit analysts

  • Commercial, investment and foreign banks
  • Private equity firms
  • Investment/asset management companies
  • Insurance companies and specialist credit rating agencies
  • Non-departmental government bodies.

Vacancies are advertised by careers services and specialist recruitment agencies online. These include sector-specific sites, including financial jobs boards and sites promoting jobs in the public sector.

Qualifications and training required

A career as a credit analyst is more commonly open to graduates rather than school leavers.

Graduates will need a good honours degree (minimum 2.1). Qualifications in business studies, management, statistics, finance, mathematics, accounting or economics can be helpful, as can an MBA or similar postgraduate/professional qualification. It’s common to start in a graduate analyst role in which you can build skills and experience before progressing to a credit analyst role.

Work experience will give you insights into this work and help you decide if it’s right for you. If your degree doesn’t involve a placement, look for internships, insight programmes and informal work experience opportunities.

There may be opportunities for school leavers to enter the profession by first studying for financial qualifications such as investment management certificate offered by the CFA Institute. Financial apprenticeships are also available and can provide experience of this area of work.

Key skills for credit analysts

Recruiters in this sector will be looking for:

  • attention to detail
  • excellent numerical skills
  • problem-solving skills
  • excellent communication and interpersonal skills
  • presentation skills
  • the ability and drive to continue learning, both software and sector trends.

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