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Career and Education Opportunities for Credit Analysts in Cedar Rapids, Iowa

Credit analysts can find both educational opportunities and jobs in the Cedar Rapids, Iowa area. About 620 people are currently employed as credit analysts in Iowa. By 2016, this is expected to grow 5% to about 650 people employed. This is not quite as good as the nation as a whole, where employment opportunities for credit analysts are expected to grow by about 15.0%. 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.

The income of a credit analyst is about $23 per hour or $48,060 yearly on average in Iowa. In the U.S. as a whole, their income is about $26 hourly or $55,250 per year on average. Credit analysts earn less than people working in the category of Accounting and Auditing generally in Iowa and less than people in the Accounting and Auditing category nationally. Credit analysts work in a variety of jobs, including: credit administrator, risk analyst, and credit negotiator.

The Cedar Rapids area is home to thirteen schools of higher education, including five within twenty-five miles of Cedar Rapids where you can get a degree as a credit analyst. Credit analysts usually hold a Bachelor's degree, so 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 Cedar Rapids 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 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.
  • Insurance Underwriter. Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
  • 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.
  • Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.

EDUCATIONAL OPPORTUNITIES: Credit Analyst Training

Coe College - Cedar Rapids, IA

Coe College, 1220 First Ave NE, Cedar Rapids, IA 52402-5092. Coe College is a small college located in Cedar Rapids, Iowa. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,326 students and an admission rate of 63%. Coe College has a bachelor's degree program in Accounting which graduated three students in 2008.

Kirkwood Community College - Cedar Rapids, IA

Kirkwood Community College, 6301 Kirkwood Blvd SW, Cedar Rapids, IA 52406-2068. Kirkwood Community College is a large college located in Cedar Rapids, Iowa. It is a public school with primarily 2-year programs and has 15,241 students. Kirkwood Community College has 2 areas of study related to Credit Analyst. They are:

  • Accounting, associate's degree which graduated 49 students in 2008.
  • Finance, associate's degree which graduated 9 students in 2008.

Kaplan University-Cedar Rapids Campus - Cedar Rapids, IA

Kaplan University-Cedar Rapids Campus, 3165 Edgewood Parkway SW, Cedar Rapids, IA 52404. Kaplan University-Cedar Rapids Campus is a small university located in Cedar Rapids, Iowa. It is a private for-profit school with primarily 4-year or above programs and has 594 students. Kaplan University-Cedar Rapids Campus has an associate's degree program in Accounting which graduated ten students in 2008.

University of Iowa - Iowa City, IA

University of Iowa, 101 Jessup Hall, Iowa City, IA 52242-1316. University of Iowa is a large university located in Iowa City, Iowa. It is a public school with primarily 4-year or above programs. It has 29,475 students and an admission rate of 82%. University of Iowa has 2 areas of study related to Credit Analyst. They are:

  • Accounting, bachelor's degree, master's degree, and doctor's degree which graduated four, twenty-eight, and zero students respectively in 2008.
  • Finance, bachelor's degree, master's degree, and doctor's degree which graduated forty-four, zero, and zero students respectively in 2008.

Mount Mercy College - Cedar Rapids, IA

Mount Mercy College, 1330 Elmhurst Dr NE, Cedar Rapids, IA 52402-4797. Mount Mercy College is a small college located in Cedar Rapids, Iowa. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,555 students and an admission rate of 80%. Mount Mercy College has a bachelor's degree program in Accounting which graduated five students in 2008.

LOCATION INFORMATION: Cedar Rapids, Iowa

Cedar Rapids, Iowa
Cedar Rapids, Iowa photo by Davumaya

Cedar Rapids is located in Linn County, Iowa. It has a population of over 128,056, which has grown by 6.0% over the last ten years. The cost of living index in Cedar Rapids, 78, is well below the national average. New single-family homes in Cedar Rapids are valued at $103,900 on average, which is far less than the state average. In 2008, two hundred ninety-nine new homes were built in Cedar Rapids, up from two hundred ninety-eight the previous year.

The three big industries for women in Cedar Rapids are health care, educational services, and finance and insurance. For men, it is construction, professional, scientific, and technical services, and accommodation and food services. The average commute to work is about 17 minutes. More than 28.4% of Cedar Rapids residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 7.4%, is lower than the state average.

The unemployment rate in Cedar Rapids is 6.0%, which is less than Iowa's average of 6.1%.

The percentage of Cedar Rapids residents that are affiliated with a religious congregation, 57.0%, is more than the national average but less than the state average. Seventh Day Church of God, Sevanth-Day Adventist Church and Hope Lutheran Church are some of the churches located in Cedar Rapids. The largest religious groups are the Catholic Church, the United Methodist Church and the Evangelical Lutheran Church in America.

Cedar Rapids is home to the Brucemore and the Admissions Office as well as Tomahawk Park and Noelridge Park. Shopping centers in the area include Mays Shopping Center, Lindale Plaza Shopping Center and Town and Country Shopping Center. Visitors to Cedar Rapids can choose from Howard Johnson, Marriott Cedar Rapids and Clarion Hotel & Convention Center for temporary stays in the area.