A credit analyst has an important role to play in the banks. The department is somewhat different from the common departments which render their services to the customers. It is a credit analyst who is responsible for assessing a loan applicant’s creditworthiness. A lot depends on the area of the functionality which the student chooses after finishing their course in the bank training academies in Delhi. Based on the same they are to analyze the credentials either of the individuals or companies. As credit analysts, you have a lot of potential of getting hired by commercial and investment banks, credit card issuing institutions, credit rating agencies and investment companies.
A credit analyst is tasked by the banks for gathering and analyzing financial data about clients, including paying pattern or history, earnings and savings information, and purchase activities. Once the data is collected from the customer, the credit analyst evaluates the data and recommends a course of action for the customer. Credit cards issued and the subsequent follow-ups of the payment is also an area looked after by the credit analyst. They are to issue credit cards, collect data about clients who have defaulted on their payments. This data is very vital as they decide the future course of action with regard to whether the card should be closed or the credit line is to be reduced. Again they are not restricted to clients who have defaulted on their payments. A credit analyst has to be up for the job of addressing the queries of the potential customers seeking new credit or customers who are being considered for credit line extensions.
In addition, there are also a few qualities that a credit analyst must possess. These skills may not be academic in nature but it has an equal amount of significance.
- Diligence: One must be at their best when it comes to exercising their wits as a credit analyst. The profession demands great attention to detail. The credit analyst must not miss any piece of information or data that is missed as this lead to an incorrect analysis of a customer and may cause potentially costly problems for the client involved.
- Written and Oral Communication Skills: A credit analyst must be able to effectively jot down and analyze the decisions of a variety of people, either orally or in print. The ability to better communication can help in the resolution of the issue faster.
- Knowledge of Industries: The knowledge of industries has to be vast as a credit analyst is assigned to work with companies and firms that operate in a particular industry. This requires a great understanding of the ins and outs of a particular industry can come in handy. If you don’t know many industries, just be sure to do your research before you show up for an interview.
- Experience with Financial Software: In this age of technology, the fluency of software use is a must. Be sure to acquaint yourself with software like Microsoft Excel in regards to the shortcuts, the tools of calculation, analysis of numerical data etc.