Many people and businesses apply for loans or lines of credit from banks credit unions or credit card companies but some clients are more likely than others to repay what they owe. This is where the job of a credit analyst comes in to play. Credit analysts conduct a thorough search of their potential client's financial background and status to determine the level of risk involved in making both personal and commercial loans.
Credit analysts usually work in offices within banks or credit card companies where they prepare thorough analyses of applicants' requests for loans and lines of credit determine the risk of lending to them and complete written correspondence that either authorizes or denies their requests.
Credit analysts need a bachelor's degree preferably in finance or accounting. In addition they need experience using computer software and they need to have excellent communication skills. The website Businessmajors.about.com says that the range of pay for credit analysts varies widely from approximately $30000 to $110000 depending on place of employment experience and level of education.
Typically credit analysts work a 40 hour week during normal business hours but during specific times of year such as during the Christmas season they may be required to work overtime. A credit analyst works within a department whose members have a common goal to ensure their employer's financial success. Therefore they must have the ability to work successfully in a team-oriented environment.