How to Become a Credit Analyst in India?

A credit analyst evaluates and analyses a firm, an individual, or a bank’s creditworthiness. The work of determining whether a business, an individual or other organisations can repay debts and loans on time is a risky and a great responsibility. If you want to become a Credit analyst, this blog is for you! Continue to read the roles and responsibilities, benefits of this role, top recruiters, salary and more.

Credit Analyst: Who are They?

The Credit analyst job mainly involves focusing on and analysing the Financial data of the Client.  They evaluate the application of loan and credit applicants with the standard range of prose and the purpose of the application.

Industry	Financial sector
Eligibility	Bachelor’s Degree in Accounting, Finance & Banking
Average Salary	INR 5Lakh-INR 14Lakh
Key Responsibility	The primary role is to assess the creditworthiness of an individual or company.

Role and Responsibilities

The followings are the roles and responsibilities of a Credit Analyst. Check them out!

• Evaluating Credit Risk 
• Analyse Financial Data 
• Review the credits limit of existing customers 
• Due Diligence
• Ability to multitask 
• Well-versed in Financial Software 
• Knowledge of industry
• Documentation Organisational Analysis 

Must Read: MBA in Banking and Finance

Type of Credit Analysts

Various jobs are offered to Credit Analysts in banks, firms, financial organizations, companies and many more. Let us discuss some of the types of Credit Analysts:

• Commercial Credit Analyst
• Credit Research Analyst 
• Credit and Collocation Analyst 

How to Become a Credit Analyst?

Here are the steps to pursue your career in credit analysis and the qualifications that you require.

Bachelor’s Degree 

Candidate must be a bachelor’s degree holder in the field of finance and also have a good interest in accounting and finance.

Gain Experience in an Entry-Level Position

Join an entry-level position related to finance and accounting to get exposure and brush up on your skill and get more insight into a related field.

Purse a Certification Course

Select a certification course that is suitable and good for your profile also certification helps you to add value to your Resume.

Update Your Resume 

Add value to your resume by getting good experience and also add some certification courses to your profile.

How to Become a Credit Analyst In Abroad 

These are some of the Abroad universities/colleges which offer credit analysis courses:

Country	Top College/ Universities	Educational Requirement
UK	The University Of Cambridge  The University Of Oxford Imperial School of London The University Of Edinburgh	10+12 with 60% Bachelors with minimum 60% Masters with 60% IELTS, TOFEL, PTE, etc.
Canada	The University of Toronto University Of waterloo McMaster University  Concordia University	10+12 with 60% Bachelors with minimum 60% Masters with 60% IELTS, TOFEL, PTE, etc.
Australia	University Of New South Wales  The University Of Melbourne Monash University  The Australian National University	10+12 with 60% Bachelors with minimum 60% Masters with 60% IELTS, TOFEL, PTE, etc.

Courses to Become a Credit Analyst 

At least two to three years of experience working in a quantitative and analyst capacity are required for credit analysts. It is necessary to have a bachelor’s degree in finance, economics, accounting, mathematics, or physics; a master’s degree in one of these subjects is desirable.

In order to pursue a career in this role, the candidates must pursue relevant courses at the various diploma, undergraduate and postgraduate levels. Some relevant courses are BCom in Financial accounting, BCom in Finance, BSc Finance, and many more. 

Certification Course For Credit Analyst 

• Credit Risk Certification (CRC)
• Professional Certificate in Credit.
• Credit Business Associate (CBA)
• Credit Business Fellow (CBF)
• Certified Credit Executive (CCE)

Relevant Read: Financial Analyst Courses

Benefits of Credit Analyst 

The following are the benefits of pursuing the role of a credit analyst:

• Job opportunities
• Job Security
• Career growth
• Unique Experience 
• Quick Salary Increment 

Skills Required For Credit Analyst 

Here are the skills required to pursue a career in this role. Check these out:

• Knowledge of commercial credit products, market trends, and/or loan procedures.
• Attention to detail.
• Analytical and critical thinking skills.
• Financial & Quantitative skills.
• Strong time management and multitasking skills.
• Strong communication skills.
• Project management.

Top Recruiters of Credit Analysts 

These are some top recruiters, hiring candidates for this role. Have a look:

• Northern Trust
• TATA CAPITAL
• Novartis
• HP Inc
• Accenture
• ANZ Bank
• eClerx
• American Express
• Reliance Industries Ltd

Relevant Read: CFA Chartered Financial Analyst Course

Salary Of Credit Analyst 

Bellow given table gives you an idea about 

Top Companies	Average Salary
Citi	INR 4.2 LPA
ICICI Bank	INR 5 LPA
American Express	INR 3.9 LPA
CRISIL	INR 2.5 LPA
A&Z	INR 4 LPA
Barclays	INR 4.5 LPA
Axis Bank	INR 6.1 LPA
HDFC Bank	INR 5 INR
J.P Morgan	INR 7 LPA

Experience-Wise Salary 

Total Experience	Average income Salary
0-1	INR 3,95,000
1-4	INR 5,23,000
4-9	INR 9,35,000
10 years & Above	INR 12,09,000

Relevant Read: How to Become a Tax Analyst?

FAQ’s 

This was all about How to become a Credit Analyst. If you want to pursue education from abroad or know more about us good job opportunities, our experts at Leverage edu can help you explore the various programs offered around the world and assist you to find a suitable one as per your interests. Call us immediately at 1800 57 2000 for a free 30-minute counselling session