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Career and Education Opportunities for Credit Analysts in Chicago, Illinois

Credit analysts can find many career and educational opportunities in the Chicago, Illinois area. There are currently 4,000 working credit analysts in Illinois; this should grow by 3% to about 4,110 working credit analysts in the state by 2016. This is not quite as good as the national trend for credit analysts, which sees this job pool growing by about 15.0% over the next eight years. Credit analysts generally analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money.

Credit analysts earn approximately $27 hourly or $56,240 yearly on average in Illinois. Nationally they average about $26 hourly or $55,250 per year. Credit analysts earn less than people working in the category of Accounting and Auditing generally in Illinois and less than people in the Accounting and Auditing category nationally. Credit analysts work in a variety of jobs, including: credit and collections analyst, credit specialist, and credit assessment analyst.

There are forty-one schools within twenty-five miles of Chicago where you can study to be a credit analyst, among 180 schools of higher education total in the Chicago area. The most common level of education for credit analysts is a Bachelor's degree. You can expect to spend about four years studying to be a credit analyst if you already have a high school diploma.

CAREER DESCRIPTION: Credit Analyst

Credit Analyst video from the State of New Jersey Dept. of Labor and Workforce Development

In general, credit analysts analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. They also prepare reports with this credit information for use in decision-making.

Credit analysts analyze credit data and financial statements to establish the degree of risk involved in extending credit or lending money. They also compare liquidity and credit histories of establishments being evaluated with those of similar establishments in the same industries and geographic locations. Finally, credit analysts talk with credit associations and other business representatives to exchange credit data.

Every day, credit analysts are expected to be able to think through problems and come up with general rules. They need to articulate ideas and problems. It is also important that they deal with basic arithmetic problems.

It is important for credit analysts to generate financial ratios, using computer programs, to review customers' financial status. They are often called upon to confer with customers to deal with complaints and verify financial and credit transactions. They also ready reports that include the degree of risk involved in extending credit or lending money. They are sometimes expected to inspect individual or commercial customer files to pinpoint and decide on delinquent accounts for collection. Somewhat less frequently, credit analysts are also expected to analyze financial data such as income growth, quality of management, and market share to establish expected profitability of loans.

They also have to be able to analyze financial data such as income growth, quality of management, and market share to establish expected profitability of loans and evaluate customer records and recommend payment plans on the basis of earnings and purchase activity. And finally, they sometimes have to analyze credit data and financial statements to establish the degree of risk involved in extending credit or lending money.

Like many other jobs, credit analysts must have exceptional integrity and be thorough and dependable.

Similar jobs with educational opportunities in Chicago include:

  • Accountant. Analyze financial information and prepare financial reports to determine or maintain records of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.
  • Assessor. Appraise real and personal property to determine its fair value. May assess taxes in accordance with prescribed schedules.
  • Auditor. Examine and analyze accounting records to determine financial status of establishment and prepare financial reports concerning operating procedures.
  • Budget Analyst. Examine budget estimates for completeness, accuracy, and conformance with procedures and regulations. Analyze budgeting and accounting reports for the purpose of maintaining expenditure controls.
  • Cost Analyst. Prepare cost estimates for product manufacturing, construction projects, or services to aid management in bidding on or determining price of product or service. May specialize according to particular service performed or type of product manufactured.
  • Financial Analyst. Conduct quantitative analyses of information affecting investment programs of public or private institutions.
  • Financial Examiner. Enforce or ensure compliance with laws and regulations governing financial and securities institutions and financial and real estate transactions. May examine, verify correctness of, or establish authenticity of records.
  • Income Tax Advisor. Prepare tax returns for individuals or small businesses but do not have the background or responsibilities of an accredited or certified public accountant.
  • Insurance Underwriter. Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
  • Loan Counselor. Provide guidance to prospective loan applicants who have problems qualifying for traditional loans. Guidance may include determining the best type of loan and explaining loan requirements or restrictions.
  • Loan Officer. Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
  • Personal Financial Planner. Advise clients on financial plans utilizing knowledge of tax and investment strategies, securities, and real estate. Duties include assessing clients' assets, liabilities, and financial objectives to establish investment strategies.
  • Real Estate Appraiser. Appraise real property to determine its value for purchase, sales, or loan purposes.
  • Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.

