How to Become a Commercial Credit Analyst
Step 1: Understand the job description and responsibilities of a Commercial Credit Analyst
What does a Commercial Credit Analyst do?
A Commercial Credit Analyst reviews credit data to evaluate commercial loan requests in order to approve or deny applications. Analyzes sources of financial information, such as financial statements, credit bureau reports and cash flows to determine potential risk and profitability of loan. Being a Commercial Credit Analyst prepares reports in response to new and additional credit proposals for loan officers and committees. Typically requires a bachelor's degree. Additionally, Commercial Credit Analyst typically reports to a supervisor or manager. The Commercial Credit Analyst works on projects/matters of limited complexity in a support role. Work is closely managed. To be a Commercial Credit Analyst typically requires 0-2 years of related experience.
When someone applies to a bank or commercial credit union for a loan, the bank has to decide if the borrower's credit is good enough.
Part of that job falls to a commercial credit analyst.
An analyst's job is to go over an applicant's financial and credit records to evaluate their credit-worthiness.
The core of a credit analyst_'_s job is to analyze credit data for anyone, business or individual, who wants to take out a loan or establish a line of credit.
The records that credit analysts study include annual reports, financial statements, profit and loss statements, management accounts and market data.
Step 2: Learn best tips to become a Commercial Credit Analyst
Best tips for those who want to become a Commercial Credit Analyst
Here are some tips to become a Commercial Credit Analyst.
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Step 3: View best colleges and universities for Commercial Credit Analyst
Best colleges and universities for Commercial Credit Analyst
- Florida Southern College
- Colby College
- Dartmouth College
- University of Notre Dame
- Western Washington University
- Canisius College
Step 4: Think about whether is it worth to be a Commercial Credit Analyst
Is being a Commercial Credit Analyst Worth it?
Depending on how aggressive or conservative a commercial appraiser determines the value of land, it can make up a sizable portion of the equity requirement.
It would legitimately be nice to help some folks work through the gears of commercial loans.
As a general rule, commercial loan officers are not the best at explaining criteria or requirements during the process.
This is possible if you make a decent amount of money, and don't have lots of other debts (cars, mortgages, credit cards, ect).
Generally speaking, with great credit, what is a "safe" formula for the amount of money you have and what you are able to borrow.
Step 5: Prepare relevant skills for being a Commercial Credit Analyst
What skills do you need to be a Commercial Credit Analyst?
There are skills required to succeed in every role, and this one is no different. Strategic knowledge of the follow skills will be required: Credit Analysis, Credit Verification, Risk Assessment, Risk Analysis. For success, a grasp of the following is key: Banking Software. Your ability to stand out from the competition depends on these skills, as well as your resume, interview, and other factors.
Commercial Credit Analysts evaluate the credit worthiness of a business in order to determine the business' ability to repay a loan.
Sample resumes of Commercial Credit Analysts highlight such skills as investigating and determining a borrower's financial strength prior to a credit line extension, and mitigating losses by analyzing a borrower's profile and credit history to determine their default probability.
Develop and maintained financial background information to suggest advisability of credit extensions.
They must collect and review an applicant’s financial information and other pertinent documents to get a better understanding of how financially stable the prospective borrower is and how willing and able they will be to repay any line of credit that is extended.
Education for a commercial credit analyst isn’t necessarily required to go past high school; most employers, however, prefer candidates with further education.
Step 6: View average salary for Commercial Credit Analyst
How much does a Commercial Credit Analyst make?
The average salary range for a Commercial Credit Analyst is from $44,537 to $55,599. The salary will change depending on your location, job level, experience, education, and skills.
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Average salary for Commercial Credit Analyst jobs
- Commercial Credit Analyst IV
- Commercial Credit Analyst I
- Commercial Credit Analyst II
- Commercial Credit Analyst III
- Entry Commercial Credit Analyst
- Intermediate Commercial Credit Analyst
- Senior Commercial Credit Analyst
- Specialist Commercial Credit Analyst