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Finance & Accounting

Credit Analyst

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Primary Secondary Post-16

A credit analyst is responsible for evaluating the creditworthiness of individuals or businesses who apply for loans or credit. They review financial statements, credit reports, economic conditions, and payment histories to determine the risk involved in lending money. Their analysis helps banks and other financial institutions make informed decisions about approving or denying loan applications and setting suitable credit limits. Credit analysts often use statistical software and financial models to assess risk and must stay up to date with economic trends and regulations. This role is vital in preventing financial losses for lenders and ensuring responsible lending practices.

Credit Analyst

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📊 Statistics

Average Salary

The average salary for a credit analyst in the UK is between £25,000 and £45,000 per year, with experienced professionals earning up to £60,000.

Number of Positions

There are over 8,000 credit analyst roles across the UK, with the highest demand in London and major financial centres.

Job Growth

The demand for credit analysts is expected to grow by around 5 percent over the next five years as financial institutions focus on risk management.

🚀 Careers in this path

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Retail Banking Credit Analyst

Focuses on assessing the creditworthiness of individuals and small businesses applying for loans, mortgages, or credit cards within a retail banking setting.

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Corporate Credit Risk Analyst

Specialises in evaluating the financial health and risk profiles of large companies seeking business loans or lines of credit, often working for commercial banks or financial institutions.

Credit Analyst in Asset Finance

Analyses credit applications specifically related to asset finance, such as loans for vehicles, equipment, or machinery, ensuring that the risks are managed appropriately.

Build a Strong Academic Foundation

Complete GCSEs and A Levels

Focus on maths, economics, and business studies to prepare for a career in finance.

Strong grades in subjects such as mathematics and economics are particularly valuable. Some schools offer business studies or accounting, which can also help build relevant skills. These subjects will be useful for university entry or apprenticeships in finance.

Pursue a Relevant Degree or Apprenticeship

Study for a degree in finance, economics, business, or accounting, or consider a higher apprenticeship in financial services.

Universities offer specialist degrees that provide strong analytical and quantitative skills. Alternatively, financial services apprenticeships are available at banks and financial firms, enabling you to earn while you learn and gain practical experience.

Gain Practical Experience

Secure Internships or Work Placements

Get hands-on experience in banking, finance, or credit analysis roles.

Many banks and financial institutions offer summer internships or year-long placements for students. These roles give you practical exposure to financial analysis, client communication, and teamwork, all of which are valuable for a credit analyst career.

Develop Technical Skills

Learn to use financial software and spreadsheets, and develop your analytical abilities.

Credit Analysts frequently use Excel, financial modelling tools, and databases to evaluate credit applications. You can learn these skills through university courses, online tutorials, or on-the-job training. Demonstrating proficiency in these areas will make you more attractive to employers.

Start Your Career and Progress

Apply for Entry-Level Credit Analyst Roles

Look for graduate schemes or junior analyst positions at banks or financial companies.

Entry-level roles may be advertised as 'Junior Credit Analyst' or 'Graduate Analyst'. Tailor your CV to highlight your relevant skills, education, and experience. Some employers may support you in gaining further professional qualifications.

Pursue Professional Development

Work towards professional qualifications such as those from the Chartered Institute for Securities & Investment or the CFA Institute.

Professional qualifications can enhance your knowledge and employability. The CFA (Chartered Financial Analyst) programme is highly regarded in finance. You can also attend industry seminars and complete online courses to keep your skills up to date.

🎯 View Apprenticeships

Explore relevant apprenticeships that can help you kickstart your career in Credit Analyst. Apprenticeships offer hands-on experience and training while earning a wage.

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Career Progressions

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Sample Qualifications

A Credit Analyst and an Investment Analyst both assess financial data to inform lending and investment decisions. They require strong analytical skills, understanding of financial markets, and the ability to evaluate creditworthiness or investment potential.

How to become

You can get into this job through:

  • a university course
  • an apprenticeship
  • a graduate training scheme

University

You'll usually need a degree at upper second class or higher. Most degree subjects are accepted, but you may find these particularly useful:

  • economics
  • maths
  • business studies
  • accountancy
  • finance

If your degree is not related to business or finance, you could do a relevant postgraduate qualification like a master's in business administration (MBA).

A course with a placement year or a summer internship with give you valuable experience and an advantage when applying for work.

Entry requirements

You'll usually need:

  • 4 or 5 GCSEs at grades 9 to 4 (A* to C), or equivalent, including English and maths
  • 2 to 3 A levels, or equivalent, for a degree
  • a degree in any subject for a postgraduate course

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Apprenticeship

You can get into this job through a senior investment and commercial banking professional degree apprenticeship. This is at level 7, which is equivalent to a master's qualification.

This will usually take about 18 to 24 months to complete. You will take professional exams as part of the apprenticeship and at the end you will be able to apply for membership of the relevant professional body.

Entry requirements

You'll usually need:

  • 4 or 5 GCSEs at grades 9 to 4 (A* to C) and A levels, or equivalent, for a degree apprenticeship

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Other Routes

You could start as a graduate trainee in an investment bank or a stockbroking firm. Trainees must pass an exam that is recognised by the Financial Conduct Authority. These include:

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Career tips

You may find it useful to have knowledge of a specific industry for some jobs, for example experience in areas like energy, engineering or life sciences could be helpful.

Language skills, particularly French, German or Japanese, can also be useful if you're working with overseas clients and markets.

Professional and industry bodies

You could join organisations like the CFA Institute and Chartered Institute for Securities & Investment for professional recognition and training opportunities.

Further information

You can find out more about becoming an investment analyst from:

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