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IT & InnovationAll you need to know about a Credit Risk Analyst role

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Leah Matkin
Posted byLeah Matkin

Leah Matkin has worked the UK analytics market for over ten years and is our Business Development Director! Get in touch here:

With worries that bad lending and risky investments could lead the world into another financial crisis, the role of a Credit Risk Analyst has never been more important. Typically, someone in this role reviews and assesses a customer’s financial history to discover how much of a risk to the bank they may be.

To learn more about how this role fits into everyday business, we spoke to our expert Credit Risk Analyst Specialist, Leah Matkin to learn about everything from qualifications to progression.

How much do Credit Risk Analysts earn?

A career as a Credit Risk Analyst can often lead to a very well paid career. While it does require candidates to show a proficiency in a variety of skills, a starting salary can be anywhere from £25,000 to £32,000.

“As with most roles, a person’s salary changes depending on the seniority of the candidate and the vacancy. For example, the most senior roles can earn lucrative wages which we have seen reach over £250,000.”

What qualifications will I need?

Typically, a degree in a relevant numeric discipline is required for a career within Credit Risk Analysis. Maths, statistics, economics and operational research are all degrees that teach extremely relevant skills.

“Those heading to university with this career in mind should focus on strengthening their analytical skills if they want to stand the best chance of getting the job. Subjects that have a focus on maths are almost essential for Credit Risk Analysts”

How much experience is required to be a Credit Risk Analyst?

When hiring for this role, it is not a necessity that a candidate already has a wealth of experience. Those hiring for Credit Risk Analyst roles can often be looking for graduates who can be trained internally.

Typically, when clients need new candidates, it’ll be for a mixture of roles, each a different level of seniority.

“Through my experience, we’ve hired everyone from graduates to CROs, the level of experience needed completely depends on the client’s requirements. However, one thing I have noticed is that those who managed to secure and succeed in a placement year during University are more likely to get a graduate job as opposed to those without work experience so I would recommend looking into that.”

Do I need any specific skills and attributes?

Credit Risk Analysts span a variety of industries and while each does have their own unique requirements, there are many skills that crossover between them. For example, candidates will quite obviously need strong analytical skills, but this will be enhanced by any knowledge of analytical software such as SAS, which is widely used throughout the retail banking industry.

Alongside this, typical skills include:

  • Diligence - any missed piece of information or data could influence an incorrect analysis.
  • Quantitative Analysis - Credit Risk Analysts may often find themselves analysing heaps of data to discover how it can help form a decision.

What roles can I transition from?

“While it does depend on what the client is looking for, most analytical professions can transition into this role. Providing a candidate has strong communications and skills and a proficiency with SAS, we are usually able to help them transition to this new role”

What sectors and industries need Credit Risk Analysts?

This role is a key part of a variety of financial sectors including: Banking, Insurance and Accounting. Those working in this role aren’t just limited to working in banks, they can pursue careers in companies that offers financing options to its customers such as Telecommunications and Utilities. 

Credit Risk Analysts are often found throughout utilities companies, so a career in this profession can offer a wide range of unique and interesting paths.

Why does the Credit Risk Analyst role exist?

When it comes to financing, companies need to ensure that they reduce risks to ensure they make safe and sensible investments. Credit Risk Analysts will make decisions based on the vast information held on the customer and this requires the specialist insight of someone with an expert analytical eye.

Looking for a Credit Risk Analyst role? Contact Leah today. 

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