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Career and Education Opportunities for Credit Analysts in Worcester, Massachusetts

Many educational and employment opportunities exist for credit analysts in the Worcester, Massachusetts area. There are currently 1,860 jobs for credit analysts in Massachusetts and this is projected to shrink by 7% to 1,730 jobs by 2016. 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.

Income for credit analysts is about $27 per hour or $57,710 per year on average in Massachusetts. Nationally, their income is about $26 per hour or $55,250 yearly. Compared with people working in the overall category of Accounting and Auditing, people working as credit analysts in Massachusetts earn less. They earn less than people working in the overall category of Accounting and Auditing nationally. Jobs in this field include: loan review analyst, loan officer, and financial analyst.

The Worcester area is home to thirty-nine schools of higher education, including seven within twenty-five miles of Worcester where you can get a degree as a credit analyst. Given that the most common education level for credit analysts is a Bachelor's degree, you can expect to spend about four years training to become 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 Worcester 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 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

Fitchburg State College - Fitchburg, MA

Fitchburg State College, 160 Pearl St, Fitchburg, MA 01420-2697. Fitchburg State College is a medium sized college located in Fitchburg, Massachusetts. It is a public school with primarily 4-year or above programs. It has 6,400 students and an admission rate of 66%. Fitchburg State College has a master's degree program in Accounting which graduated two students in 2008.

Quinsigamond Community College - Worcester, MA

Quinsigamond Community College, 670 West Boylston Street, Worcester, MA 01606-2092. Quinsigamond Community College is a medium sized college located in Worcester, Massachusetts. It is a public school with primarily 2-year programs and has 7,227 students. Quinsigamond Community College has a one to two year program in Accounting which graduated one student in 2008.

Assumption College - Worcester, MA

Assumption College, 500 Salisbury St, Worcester, MA 01609-1296. Assumption College is a small college located in Worcester, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,888 students and an admission rate of 71%. Assumption College has 2 areas of study related to Credit Analyst. They are:

  • Accounting, less than one year, associate's degree, and bachelor's degree which graduated four, zero, and two students respectively in 2008.
  • Finance, bachelor's degree which graduated 1 student in 2008.

Clark University - Worcester, MA

Clark University, 950 Main St, Worcester, MA 01610-1477. Clark University is a small university located in Worcester, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,330 students and an admission rate of 56%. Clark University has a master's degree program in Finance which graduated thirty-nine students in 2008.

Salter College-West Boylston - West Boylston, MA

Salter College-West Boylston, 184 West Boylston Suite # 1, West Boylston, MA 01583. Salter College-West Boylston is a small college located in West Boylston, Massachusetts. It is a private for-profit school with primarily 2-year programs and has 852 students. Salter College-West Boylston has a one to two year and an associate's degree program in Accounting which graduated eighteen and four students respectively in 2008.

Atlantic Union College - South Lancaster, MA

Atlantic Union College, 338 Main St, South Lancaster, MA 01561-1000. Atlantic Union College is a small college located in South Lancaster, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs and has 384 students. Atlantic Union College has an associate's degree and a bachelor's degree program in Accounting which graduated zero and one students respectively in 2008.

Nichols College - Dudley, MA

Nichols College, Center Rd, Dudley, MA 01571-5000. Nichols College is a small college located in Dudley, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,520 students and an admission rate of 65%. Nichols College 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 which graduated 8 students in 2008.

LOCATION INFORMATION: Worcester, Massachusetts

Worcester, Massachusetts
Worcester, Massachusetts photo by Yassie

Worcester is located in Worcester County, Massachusetts. It has a population of over 175,011, which has grown by 1.4% in the past ten years. The cost of living index in Worcester, 121, is far greater than the national average. New single-family homes in Worcester cost $108,900 on average, which is far less than the state average. In 2008, sixty-one new homes were constructed in Worcester, down from two hundred fourteen the previous year.

The top three industries for women in Worcester are health care, educational services, and finance and insurance. For men, it is educational services, construction, and health care. The average commute to work is about 22 minutes. More than 23.3% of Worcester residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 9.8%, is lower than the state average.

The unemployment rate in Worcester is 9.9%, which is greater than Massachusetts's average of 8.4%.

The percentage of Worcester residents that are affiliated with a religious congregation, 57.4%, is more than the national average but less than the state average. Burncoat Baptist Church, United Congregational Church and Unitarian Universalist Church are among the churches located in Worcester. The largest religious groups are the Catholic Church, the United Church of Christ and the Episcopal Church.

Worcester is home to the Tatnuck Country Club and the Massachusetts Biotech Research Park as well as Ty Cobb Park and General Foley Stadium. Shopping malls in the area include Lincoln Plaza Shopping Center, Mid Town Mall and Norwich Place Shopping Center. Visitors to Worcester can choose from Days Inn, Hampton Inn and Maple Manor Hotel for temporary stays in the area.