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Career and Education Opportunities for Credit Analysts in Elgin, Illinois

For those living in the Elgin, Illinois area, there are many career and education opportunities for credit analysts. There are currently 4,000 working credit analysts in Illinois; this should grow by 3% to 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 about $27 per hour or $56,240 yearly on average in Illinois and about $26 hourly or $55,250 annually on average nationally. 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. Jobs in this field include: financial analyst, escrow representative, and underwriter.

There are fifteen schools within twenty-five miles of Elgin where you can study to be a credit analyst, among sixty-one schools of higher education total in the Elgin area. The most common level of education for credit analysts is a Bachelor's degree. It will take about four years to learn 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 Elgin 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.
  • 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

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.

Judson University - Elgin, IL

Judson University, 1151 N State St, Elgin, IL 60123-1498. Judson University is a small university located in Elgin, Illinois. It is a private not-for-profit school with primarily 4-year or above programs and has 1,226 students. Judson 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.

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.

Aurora University - Aurora, IL

Aurora University, 347 S Gladstone Ave, Aurora, IL 60506-4892. Aurora University is a small university located in Aurora, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 4,291 students and an admission rate of 80%. Aurora University has 2 areas of study related to Credit Analyst. They are:

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

Elgin Community College - Elgin, IL

Elgin Community College, 1700 Spartan Drive, Elgin, IL 60123-7193. Elgin Community College is a medium sized college located in Elgin, Illinois. It is a public school with primarily 2-year programs and has 9,821 students. Elgin Community College has an associate's degree program in Accounting which graduated five students 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.

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.

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.

Rasmussen College-Aurora - Aurora, IL

Rasmussen College-Aurora, 2363 Sequoia Drive, Suite 131, Aurora, IL 60506. Rasmussen College-Aurora is a small college located in Aurora, Illinois. It is a private for-profit school with primarily 2-year programs and has 36 students. Rasmussen College-Aurora has an associate's degree program in Accounting.

Northern Illinois University - Dekalb, IL

Northern Illinois University, 1425 W. Lincoln Hwy., Dekalb, IL 60115-2825. Northern Illinois University is a large university located in Dekalb, Illinois. It is a public school with primarily 4-year or above programs. It has 24,397 students and an admission rate of 58%. Northern Illinois University has 2 areas of study related to Credit Analyst. They are:

  • Accounting, bachelor's degree and master's degree which graduated 179 and 104 students respectively in 2008.
  • Finance, bachelor's degree which graduated 140 students 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.

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.

Waubonsee Community College - Sugar Grove, IL

Waubonsee Community College, Rte 47 at Waubonsee Drive, Sugar Grove, IL 60554-0901. Waubonsee Community College is a medium sized college located in Sugar Grove, Illinois. It is a public school with primarily 2-year programs and has 9,218 students. Waubonsee Community College has a less than one year and an associate's degree program in Accounting which graduated one and eight students respectively in 2008.

LOCATION INFORMATION: Elgin, Illinois

Elgin, Illinois
Elgin, Illinois photo by James Jordan

Elgin is located in Kane County, Illinois. It has a population of over 106,330, which has grown by 12.5% over the last ten years. The cost of living index in Elgin, 104, is above the national average. New single-family homes in Elgin cost $156,500 on average, which is far less than the state average. In 2008, three hundred thirty-two new homes were constructed in Elgin, down from seven hundred fifty-six the previous year.

The top three industries for women in Elgin are health care, educational services, and finance and insurance. For men, it is construction, metal and metal products, and administrative and support and waste management services. The average travel time to work is about 26 minutes. More than 20.5% of Elgin residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 6.0%, is lower than the state average.

The unemployment rate in Elgin is 12.4%, which is greater than Illinois's average of 10.5%.

The percentage of Elgin residents that are affiliated with a religious congregation, 56.0%, is more than both the national and state average. Holy Trinity Lutheran Church, Seventh Day Adventist Church and Saint Thomas More Roman Catholic Church are some of the churches located in Elgin. The largest religious groups are the Catholic Church, the Lutheran Church and the Evangelical Lutheran Church in America.

Elgin is home to the Fox Bluff Corporate Center and the Elgin Fire Station Number 2 as well as Wing Park and College Park. Shopping malls in the area include Wing Park Manor Shopping Center, Tyler Creek Plaza Shopping Center and Town and Country Plaza Shopping Center. Visitors to Elgin can choose from Elgin-Days Inn, Colonial Lodge Motel and Crowne Plaza for temporary stays in the area.