Career summary

Details for Credit Analysts


Description

Analyze current 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 this credit information for use in decision-making.

Tasks

  • Analyze credit data and financial statements to determine the degree of risk involved in extending credit or lending money.
  • Prepare reports that include the degree of risk involved in extending credit or lending money.
  • Evaluate customer records and recommend payment plans, based on earnings, savings data, payment history, and purchase activity.
  • 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.
  • Generate financial ratios, using computer programs, to evaluate customers' financial status.
  • 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.
  • Consult with customers to resolve complaints and verify financial and credit transactions.
  • Analyze financial data, such as income growth, quality of management, and market share to determine expected profitability of loans.
  • Contact customers to collect payments on delinquent accounts.

Interests

  • 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.
  • 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.

Education, training, experience

  • Education - Most of these occupations require a four-year bachelor's degree, but some do not.
  • Training - Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
  • 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.

Knowledge

  • Computers and Electronics -Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
  • Law and Government -Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
  • 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.
  • 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.
  • Economics and Accounting -Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.

Skills

  • 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.
  • Mathematics - Using mathematics to solve problems.
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.

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