EDUCATIONAL OPPORTUNITIES: Credit Analyst Training

Brown Mackie College-Merrillville - Merrillville, IN

Brown Mackie College-Merrillville, 1000 E 80th Place, Suite 101N, Merrillville, IN 46410. Brown Mackie College-Merrillville is a small college located in Merrillville, Indiana. It is a private for-profit school with primarily 4-year or above programs and has 780 students. Brown Mackie College-Merrillville has a one to two year program in Accounting which graduated one student in 2008.

Benedictine University - Lisle, IL

Benedictine University, 5700 College Rd, Lisle, IL 60532-0900. Benedictine University is a medium sized university located in Lisle, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 5,053 students and an admission rate of 80%. Benedictine University has 2 areas of study related to Credit Analyst. They are:

  • Accounting, bachelor's degree.
  • Finance, bachelor's degree which graduated 4 students in 2008.

Roosevelt University - Chicago, IL

Roosevelt University, 430 S Michigan Ave, Chicago, IL 60605-1394. Roosevelt University is a medium sized university located in Chicago, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 7,708 students and an admission rate of 43%. Roosevelt University has 2 areas of study related to Credit Analyst. They are:

  • Accounting, bachelor's degree and master's degree.
  • Finance, bachelor's degree.

Dominican University - River Forest, IL

Dominican University, 7900 W Division St, River Forest, IL 60305. Dominican University is a small university located in River Forest, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,413 students and an admission rate of 85%. Dominican University has a bachelor's degree and a master's degree program in Accounting which graduated one and zero students respectively in 2008.

Saint Xavier University - Chicago, IL

Saint Xavier University, 3700 W 103rd St, Chicago, IL 60655. Saint Xavier University is a medium sized university located in Chicago, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 5,307 students and an admission rate of 71%. Saint Xavier University has 2 areas of study related to Credit Analyst. They are:

  • Accounting, one to two year, bachelor's degree, and postbaccalaureate certificate.
  • Finance, bachelor's degree and master's degree.

Calumet College of Saint Joseph - Whiting, IN

Calumet College of Saint Joseph, 2400 New York Ave, Whiting, IN 46394. Calumet College of Saint Joseph is a small college located in Whiting, Indiana. It is a private not-for-profit school with primarily 4-year or above programs and has 1,147 students. Calumet College of Saint Joseph has one to two year, associate's degree, and bachelor's degree programs in Accounting which graduated zero, one, and five students respectively in 2008.

City Colleges of Chicago-Kennedy-King College - Chicago, IL

City Colleges of Chicago-Kennedy-King College, 6301 S Halsted St, Chicago, IL 60621-2709. City Colleges of Chicago-Kennedy-King College is a medium sized college located in Chicago, Illinois. It is a public school with primarily 2-year programs and has 6,873 students. City Colleges of Chicago-Kennedy-King College has an associate's degree program in Accounting which graduated one student in 2008.

Loyola University Chicago - Chicago, IL

Loyola University Chicago, 820 N. Michigan, Chicago, IL 60611-9810. Loyola University Chicago is a large university located in Chicago, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 15,670 students and an admission rate of 74%. Loyola University Chicago has 2 areas of study related to Credit Analyst. They are:

  • Accounting, bachelor's degree and master's degree which graduated four and zero students respectively in 2008.
  • Finance, bachelor's degree which graduated 27 students in 2008.

Ellis University - Chicago, IL

Ellis University, 111 N Canal St Ste 380, Chicago, IL 60606. Ellis University is a small university located in Chicago, Illinois. It is a private not-for-profit school with primarily 4-year or above programs and has 2,692 students. Ellis University has a bachelor's degree program in Accounting.

College of Lake County - Grayslake, IL

College of Lake County, 19351 W Washington St., Grayslake, IL 60030-1198. College of Lake County is a large college located in Grayslake, Illinois. It is a public school with primarily 2-year programs and has 16,359 students. College of Lake County has a one to two year and an associate's degree program in Accounting which graduated five and four students respectively in 2008.

Triton College - River Grove, IL

Triton College, 2000 5th Ave, River Grove, IL 60171-1995. Triton College is a large college located in River Grove, Illinois. It is a public school with primarily 2-year programs and has 15,547 students. Triton College has an associate's degree program in Accounting which graduated six students in 2008.

Purdue University-Calumet Campus - Hammond, IN

Purdue University-Calumet Campus, 2200 169th St, Hammond, IN 46323-2094. Purdue University-Calumet Campus is a medium sized university located in Hammond, Indiana. It is a public school with primarily 4-year or above programs. It has 9,325 students and an admission rate of 74%. Purdue University-Calumet Campus has a bachelor's degree program in Accounting which graduated eight students in 2008.

