Career and Education Opportunities for Credit Analysts in Portland, Maine
If you want to be a credit analyst, the Portland, Maine area offers many opportunities both for education and employment. There are currently 240 jobs for credit analysts in Maine and this is projected to shrink by 10% to about 220 jobs 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.
Income for credit analysts is about $21 hourly or $43,830 yearly on average in Maine. Nationally, their income is about $26 per hour or $55,250 annually. Earnings for credit analysts are not quite as good as earnings in the general category of Accounting and Auditing in Maine and not quite as good as general Accounting and Auditing category earnings nationally. People working as credit analysts can fill a number of jobs, such as: loan review analyst, credit representative, and risk analyst.
There are five schools within twenty-five miles of Portland where you can study to be a credit analyst, among twenty-three schools of higher education total in the Portland area. Given that the most common education level 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
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 Portland 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.
- 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.
- Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.
EDUCATIONAL OPPORTUNITIES: Credit Analyst Training
York County Community College - Wells, ME
York County Community College, 112 College Drive, Wells, ME 04090. York County Community College is a small college located in Wells, Maine. It is a public school with primarily 2-year programs and has 1,074 students. York County Community College has an associate's degree program in Accounting which graduated one student in 2008.
University of Maine at Augusta - Augusta, ME
University of Maine at Augusta, 46 University Dr, Augusta, ME 04330-9410. University of Maine at Augusta is a small university located in Augusta, Maine. It is a public school with primarily 4-year or above programs and has 4,731 students. University of Maine at Augusta has a bachelor's degree program in Accounting which graduated ten students in 2008.
University of Southern Maine - Portland, ME
University of Southern Maine, 96 Falmouth St, Portland, ME 04103. University of Southern Maine is a large university located in Portland, Maine. It is a public school with primarily 4-year or above programs. It has 9,930 students and an admission rate of 82%. University of Southern Maine has 2 areas of study related to Credit Analyst. They are:
- Accounting, bachelor's degree and master's degree which graduated seven and seven students respectively in 2008.
- Finance, bachelor's degree which graduated 3 students in 2008.
Andover College - S Portland, ME
Andover College, 265 Western Ave, S Portland, ME 04106-2415. Andover College is a small college located in S Portland, Maine. It is a private for-profit school with primarily 2-year programs and has 1,326 students. Andover College has a one to two year and an associate's degree program in Accounting which graduated fourteen and seventy students respectively in 2008.
Saint Joseph's College of Maine - Standish, ME
Saint Joseph's College of Maine, 278 Whites Bridge Rd, Standish, ME 04084-5236. Saint Joseph's College of Maine is a small college located in Standish, Maine. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,771 students and an admission rate of 78%. Saint Joseph's College of Maine has 2 areas of study related to Credit Analyst. They are:
- Accounting, bachelor's degree which graduated 6 students in 2008.
- Finance, bachelor's degree which graduated 3 students in 2008.
Credit Reporting Agency (Credit Bureau) Operator
Licensing agency: Department of Professional & Financial Regulation
Address: Office of Licensing and Registration, Attn: Geraldine Betts, Administrator, 35 State House Station, Gardiner Annex-Northern Avenue, Augusta, ME 04333-0035
Phone: (207) 624-8603
Website: Department of Professional & Financial Regulation Office of Licensing and Registration Attn: Geraldine Betts, Administrator
LOCATION INFORMATION: Portland, Maine
Portland is situated in Cumberland County, Maine. It has a population of over 62,561, which has shrunk by 2.6% over the last ten years. The cost of living index in Portland, 102, is above the national average. New single-family homes in Portland are priced at $164,700 on average, which is well below the state average. In 2008, twenty-three new homes were built in Portland, down from thirty-two the previous year.
The three most popular industries for women in Portland are health care, educational services, and finance and insurance. For men, it is professional, scientific, and technical services, accommodation and food services, and construction. The average commute to work is about 19 minutes. More than 36.4% of Portland residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 13.0%, is higher than the state average.
The unemployment rate in Portland is 6.3%, which is less than Maine's average of 7.6%. About 14.1% of Portland's residents are below the poverty line, which is worse than the state average.
The percentage of Portland residents that are affiliated with a religious congregation, 40.4%, is less than the national average but more than the state average. Mariners Church, Swedenborgian Church and Stroudwater Christian Church are among the churches located in Portland. The most prominent religious groups are the Catholic Church, the United Church of Christ and the United Methodist Church.
Portland is home to the Cumberland Wharf and the Browns Wharf as well as Longfellow Square and Hadlock Field. Shopping centers in the area include Mill Creek Shopping Center, Monument Square Shopping Center and Portland East Shopping Center. Visitors to Portland can choose from Motel 6, Fairfield Inn Portland Airport and Ramada Limited Portland for temporary stays in the area.