Key Attributes Credit Analysts Need To Succeed In Their Career

by Olivia Williams

Thursday, August 20, 2015

Credit analysts analyze credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with credit information for use in decision making.

The core tasks that credit analysts are likely to carry out include:

Analyze credit data and financial statements to determine the degree of risk involved in extending credit or lending money.
Generate financial ratios, using computer programs, to evaluate customers' financial status.
Prepare reports that include the degree of risk involved in extending credit or lending money.
Consult with customers to resolve complaints and verify financial and credit transactions.
Compare liquidity, profitability, and credit histories of establishments being evaluated with those of similar establishments in the same industries and geographic locations.
Review individual or commercial customer files to identify and select delinquent accounts for collection.

In order to successfully forge ahead with their careers, analysts in a survey carried out by U.S. Department of Labor (via O*NET) have marked out the following as important attributes that credit analysts would need. These attributes have been selected from characteristics and requirements strongly associated with the occupation. They are

Abilities: Enduring attributes of the individual that influence performance
Interests: Preferences for work environments. Occupational Interest Profiles (OIPs) are compatible with Holland's (1985, 1997) model of personality types and work environments. Six interest categories are used to describe the work environment of occupations: Realistic, Investigative, Artistic, Social, Enterprising, and Conventional. An OIP consists of six numerical scores indicating how descriptive and characteristic each work environment (or interest area) is for an occupation
Knowledge: Organized sets of principles and facts applying in general domains
Skills: These include basic skills, which are developed capacities that facilitate learning or the more rapid acquisition of knowledge. Plus cross-functional skills, which are developed capacities that facilitate performance of activities that occur across jobs
Style: Personal characteristics that can affect how well someone performs a job

We have listed out attributes which were scored 80% or more in terms of importance by the analysts.

Having a strong preference for conventional work environments. Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
Attribute Type: Interests Score: 100%

Being honest and ethical.
Attribute Type: Style Score: 92%

Being careful about detail and thorough in completing work tasks.
Attribute Type: Style Score: 90.6%

Analyzing information and using logic to address work-related issues and problems.
Attribute Type: Style Score: 88.6%

Being reliable, responsible, and dependable, and fulfilling obligations.
Attribute Type: Style Score: 86.6%

Maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
Attribute Type: Style Score: 82%

Accepting criticism and dealing calmly and effectively with high stress situations.
Attribute Type: Style Score: 80.6%

Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
Attribute Type: Knowledge Score: 80%

Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Attribute Type: Skills Score: 80%