How To Become a Certified Credit Analyst (With Certification Options)

A career in credit analysis focuses on assessing the creditworthiness of individual or institutional loan applicants through quantitative analysis of their financial data. Credit analysts are in demand by a wide range of companies from commercial banks and credit rating agencies to retail outlets and investment banks.

Obtaining professional certification provides an additional level of expertise to professionals working in credit analysis and can improve their job prospects and increase their pay. Below are five professional certifications that are useful for those pursuing a career in credit analysis.

How to become a certified credit analyst
  1. Earn an associate degree or bachelor’s degree. …
  2. Gain work experience in an entry-level position. …
  3. Compare certification options to your career goals. …
  4. Select a certification that matches your qualifications. …
  5. Complete a certification program. …
  6. Add your new credentials to your resume.

Career as a Credit Analyst – Salaries, Skills Required, Recruiters etc

What does a certified credit analyst do?

Certified credit analysts work for loan companies, financial institutions, investment banks and corporations to ensure financial eligibility of loan applicants or potential investors. Here are some examples of job responsibilities that certified credit analysts complete:

What is a certified credit analyst?

A certified credit analyst is a credit analyst professional who holds one or more certifications in credit analysis or related specialties which qualifies them to be “certified,” credit analysts. Certified credit analysts assist clients or employers with reviewing applications for loans, investments and other financial assistance programs and going over applicants financial data to determine eligibility.

How to become a certified credit analyst

Review these steps to determine how to become a certified credit analyst and get certified:

1. Earn an associate degree or bachelors degree

Although some employers may prefer candidates to have a bachelors degree, prospective certified credit analysts may also be able to earn their certifications by attending a two-year associate degree program in accounting or finance, followed by extensive work experience. For those who want to attend a four-year bachelors degree program, they can benefit from majoring in accounting, finance or finance management.

2. Gain work experience in an entry-level position

After earning a college degree, prospective certified credit analysts have the required education to apply for and complete a few years of work experience in junior or mid-level credit analyst roles. During this time, professionals gain onsite job training and learn how to complete the work of credit analysts. They can also use this time to enhance their assessment and accounting skills to better prepare them for career advancement opportunities.

3. Compare certification options to your career goals

Because there are a range of professional certifications that accredited institutions offer to credit analysts, its important that you research your options and determine which certification reflects your career goals as a certified credit analyst before you apply.

4. Select a certification that matches your qualifications

When evaluating which credit analyst certifications align with your career goals, you also need to determine the prerequisites for each and whether your current education and professional experiences make you eligible to apply.

5. Complete a certification program

Certification programs for credit analysts can vary in length and take the form of in-person, online or hybrid learning options. This typically includes a few months of taking courses and studying materials about credit analysis and reporting, followed by taking and passing a certification exam to become a certified credit analyst.

6. Add your new credentials to your resume

Once you become a certified credit analyst, you can display your new professional title and the certification you received under the education section of your resume or your certification section, should you have other certifications. You can also highlight your certification on your profile for professional networking sites, so you can market yourself to potential employers.

Types of credit analyst certifications

Here are some examples of the types of credit analyst certifications and specialized certifications you can achieve and the requirements for each:

Commercial Banking & Credit Analyst (CBCA)

Prerequisites:

Those with an interest in a career in credit analysis or those currently enrolled or graduated from a college degree program. Certification applicants dont need any work experience in credit analysis to participate.

Certification course details:

The Corporate Finance Institute (CFI) offers the Commercial Banking & Credit Analyst (CBCA) certification. This is an online certification that consists of 29 courses relating to the fundamentals of commercial banking and credit analysis and more in-depth topics like account monitoring, financial modeling or loan security. It typically takes between four to six months to finish the certification program, but students can complete the program within a time frame that works best for them. Students receive their CBCA certifications after theyve completed the necessary assignments for each course.

How to apply:

Go to the CBCA certifications designated page on the CFI website and click the “Enroll Now,” button. You will need to create an account with the CFI to continue through the enrollment process. You may also need to pay an enrollment fee.

Certified Credit and Risk Analyst (CCRA)

Prerequisites:

Completion of a college degree program in an area like finance or accounting

Certification course details:

The National Association of Credit Management (NACM) offers the Certified Credit and Risk Analyst (CCRA) certification to help finance professionals enhance their ability to assess financial data and make important decisions about eligibility. It has three courses, including financial accounting, financial statement analysis and risk assessment. To earn the CCRA certification, students have to complete each course along with an in-person course and an in-person exam.

How to apply:

To apply for the CCRA certification, you need to go to the NACM website and go to the CCRA webpage. Then you need to complete a registration form and submit it to the NACMs Education Department along with your college transcripts.

Certified Credit Professional (CCP)

Prerequisites:

Completion of a bachelors degree program, at least two years of professional experience in finance or accounting and 25 hours of experience of retail banking training

Certification course details:

Offered by the American Association for Investment and Financial Management (AAIFM), this certification helps credit analyst professionals with a few years of professional experience to expand their knowledge of retail banking, credit analysis and consumer lending. Candidates achieve certification by taking and passing a three-hour exam.

How to apply:

To apply for the CCP exam and certification, you need to go to the AAIFMs website, click the “Registration for the Online Certification Exam” button and enter your personal details before submitting your form.

Credit Risk Certification (CRC)

Prerequisites:

Completion of a college degree program followed by three to five years of professional experience in an area like banking or credit analysis

Certification course details:

The Risk Management Association (RMA) provides this certification to credit analyst professionals. This certification program reviews topics relating to commercial borrowing, risk analysis and underwriting. Participants can prepare to take the CRC examination by reviewing the RMAs study materials and taking optional courses.

How to apply:

To apply, you can go to the RMAs website and click the link available on the CRC certification page. This should take you to the CRCs official page, where you can enroll by clicking the “apply” button.

Certified Credit Executive

Prerequisites: There are three pathways to qualify for the CCE certification:

Certification course details:

The National Association of Credit Management (NACM) also offers the Certified Credit Executive (CCE) certification in addition to other certification options. This certification programs provides expert credit professionals with certification to achieve or continue excelling in executive-level credit analysis roles. The CCE certification program includes courses and study materials, followed by the completion and passing of an in-person exam.

How to apply:

Go to the NACMs website and find the CCE certification under certification programs. Following the directions advised by the NACM, complete the registration form and submit it with your resume, college transcripts and an enrollment fee to the NACMs Education Department.

Salary expectations for certified credit analysts

Please note that none of the companies mentioned in this article are affiliated with Indeed.

FAQ

Which certification is best for credit analyst?

A credit analyst is usually required to have at least a bachelor’s degree in finance, accounting or related discipline. Earning this degree provides you with knowledge essential for risk assessment, including statistics, economics, ratio analysis, calculus, industry assessment and financial statement analysis.

How do I become a credit analyst?

Conclusion. CBCA is a worthy certification for would-be credit analysts. It comes jam packed with quality content like most other CFI certifications and can be tailored to your specific needs using elective and prep courses. Its fully online and you can take the exam anytime which is another major positive.

Is a CBCA certificate worth it?

Credit analysts also bring home a solid salary with good benefits and the opportunity for advancement. Some credit analysts go on to other exciting financial paths, such as loan manager, investment banker, and portfolio manager.

Is credit analyst a good job?

Credit analysts also bring home a solid salary with good benefits and the opportunity for advancement. Some credit analysts go on to other exciting financial paths, such as loan manager, investment banker, and portfolio manager.

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