Credit Analysts

Credit analysts are crucial to the success and profitability of banks and other financial organizations, and the number, variety, and complexity of credit applications are on the rise. As the field of cash management grows along with the economy and the population, banks and other financial institutions will need to hire credit analysts. Opportunities should be best for those with strong educational backgrounds and those living in urban areas that tend to have the largest and greatest number of banks and other financial institutions. Credit analysts can expect steady job opportunities in the coming years. The Department of Labor does not provide an outlook specifically for credit analysts but information can be gleaned from the DOL's predictions for professions with similar roles. For example, the DOL forecasts much faster than average employment growth (9 percent) for financial analysts and average employment growth (5 percent) for credit counselors through 2033.

Credit analysts are particularly busy when interest rates drop and applications for loans surge. Job security is influenced by the local economy and business climate. However, loans are a major source of income for banks, and credit officers are less likely than most workers to lose their jobs in an economic downturn.

Information technology is affecting the field of credit analysis as public financial information, as well as economic and market research, becomes more accessible via the Internet. Credit professionals now have a broader range of data available upon which to base decisions.