A credit analyst is responsible for evaluating the creditworthiness of individuals or companies who apply for loans or credit. This role involves analysing financial statements, credit reports, and market trends to determine the risk associated with lending money. Credit analysts often work for banks, credit unions, or financial services companies, and their assessments help decide whether to approve or decline loan applications. The job requires strong analytical skills, attention to detail, and a good understanding of financial markets and regulations. Credit analysts play a key role in ensuring that lending decisions are sound, which helps protect their employer from financial loss.
Credit analysts in the UK typically earn between £28,000 and £45,000 per year, with senior positions earning up to £60,000.
There are currently over 7,000 credit analyst positions across the UK, with opportunities in banks, financial services, and large corporations.
Most credit analysts work standard office hours, around 37 to 40 hours per week, though overtime may be required at busy times.
Focuses on assessing the creditworthiness of individual customers applying for personal loans, mortgages, and credit cards within a retail banking environment.
Specialises in evaluating the financial health and credit risk of large businesses or corporate clients seeking loans or credit facilities from banks or financial institutions.
Concentrates on analysing the credit risk involved in commercial transactions between businesses, often working for companies that provide goods or services on credit.
Focus on achieving strong results in your GCSEs, especially in Maths and English.
Credit Analysts need strong numerical and analytical skills, so choosing and excelling in Maths is particularly important. English is also vital for clear communication and report writing. Good grades will open up more opportunities for your next steps.
Study A-Levels or an equivalent qualification in subjects like Maths, Economics, or Business Studies.
A-Levels in Maths, Economics, or Business Studies provide an excellent foundation for understanding financial concepts and data analysis. Alternatively, you could consider BTECs or apprenticeships in finance or business-related areas.
Consider studying for a degree in Finance, Economics, Business, or a related field, or complete a relevant higher apprenticeship.
Many employers look for graduates with finance or business-related degrees, but you can also enter the field through higher apprenticeships in financial services. University courses usually last three years and can include work placements. Apprenticeships combine work and study, offering practical experience.
Gain practical experience through internships or work placements in banks, financial institutions, or credit agencies.
Work experience is invaluable as it helps you understand the financial industry and develop key skills. Look for summer internships, part-time jobs, or voluntary roles that involve analysing data, customer service, or working with financial products.
Look for trainee or junior Credit Analyst positions at banks, lenders, or financial companies.
Entry-level roles often involve supporting senior analysts, preparing financial reports, and learning how to assess credit applications. Tailor your CV to highlight your analytical skills, attention to detail, and any relevant experience or qualifications.
Consider studying for professional qualifications, such as those offered by the Chartered Institute for Securities & Investment (CISI) or the Chartered Banker Institute.
Professional qualifications can boost your knowledge, credibility, and career progression. They often involve part-time study alongside work and cover areas like risk management, credit assessment, and financial analysis.
Continue developing your expertise and aim for more senior Credit Analyst or risk management roles.
With experience, you can progress to senior analyst positions, team leader roles, or specialise in specific sectors such as corporate, retail, or international credit analysis. Continuous professional development and networking will help you advance your career.
Explore relevant apprenticeships that can help you kickstart your career in Credit Analyst. Apprenticeships offer hands-on experience and training while earning a wage.
A Credit Analyst and a Credit Controller both focus on assessing and managing credit risks, making financial decisions related to creditworthiness and debt collection. Both roles require strong analytical skills and an understanding of financial data to minimise risk and ensure healthy cash flows.
You can get into this job through:
You could do a foundation degree or degree in:
Some larger companies offer graduate training schemes, which prepare you for a career in credit control and management.
You'll usually need:
You could do a college course which will give you some of the skills you’ll need to apply for a trainee credit controller position.
Courses include:
You can speak to your college to find the right level course for you. Some colleges also offer distance learning courses.
Entry requirements for these courses vary.
4 or 5 GCSEs at grades 9 to 4 (A* to C), or equivalent, including English and maths for a T Level
You could apply for an apprenticeship such as:
These can take between 1 and 2 years to complete.
If you want to train for a manger role, you could take an Account and Finance Manager Level 6 Degree Apprenticeship over 3 years.
You'll usually need:
You could start as a finance assistant in a credit control department. You could then train on the job to become a credit controller or deputy manager.
The Chartered Institute of Credit Management offers courses at different levels tailored to your experience.
You can apply directly to be a credit controller, as many companies will train you on the job. The qualifications and experience you'll need will vary.
Most employers will expect you to have:
You might be able to move into credit control if you have experience in:
You can find out more about careers in credit control and management from the Chartered Institute of Credit Management.
Explore other careers or use our AI to discover personalised paths based on your interests.
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