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Commercial Credit Analyst: Job Description & Info

As risk analysts, commercial credit analysts work with banks and other lenders to determine the ability of businesses to repay loans and other debts. Continue reading to learn more degree requirements, employment outlook and alternative career options for commercial credit analysts. View article »

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  • 0:04 Commercial Credit Analysts
  • 0:38 Required Education
  • 1:00 Skills Required
  • 1:20 Career and Salary Outlook
  • 1:45 Credit Counselor
  • 2:40 Financial Examienr

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Video Transcript

Career Definition for Commercial Credit Analysts

Degree Level bachelors' degree
Degree Field(s) Business, finance, economics, or accounting
Licensure/Certification None
Experience On-the-job training
Key Skills Good communication, decision-making, and interpersonal skills; quantitative thinking and the ability to work with a large number of variables
Job Outlook (2014-2024) 6% growth
Median Annual Salary (2015) $69,680

Sources: U.S. Bureau of Labor Statistics

Commercial credit analysts evaluate the credit worthiness of businesses and determine their ability to repay loans and lines of credit, including those used to purchase equipment and other goods. Their responsibilities include developing financial profiles and investigating credit histories. Before reaching a decision, analysts also compare how much cash and liquid assets a business has on hand with how much it owes. Commercial credit analysts are usually employed by banks, government agencies, or other commercial lenders.

Required Education

Most commercial credit analysts have bachelors' degrees in business, finance, economics, or accounting. As undergraduates, they may take courses in business, risk management, mathematics, and statistics. Training in the use of common industry software and information technology can also be helpful.

Skills Required

Commercial credit analysts are quantitative thinkers with the ability to work with a large number of variables and make complex decisions. Good communication and interpersonal skills are essential to working as a member of a team and interacting with management and clients.

Career and Salary Outlook

According to the U.S. Bureau of Labor Statistics (BLS), employment of credit analysts in general will grow by a fast-as-average rate of 6% nationwide between 2014 and 2024. As reported by the BLS, credit analysts earned a median income of $69,680 in May 2015 (www.bls.gov).

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Alternate Career Options

Similar career options in this field include working as a credit counselor, or financial examiner.

Credit Counselors

Credit counselors help businesses and consumers manage their debts, and their activities may include providing clients with information about loan types and requirements. They may also advise clients and organizations on matters related to bankruptcy, budgets, and mortgages. Qualified graduates usually have a bachelor's degree in a relevant field of study; training typically takes place on the job.

According to the BLS, this is a faster-than-average growing field, and credit counselors can look forward to a 15% increase in opportunities nationwide from 2014 through 2024. As of May 2015, credit counselors were paid a median annual wage of $43,840, as reported by the BLS (www.bls.gov).

Financial Examiners

Financial examiners, like commercial credit analysts, may also evaluate the riskiness of potential loans, as well as make sure that financial organizations and transactions are in compliance with industry-related, federal, and state laws. Completion of a bachelor's degree program that includes some courses in accounting is the usual requirement for obtaining an entry-level position; new examiners typically train alongside more senior-level professionals.

From 2014 to 2024, the BLS has projected a 10%, or faster-than-average, growth in jobs nationwide for financial examiners, who earned median annual salaries of $78,010 in May 2015 (www.bls.gov).

In summary, commercial credit analysts help determine whether businesses can repay loans and other debts. The career generally requires a business-related bachelor's degree and strong quantitative skills.

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