How Do You Become A Credit Analyst?
"I am very into personal finance, and I think I could see myself helping others with it for a living. Especially with the economy the way it is, it seems like a really important job and something that would be worthwhile. I was thinking about becoming a credit analyst, specifically. A lot of people are really struggling nowadays. So I thought that must mean there is plenty of demand. And I’d be helping people to get what they need in life. How do I do it? Is there some kind of certification process, or do I need some kind of special degree?"
asked by Jane from Denver, CO
You are right that credit analyst is a growing field. This is faster than the average for all other occupations in the country. The reason the field is growing is that there is an increasing demand for products which require credit. Some geographic regions in particular are undeserved, and these areas are where you are going to find the most openings in the field.
You do need an accredited degree to become a credit analyst, but it does not specifically have to be a “credit analyst” degree (there is no such thing). You generally will want to aim to get a four-year degree, most likely in a related field like finance or business administration.
Whatever major you take, you will want to make sure that you get adequate training in the areas of knowledge which you will need to perform your job duties as a credit analyst. That means taking a lot of classes in accounting, mathematics, personal finance, and business.
While you are in college, it is a good idea to look for an internship at a bank or another institution where you can get hands-on work in the field. This work experience can add to your education and help you to focus your job search when you are preparing to graduate.
While the job of credit analyst is a growing one, there are a lot of other hopeful candidates who are aiming for the same profession you are. You will want to do all that you can to make yourself stand out competitively in your field.
This is also a job where you are going to have to demonstrate your expertise through your own personal life. If you apply for a job as a credit analyst and you have a poor to moderate credit rating yourself, it will look pretty dubious to the hiring manager. You will want to keep your own credit rating as high as you can. So make smart financial choices, take financial classes, earn your bachelor’s degree, and get an internship. Then apply for jobs in geographically targeted areas where demand is highest.
If you take those steps, you should have a great chance of becoming a credit analyst after college!