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Career and Education Opportunities for Credit Analysts in Detroit, Michigan

Credit analysts can find many career and educational opportunities in the Detroit, Michigan area. There are currently 2,120 jobs for credit analysts in Michigan and this is projected to shrink 4% to 2,040 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%. 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.

The income of a credit analyst is about $23 hourly or $49,360 per year on average in Michigan. In the U.S. as a whole, their income is about $26 hourly or $55,250 per year on average. Incomes for credit analysts are not quite as good as in the overall category of Accounting and Auditing in Michigan, and not quite as good as the overall Accounting and Auditing category nationally. Credit analysts work in a variety of jobs, including: financial analyst, credit risk analyst, and risk analyst.

There are seventy-three schools of higher education in the Detroit area, including fourteen within twenty-five miles of Detroit where you can get a degree to start your career 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 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 Detroit 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

University of Michigan-Ann Arbor - Ann Arbor, MI

University of Michigan-Ann Arbor, , Ann Arbor, MI 48109. University of Michigan-Ann Arbor is a large university located in Ann Arbor, Michigan. It is a public school with primarily 4-year or above programs. It has 40,618 students and an admission rate of 42%. University of Michigan-Ann Arbor has a master's degree program in Accounting which graduated fifty-four students in 2008.

University of Michigan-Dearborn - Dearborn, MI

University of Michigan-Dearborn, 4901 Evergreen Rd, Dearborn, MI 48128-1491. University of Michigan-Dearborn is a medium sized university located in Dearborn, Michigan. It is a public school with primarily 4-year or above programs. It has 8,311 students and an admission rate of 61%. University of Michigan-Dearborn has 2 areas of study related to Credit Analyst. They are:

  • Accounting, bachelor's degree and master's degree which graduated fifty-eight and twelve students respectively in 2008.
  • Finance, bachelor's degree and master's degree which graduated sixty-two and fifty-five students respectively in 2008.

Wayne State University - Detroit, MI

Wayne State University, 656 West Kirby Street, Detroit, MI 48202. Wayne State University is a large university located in Detroit, Michigan. It is a public school with primarily 4-year or above programs. It has 31,025 students and an admission rate of 79%. Wayne State University has 2 areas of study related to Credit Analyst. They are:

  • Accounting, bachelor's degree, postbaccalaureate certificate, and master's degree which graduated ninety-three, three, and twenty-five students respectively in 2008.
  • Finance, bachelor's degree which graduated 84 students in 2008.

Eastern Michigan University - Ypsilanti, MI

Eastern Michigan University, , Ypsilanti, MI 48197. Eastern Michigan University is a large university located in Ypsilanti, Michigan. It is a public school with primarily 4-year or above programs. It has 22,137 students and an admission rate of 75%. Eastern Michigan University has 2 areas of study related to Credit Analyst. They are:

  • Accounting, bachelor's degree and master's degree which graduated two and seventy-one students respectively in 2008.
  • Finance, bachelor's degree, postbaccalaureate certificate, and master's degree which graduated three, four, and nine students respectively in 2008.

Baker College of Allen Park - Allen Park, MI

Baker College of Allen Park, 4500 Enterprise Dr, Allen Park, MI 48101. Baker College of Allen Park is a small college located in Allen Park, Michigan. It is a private not-for-profit school with primarily 4-year or above programs and has 2,548 students. Baker College of Allen Park has an associate's degree and a bachelor's degree program in Accounting which graduated fifteen and ten students respectively in 2008.

Baker College of Auburn Hills - Auburn Hills, MI

Baker College of Auburn Hills, 1500 University Dr, Auburn Hills, MI 48326-2642. Baker College of Auburn Hills is a small college located in Auburn Hills, Michigan. It is a private not-for-profit school with primarily 4-year or above programs and has 3,848 students. Baker College of Auburn Hills has an associate's degree and a bachelor's degree program in Accounting which graduated twenty-four and thirteen students respectively in 2008.

Cleary University - Ann Arbor, MI

Cleary University, 3601 Plymouth Rd, Ann Arbor, MI 48105-2659. Cleary University is a small university located in Ann Arbor, Michigan. It is a private not-for-profit school with primarily 4-year or above programs and has 723 students. Cleary University has a bachelor's degree and a master's degree program in Accounting which graduated eight and zero students respectively in 2008.