City Colleges of Chicago-Olive-Harvey College - Chicago, IL

City Colleges of Chicago-Olive-Harvey College, 10001 S Woodlawn Ave, Chicago, IL 60628-1696. City Colleges of Chicago-Olive-Harvey College is a small college located in Chicago, Illinois. It is a public school with primarily 2-year programs and has 4,063 students. City Colleges of Chicago-Olive-Harvey College has less than one year, one to two year, and associate's degree programs in Accounting which graduated one, one, and three students respectively in 2008.

University of Phoenix-Chicago Campus - Schaumburg, IL

University of Phoenix-Chicago Campus, 1500 McConnor Pkwy., Suite 700, Schaumburg, IL 60173-4399. University of Phoenix-Chicago Campus is a small university located in Schaumburg, Illinois. It is a private for-profit school with primarily 4-year or above programs and has 793 students. University of Phoenix-Chicago Campus has a bachelor's degree program in Accounting which graduated one student in 2008.

Lewis University - Romeoville, IL

Lewis University, One University Parkway, Romeoville, IL 60446-2200. Lewis University is a medium sized university located in Romeoville, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 5,536 students and an admission rate of 71%. Lewis University has 2 areas of study related to Credit Analyst. They are:

  • Accounting, bachelor's degree which graduated 1 student in 2008.
  • Finance, bachelor's degree and master's degree which graduated five and zero students respectively in 2008.

Northwestern University - Evanston, IL

Northwestern University, 633 Clark St, Evanston, IL 60208. Northwestern University is a large university located in Evanston, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 20,128 students and an admission rate of 27%. Northwestern University has one to two year, master's degree, and doctor's degree programs in Finance which graduated nine, 212, and zero students respectively in 2008.

City Colleges of Chicago-Harry S Truman College - Chicago, IL

City Colleges of Chicago-Harry S Truman College, 1145 W Wilson Ave., Chicago, IL 60640-6063. City Colleges of Chicago-Harry S Truman College is a large college located in Chicago, Illinois. It is a public school with primarily 2-year programs and has 11,835 students. City Colleges of Chicago-Harry S Truman College has less than one year, one to two year, and associate's degree programs in Accounting which graduated three, two, and one students respectively in 2008.

North Park University - Chicago, IL

North Park University, 3225 W Foster Ave, Chicago, IL 60625-4895. North Park University is a small university located in Chicago, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,255 students and an admission rate of 30%. North Park University has 2 areas of study related to Credit Analyst. They are:

  • Accounting, bachelor's degree.
  • Finance, bachelor's degree.

McHenry County College - Crystal Lake, IL

McHenry County College, 8900 US Hwy 14, Crystal Lake, IL 60012-2761. McHenry County College is a medium sized college located in Crystal Lake, Illinois. It is a public school with primarily 2-year programs and has 5,374 students. McHenry County College has a one to two year and an associate's degree program in Accounting which graduated one and eight students respectively in 2008.

Illinois Institute of Technology - Chicago, IL

Illinois Institute of Technology, 3300 S Federal St, Chicago, IL 60616. Illinois Institute of Technology is a medium sized school located in Chicago, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 7,404 students and an admission rate of 57%. Illinois Institute of Technology has a master's degree program in Finance which graduated seventy students in 2008.

Taylor Business Institute - Chicago, IL

Taylor Business Institute, 318 West Adams Street, Suite 500, Chicago, IL 60606. Taylor Business Institute is a small school located in Chicago, Illinois. It is a private for-profit school with primarily 2-year programs. It has 318 students and an admission rate of 80%. Taylor Business Institute has a one to two year and an associate's degree program in Accounting.

University of Illinois at Chicago - Chicago, IL

University of Illinois at Chicago, 601 S Morgan, Chicago, IL 60607. University of Illinois at Chicago is a large university located in Chicago, Illinois. It is a public school with primarily 4-year or above programs. It has 25,709 students and an admission rate of 60%. University of Illinois at Chicago has 2 areas of study related to Credit Analyst. They are:

  • Accounting, bachelor's degree and master's degree which graduated 146 and fifty-eight students respectively in 2008.
  • Finance, bachelor's degree which graduated 35 students in 2008.

