A Credit Analyst undertakes risk assessment analysis of various types of lending proposals, from the straightforward to the very complex. In this role you are responsible for assessing a loan applicant's credit worthiness and this could be for an individual or companies.
Who can I work for?
Credit analysts are employed in a variety of financial institutions ranging from commercial and investment banks through to credit rating agencies and investment companies. A credit analyst can also work for any company that offers financing for its products and services.
Where and when can I work?
Mainly office-based, you could work anywhere from a local bank through to a global corporation in the City. The average working day ranges between eight and 14 hours but you may also be required to work extra hours during critical situations.
What can I earn?
In the early stages of your career, you can earn salaries ranging from £20,000 to £50,000. As you gain more experience, this could rise to £100,000 and some senior financial risk analysts can earn much, much more.
What are the benefits?
One major advantage to being a credit analyst is that you are not limited to a particular type of company. A role in financial services can also be very lucrative and most financial services companies pay attractive bonuses.
Are there chances of promotion?
Being a credit analyst can lead to higher and exciting career paths like investment banker, portfolio manager and loan and trust manager. Career progression is driven by performance, experience and acquisition of professional qualifications.
What will I be responsible for?
A credit analyst has huge responsibilities and the position should not be taken lightly. The decisions you make can determine the interest rate at which an individual or a company borrows or whether the client gets a loan or credit. You could even be called upon for expert guidance on credit risks linked with large-scale corporate lending schemes, which involve many millions of pounds.
Do I need any experience?
You'll need a solid undergraduate degree, preferably in subjects such as finance, business, economics, statistics, maths or accountancy. Some employers may also sponsor you to take industry examinations to obtain professional qualifications.
What attributes are needed?
Pressure levels are intense, especially in corporate finance and investment banking. The role demands strong interpersonal, analytical, decision-making and risk-assessment skills.