Baker College of Clinton Township - Clinton Township, MI

Baker College of Clinton Township, 34950 Little Mack Ave, Clinton Township, MI 48035. Baker College of Clinton Township is a medium sized college located in Clinton Township, Michigan. It is a private not-for-profit school with primarily 4-year or above programs and has 5,666 students. Baker College of Clinton Township has an associate's degree and a bachelor's degree program in Accounting which graduated twenty-three and seventeen students respectively in 2008.

Oakland University - Rochester Hills, MI

Oakland University, , Rochester Hills, MI 48309-4401. Oakland University is a large university located in Rochester Hills, Michigan. It is a public school with primarily 4-year or above programs. It has 18,169 students and an admission rate of 78%. Oakland University has 2 areas of study related to Credit Analyst. They are:

  • Accounting, bachelor's degree and master's degree which graduated zero and thirty-seven students respectively in 2008.
  • Finance, bachelor's degree which graduated 5 students in 2008.

University of Detroit Mercy - Detroit, MI

University of Detroit Mercy, 4001 W McNichols Rd, Detroit, MI 48221-3038. University of Detroit Mercy is a medium sized university located in Detroit, Michigan. It is a private not-for-profit school with primarily 4-year or above programs. It has 5,725 students and an admission rate of 64%. University of Detroit Mercy has a bachelor's degree program in Accounting which graduated seven students in 2008.

Madonna University - Livonia, MI

Madonna University, 36600 Schoolcraft Rd, Livonia, MI 48150-1176. Madonna University is a small university located in Livonia, Michigan. It is a private not-for-profit school with primarily 4-year or above programs. It has 4,015 students and an admission rate of 76%. Madonna University has a bachelor's degree program in Accounting.

Rochester College - Rochester Hills, MI

Rochester College, 800 W Avon Rd, Rochester Hills, MI 48307. Rochester College is a small college located in Rochester Hills, Michigan. It is a private not-for-profit school with primarily 4-year or above programs. It has 883 students and an admission rate of 83%. Rochester College has a bachelor's degree program in Accounting which graduated one student in 2008.

Walsh College of Accountancy and Business Administration - Troy, MI

Walsh College of Accountancy and Business Administration, 3838 Livernois, Troy, MI 48083-5066. Walsh College of Accountancy and Business Administration is a small college located in Troy, Michigan. It is a private not-for-profit school with primarily 4-year or above programs and has 3,109 students. Walsh College of Accountancy and Business Administration has 2 areas of study related to Credit Analyst. They are:

  • Accounting, bachelor's degree and master's degree which graduated seventy-seven and ninety-two students respectively in 2008.
  • Finance, postbaccalaureate certificate and master's degree which graduated zero and eighty-six students respectively in 2008.

University of Phoenix-Metro Detroit Campus - Troy, MI

University of Phoenix-Metro Detroit Campus, 5480 Corporate Drive Suite 240, Troy, MI 48098-2623. University of Phoenix-Metro Detroit Campus is a small university located in Troy, Michigan. It is a private for-profit school with primarily 4-year or above programs and has 1,995 students. University of Phoenix-Metro Detroit Campus has a bachelor's degree program in Accounting which graduated twelve students in 2008.

LOCATION INFORMATION: Detroit, Michigan

Detroit, Michigan
Detroit, Michigan photo by Durova

Detroit is located in Wayne County, Michigan. It has a population of over 912,062, which has shrunk by 4.1% in the past ten years. The cost of living index in Detroit, 86, is well below the national average. New single-family homes in Detroit are priced at $108,900 on average, which is well below the state average. In 2008, eighty-five new homes were built in Detroit, down from one hundred fifty-four the previous year.

The three big industries for women in Detroit are health care, educational services, and transportation equipment. For men, it is transportation equipment, construction, and administrative and support and waste management services. The average commute to work is about 28 minutes. More than 11.0% of Detroit residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 4.2%, is lower than the state average.

The unemployment rate in Detroit is 27.0%, which is greater than Michigan's average of 14.3%.

The percentage of Detroit residents that are affiliated with a religious congregation, 37.7%, is less than both the national and state average. The most common religious groups are the Catholic Church, the Muslim Estimate and the Lutheran Church.

Detroit is home to the Memorial Park Marina and the Detroit Golf Club as well as Chene Park and Mallett Playground. Visitors to Detroit can choose from Corktown Inn, Clark's Motel and Days Inn of Downtown Detroit for temporary stays in the area.