City Colleges of Chicago-Richard J Daley College - Chicago, IL

City Colleges of Chicago-Richard J Daley College, 7500 S Pulaski Rd, Chicago, IL 60652-1299. City Colleges of Chicago-Richard J Daley College is a medium sized college located in Chicago, Illinois. It is a public school with primarily 2-year programs and has 9,711 students. City Colleges of Chicago-Richard J Daley College has less than one year, one to two year, and associate's degree programs in Accounting which graduated thirty-one, seven, and thirteen students respectively in 2008.

Elmhurst College - Elmhurst, IL

Elmhurst College, 190 Prospect Ave, Elmhurst, IL 60126-3096. Elmhurst College is a small college located in Elmhurst, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,315 students and an admission rate of 69%. Elmhurst College has 2 areas of study related to Credit Analyst. They are:

  • Accounting, bachelor's degree and master's degree.
  • Finance, bachelor's degree which graduated 1 student in 2008.

Morton College - Cicero, IL

Morton College, 3801 S Central Ave, Cicero, IL 60804-4398. Morton College is a small college located in Cicero, Illinois. It is a public school with primarily 2-year programs and has 4,959 students. Morton College has an associate's degree program in Accounting which graduated five students in 2008.

Trinity Christian College - Palos Heights, IL

Trinity Christian College, 6601 W College Dr, Palos Heights, IL 60463-0929. Trinity Christian College is a small college located in Palos Heights, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,404 students and an admission rate of 94%. Trinity Christian College has a bachelor's degree program in Accounting.

North Central College - Naperville, IL

North Central College, 30 N Brainard St, Naperville, IL 60540. North Central College is a small college located in Naperville, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,726 students and an admission rate of 69%. North Central College has 2 areas of study related to Credit Analyst. They are:

  • Accounting, bachelor's degree which graduated 4 students in 2008.
  • Finance, bachelor's degree which graduated 11 students in 2008.

National-Louis University - Chicago, IL

National-Louis University, 122 S Michigan Ave, Chicago, IL 60603. National-Louis University is a medium sized university located in Chicago, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 6,874 students and an admission rate of 56%. National-Louis University has a bachelor's degree program in Accounting.

City Colleges of Chicago-Harold Washington College - Chicago, IL

City Colleges of Chicago-Harold Washington College, 30 E Lake St, Chicago, IL 60601-2449. City Colleges of Chicago-Harold Washington College is a medium sized college located in Chicago, Illinois. It is a public school with primarily 2-year programs and has 8,342 students. City Colleges of Chicago-Harold Washington College has less than one year, one to two year, and associate's degree programs in Accounting which graduated three, three, and six students respectively in 2008.

Harper College - Palatine, IL

Harper College, 1200 W Algonquin Rd, Palatine, IL 60067-7398. Harper College is a large college located in Palatine, Illinois. It is a public school with primarily 2-year programs and has 15,250 students. Harper College has a less than one year program in Accounting which graduated four students in 2008.

Governors State University - University Park, IL

Governors State University, 1 University Pky, University Park, IL 60466-0975. Governors State University is a medium sized university located in University Park, Illinois. It is a public school with primarily 4-year or above programs and has 5,457 students. Governors State University has a bachelor's degree and a master's degree program in Accounting.

City Colleges of Chicago-Wilbur Wright College - Chicago, IL

City Colleges of Chicago-Wilbur Wright College, 4300 N Narragansett, Chicago, IL 60634-1500. City Colleges of Chicago-Wilbur Wright College is a large college located in Chicago, Illinois. It is a public school with primarily 2-year programs and has 11,677 students. City Colleges of Chicago-Wilbur Wright College has less than one year, one to two year, and associate's degree programs in Accounting which graduated three, four, and seven students respectively in 2008.

Zarem Golde ORT Technical Institute - Skokie, IL

Zarem Golde ORT Technical Institute, 5440 Fargo Avenue, Skokie, IL 60077. Zarem Golde ORT Technical Institute is a small school located in Skokie, Illinois. It is a private not-for-profit school with primarily 2-year programs. It has 289 students and an admission rate of 94%. Zarem Golde ORT Technical Institute has a less than one year program in Accounting which graduated thirty-two students in 2008.

Concordia University - River Forest, IL

Concordia University, 7400 Augusta, River Forest, IL 60305-1499. Concordia University is a small university located in River Forest, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 4,185 students and an admission rate of 58%. Concordia University has a bachelor's degree program in Accounting.

