What is the average salary for a credit analyst in the US?
Credit analysts earn an average yearly salary of $77,440.
How much does a Credit Analyst make? As of Mar 19, 2024, the average hourly pay for a Credit Analyst in the United States is $29.92 an hour.
- New York, NY. $110,131 per year. 149 salaries reported.
- Los Angeles, CA. $88,533 per year. 70 salaries reported.
- Omaha, NE. $79,484 per year. 5 salaries reported.
- Charlotte, NC. $72,473 per year. 24 salaries reported.
- Atlanta, GA. $71,185 per year. ...
- Show more nearby cities.
A credit analyst's evalation is often not as simple as yes or no. For example, a credit analyst may approve an individuals for a loan, but only if certain conditions are met. One of the highest stress aspects of a role as a credit analyst, is that the job comes with a high level of responsibility.
Credit risk analyst positions can be fairly lucrative. The average annual compensation for a credit risk analyst is about $82,000. Since credit risk analysis includes so many different positions, it's helpful to keep in mind that this number is an average. Some positions will pay more, while some will pay less.
The job can be a pathway to a career as an investment banker, portfolio manager, or loan and trust manager. Being a credit analyst can be a stressful job. You often must decide whether a person or a company can make a purchase, and at what interest rate, which is a significant responsibility.
For professionals looking to take the credit analyst career path, they need to obtain a bachelor's degree in business, finance or accounting, or at least an associated degree and relevant experience in a financial institution.
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.
Credit Analyst salary in India ranges between ₹ 2.1 Lakhs to ₹ 16.0 Lakhs with an average annual salary of ₹ 8.0 Lakhs. Salary estimates are based on 6.8k latest salaries received from Credit Analysts.
Outlook. Employment for credit analysts is expected to grow by 5 percent from 2018 to 2028, according to the U.S. Department of Labor, or about as fast as the average for all careers.
What are the 5 C's of credit?
Each lender has its own method for analyzing a borrower's creditworthiness. Most lenders use the five Cs—character, capacity, capital, collateral, and conditions—when analyzing individual or business credit applications.
As a work from home credit analyst, you review financial data to assess the creditworthiness of an individual or business. In this role, you work remotely and communicate with the lender via phone or online.
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Credit analysts tend to be predominantly conventional individuals, meaning that they are usually detail-oriented and organized, and like working in a structured environment. They also tend to be enterprising, which means that they are usually quite natural leaders who thrive at influencing and persuading others.
The highest salary for a Credit Analyst in Los Angeles, CA is $119,766 per year. What is the lowest salary for a Credit Analyst in Los Angeles, CA? The lowest salary for a Credit Analyst in Los Angeles, CA is $73,064 per year. What is the a Credit Analyst career path and salary trajectory?
On average, credit analysts rate the meaningfulness of their work a 2.3/5. The majority of credit analysts struggle to find any sort of meaning in their work, likely resulting in less satisfaction with the career overall.
The primary distinction between these roles lies in their focus and scope. Credit Analysts are primarily dedicated to assessing credit risk and facilitating loan approvals, whereas Financial Analysts have a broader mandate, encompassing financial planning, investment analysis, and budget management.
The work of a credit analyst is office-based, and an analyst can expect to work for an average of eight to 14 hours per day. Sometimes, credit analysts can work more hours into the night when deadlines are looming or when there is a critical situation that requires to be addressed by the credit team.
A credit analyst can have a variety of career paths. They can become a finance analyst, manager, or vice president. They can also move into underwriting, senior underwriting, or an underwriting manager role. Often, they will become a credit manager or credit and collection manager.
Step One: Obtain a bachelor's degree in a relevant field such as accounting, finance, economics, or business administration. Step Two: Gain relevant work experience. Step Three: Develop financial analysis and credit analysis skills.
In general, you can become a Credit Analyst after completing your 4 year Bachelor's Degree in a related discipline. Depending on the type of Credit Analyst role you're pursuing, you may want to explore certification in certified humint collector.
What are the duties of a credit analyst?
Credit analysts are hired by commercial and credit unions to analyze the financial data of a potential client. The analyst will evaluate the client's credit payment history, assets, liabilities, and earnings history to determine their suitability for credit terms.
On the commercial banking side, there are two main options in the credit analyst career path: Stay in credit, keep analyzing new issuances and monitoring the portfolio, and advance up the ladder to become a “Portfolio Manager.”
While the role of financial analysts may evolve with the use of AI, it is unlikely that they will be replaced entirely. Human judgment and the ability to account for external factors are skills that AI may not possess yet.
Employment Over Time
The Credit analysts workforce in 2021 was 34,300 people (53.1% women and 46.9% men). This implies an average annual growth of 27% between 2014 (27,003) and 2021 (34,300).
The workforce of Financial analysts in 2021 was 273,293 people, with 41.4% woman, and 58.6% men. The average age of male Financial analysts in the workforce is 37.6 and of female Financial analysts is 40.6, and the most common race/ethnicity for Financial analysts is White.
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