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Career and Education Opportunities for Credit Analysts in Springfield, Illinois

Credit analysts can find both educational opportunities and jobs in the Springfield, Illinois area. There are currently 4,000 working credit analysts in Illinois; this should grow 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.

A person working as a credit analyst can expect to earn about $27 per hour or $56,240 annually on average in Illinois and about $26 hourly or $55,250 per year on average in the U.S. as a whole. 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: credit administrator, credit and collections analyst, and credit manager.

There are two schools within twenty-five miles of Springfield where you can study to be a credit analyst, among nine schools of higher education total in the Springfield area. Credit analysts usually hold a Bachelor's degree, so 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 Springfield 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.
  • 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 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.
  • Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.

EDUCATIONAL OPPORTUNITIES: Credit Analyst Training

Lincoln Land Community College - Springfield, IL

Lincoln Land Community College, 5250 Shepherd Rd, Springfield, IL 62794-9256. Lincoln Land Community College is a medium sized college located in Springfield, Illinois. It is a public school with primarily 2-year programs and has 6,659 students. Lincoln Land Community College has an associate's degree program in Accounting which graduated one student in 2008.

University of Illinois at Springfield - Springfield, IL

University of Illinois at Springfield, One University Plaza, Springfield, IL 62703-5407. University of Illinois at Springfield is a small university located in Springfield, Illinois. It is a public school with primarily 4-year or above programs. It has 4,711 students and an admission rate of 60%. University of Illinois at Springfield has a bachelor's degree and a master's degree program in Accounting which graduated zero and thirty students respectively in 2008.

LOCATION INFORMATION: Springfield, Illinois

Springfield, Illinois
Springfield, Illinois photo by %C3%89ovart_Ca%C3%A7eir

Springfield is situated in Sangamon County, Illinois. It has a population of over 117,352, which has grown by 5.3% in the past ten years. The cost of living index in Springfield, 75, is far less than the national average. New single-family homes in Springfield cost $245,700 on average, which is below the state average. In 2008, ninety-seven new homes were built in Springfield, down from one hundred seventy-nine the previous year.

The three most popular industries for women in Springfield are public administration, health care, and educational services. For men, it is public administration, construction, and accommodation and food services. The average travel time to work is about 17 minutes. More than 30.6% of Springfield residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 11.6%, is higher than the state average.

The unemployment rate in Springfield is 8.5%, which is less than Illinois's average of 10.5%.

The percentage of Springfield residents that are affiliated with a religious congregation, 56.9%, is more than both the national and state average. First Presbyterian Church and Christ Episcopal Church are all churches located in Springfield. The most common religious groups are the Catholic Church, the Assemblies of God and the United Methodist Church.

Springfield is home to the Oliver P Parks Telephone Museum and the Building I as well as Jaycee Park and Fairview Park. Shopping malls in the area include Capital City Shopping Center, Fairhills Shopping Center and Chatham Square Shopping Center. Visitors to Springfield can choose from Cottage Inn, Courtyard Springfield and Drury Inn and Suites Springfield IL for temporary stays in the area.