Northeastern Illinois University - Chicago, IL

Northeastern Illinois University, 5500 N Saint Louis Ave, Chicago, IL 60625-4699. Northeastern Illinois University is a large university located in Chicago, Illinois. It is a public school with primarily 4-year or above programs. It has 11,193 students and an admission rate of 71%. Northeastern Illinois University has 2 areas of study related to Credit Analyst. They are:

  • Accounting, bachelor's degree and master's degree.
  • Finance, bachelor's degree.

DePaul University - Chicago, IL

DePaul University, 55 E Jackson, Chicago, IL 60604. DePaul University is a large university located in Chicago, Illinois. It is a private not-for-profit school with primarily 4-year or above programs and has 22,554 students. DePaul University has 2 areas of study related to Credit Analyst. They are:

  • Accounting, bachelor's degree and master's degree which graduated 187 and forty-one students respectively in 2008.
  • Finance, bachelor's degree and master's degree which graduated 263 and twenty-seven students respectively in 2008.

Kaplan College-Merrillville - Merrillville, IN

Kaplan College-Merrillville, 3803 E Lincoln Hwy, Merrillville, IN 46410. Kaplan College-Merrillville is a small college located in Merrillville, Indiana. It is a private for-profit school with primarily 2-year programs and has 405 students. Kaplan College-Merrillville has a one to two year and an associate's degree program in Accounting.

University of St Francis - Joliet, IL

University of St Francis, 500 N Wilcox St, Joliet, IL 60435-6188. University of St Francis is a small university located in Joliet, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,334 students and an admission rate of 60%. University of St Francis has 2 areas of study related to Credit Analyst. They are:

  • Accounting, bachelor's degree.
  • Finance, bachelor's degree.

East-West University - Chicago, IL

East-West University, 816 S Michigan Ave, Chicago, IL 60605. East-West University is a small university located in Chicago, Illinois. It is a private not-for-profit school with primarily 4-year or above programs and has 1,234 students. East-West University has a less than one year program in Accounting.

South Suburban College - South Holland, IL

South Suburban College, 15800 South State Street, South Holland, IL 60473-1200. South Suburban College is a medium sized college located in South Holland, Illinois. It is a public school with primarily 2-year programs and has 7,105 students. South Suburban College has an associate's degree program in Accounting which graduated three students in 2008.

Joliet Junior College - Joliet, IL

Joliet Junior College, 1215 Houbolt Rd, Joliet, IL 60431-8938. Joliet Junior College is a large college located in Joliet, Illinois. It is a public school with primarily 2-year programs and has 14,088 students. Joliet Junior College has 2 areas of study related to Credit Analyst. They are:

  • Accounting, one to two year and associate's degree which graduated two and thirteen students respectively in 2008.
  • Finance, one to two year which graduated 3 students in 2008.

LOCATION INFORMATION: Chicago, Illinois

Chicago, Illinois
Chicago, Illinois photo by Dschwen

Chicago is situated in Cook County, Illinois. It has a population of over 2,853,114, which has shrunk by 1.5% in the past ten years. The cost of living index in Chicago, 114, is well above the national average. New single-family homes in Chicago are valued at $200,500 on average, which is far less than the state average. In 2008, three hundred eighty-one new homes were built in Chicago, down from eight hundred seventy the previous year.

The three big industries for women in Chicago are health care, educational services, and professional, scientific, and technical services. For men, it is construction, professional, scientific, and technical services, and accommodation and food services. The average commute to work is about 35 minutes. More than 25.5% of Chicago residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 10.0%, is higher than the state average.

The unemployment rate in Chicago is 11.6%, which is greater than Illinois's average of 10.5%.

The percentage of Chicago residents that are affiliated with a religious congregation, 57.6%, is more than both the national and state average. Southlawn United Methodist Church, Southern Missionary Baptist Church and Lakeside Evangelical Church are all churches located in Chicago. The most common religious groups are the Catholic Church, the Muslim Estimate and the Lutheran Church.

Chicago is home to the Five Crossings and the Wrigley Field as well as Monticello Park and Wilson Playground. Shopping centers in the area include Lincoln Village Shopping Center, Market Place at Six Corners Shopping Center and Kimbark Plaza Shopping Center. Visitors to Chicago can choose from Extended Stay America, Embassy Suites Lakefront and Cottage Inn for temporary stays in the area.