Credit Risk Analyst Jobs: What Are My Career Options?
Credit risk analysts are professional financial brokers who track a company or individual person's financial statements, earnings and credit history in order to determine the amount of risk summary. They will then report this data to lenders interested in the person or company in question. If this job sounds appealing to you, read on to learn more. Schools offering Insurance & Risk Management degrees can also be found in these popular choices.
What Education Do I Need to Become a Credit Risk Analyst?
According to College Board, a bachelor's degree in economics is ideal if you are looking to become a credit risk analyst (www.collegeboard.com). Other majors helpful to this type of career include finance, statistics, accounting or mathematics.
The coursework for any of these majors usually include statistics, banking and insurance principles, financial accounting and risk assessment, with an accompanying internship at an investment company or commercial bank. While the minimum education requirement is a bachelors degree, completing a master's degree in business, economics or finance is necessary if you are looking to hold managerial positions, according to O*Net OnLine (www.onetonline.com).
In addition to a standard bachelor's or master's degree, there are at least two related certifications that you can obtain as an aspiring credit risk analyst, although they are not required. The Credit Risk Certification (CRC) and the Certified Mortgage Banker (CMB) credentials are two designations available, according to the Risk Management Association (RMA).
The CRC is open to analysts holding a bachelor's degree with five years of experience in commercial banking, according to the RMA. It is a computer-based test that takes about five hours to complete with 126 multiple-choice questions. In addition to this, successful CRC holders must maintain 45 continuing education units and a 3-year renewal of the license.
The CMB, on the other hand, is useful for analysts who are trying to achieve a mortgage lending position. You can earn this certification from the Mortgage Bankers Association (MBA) by completing a two-part test, a 1-hour oral exam taken at one of the MBA offices, and a 6-hour written exam that is taken at your location, according to the MBA.
Career Options & Salary
The employment options available to you as a credit risk analyst include investment companies and banks, credit rating agencies, new businesses, and any other financial trade organization that deals with products and services.
You may begin their career as a quantitative or portfolio analyst, trading assistant or mathematician, and according to www.insidejobs.com, these careers provide salaries ranging from $50,000 to $75,000 per year. Eventually, these careers can lead to a profession as a risk management specialist, loan officer, investment analyst, investment banking analyst, insurance underwriter or a brokerage clerk. These careers hover in the $75,000 annual salary range.
To continue researching, browse degree options below for course curriculum, prerequisites and financial aid information. Or, learn more about the subject by reading the related articles below: