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Career and Education Opportunities for Credit Analysts in Grand Rapids, Michigan

There are many career and education opportunities for credit analysts in the Grand Rapids, Michigan area. There are currently 2,120 working credit analysts in Michigan; this should shrink 4% to about 2,040 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. 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.

Credit analysts earn about $23 hourly or $49,360 annually on average in Michigan and about $26 hourly or $55,250 per year on average nationally. Compared with people working in the overall category of Accounting and Auditing, people working as credit analysts in Michigan earn less. They earn less than people working in the overall category of Accounting and Auditing nationally. People working as credit analysts can fill a number of jobs, such as: financing analyst, credit manager, and risk analyst.

There are nineteen schools of higher education in the Grand Rapids area, including nine within twenty-five miles of Grand Rapids where you can get a degree to start your career as a credit analyst. Credit analysts usually hold a Bachelor's degree, so 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 Grand 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.
  • 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

Baker College of Muskegon - Muskegon, MI

Baker College of Muskegon, 1903 Marquette Ave, Muskegon, MI 49442. Baker College of Muskegon is a medium sized college located in Muskegon, Michigan. It is a private not-for-profit school with primarily 4-year or above programs and has 5,214 students. Baker College of Muskegon has an associate's degree and a bachelor's degree program in Accounting which graduated twenty-one and sixteen students respectively in 2008.

Davenport University - Grand Rapids, MI

Davenport University, 6191 Kraft Avenue S.E., Grand Rapids, MI 49512-9396. Davenport University is a large university located in Grand Rapids, Michigan. It is a private not-for-profit school with primarily 4-year or above programs. It has 10,773 students and an admission rate of 91%. Davenport University has 2 areas of study related to Credit Analyst. They are:

  • Accounting, associate's degree, bachelor's degree, postbaccalaureate certificate, master's degree, and post-master's certificate which graduated fifty-four, 142, zero, zero, and three students respectively in 2008.
  • Finance, associate's degree, bachelor's degree, master's degree, and post-master's certificate which graduated seven, twenty-three, one, and zero students respectively in 2008.

Kuyper College - Grand Rapids, MI

Kuyper College, 3333 East Beltline N.E., Grand Rapids, MI 49525-9781. Kuyper College is a small college located in Grand Rapids, Michigan. It is a private not-for-profit school with primarily 4-year or above programs. It has 322 students and an admission rate of 86%. Kuyper College has a bachelor's degree program in Accounting which graduated one student in 2008.

Grand Valley State University - Allendale, MI

Grand Valley State University, 1 Campus Dr, Allendale, MI 49401-9403. Grand Valley State University is a large university located in Allendale, Michigan. It is a public school with primarily 4-year or above programs. It has 23,932 students and an admission rate of 78%. Grand Valley State University has 2 areas of study related to Credit Analyst. They are:

  • Accounting, bachelor's degree and master's degree which graduated ten and forty-nine students respectively in 2008.
  • Finance, bachelor's degree which graduated 54 students in 2008.

University of Phoenix-West Michigan Campus - Grand Rapids, MI

University of Phoenix-West Michigan Campus, 318 River Ridge Dr, NW, Grand Rapids, MI 49544-1683. University of Phoenix-West Michigan Campus is a small university located in Grand Rapids, Michigan. It is a private for-profit school with primarily 4-year or above programs and has 382 students. University of Phoenix-West Michigan Campus has a bachelor's degree program in Accounting which graduated one student in 2008.

Aquinas College - Grand Rapids, MI

Aquinas College, 1607 Robinson Rd SE, Grand Rapids, MI 49506-1799. Aquinas College is a small college located in Grand Rapids, Michigan. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,159 students and an admission rate of 82%. Aquinas College has a bachelor's degree program in Accounting.

Cornerstone University - Grand Rapids, MI

Cornerstone University, 1001 E Beltline Ave NE, Grand Rapids, MI 49525-5897. Cornerstone University is a small university located in Grand Rapids, Michigan. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,759 students and an admission rate of 75%. Cornerstone University has 2 areas of study related to Credit Analyst. They are:

  • Accounting, bachelor's degree which graduated 4 students in 2008.
  • Finance, bachelor's degree which graduated 4 students in 2008.

Calvin College - Grand Rapids, MI

Calvin College, 3201 Burton SE, Grand Rapids, MI 49546. Calvin College is a small college located in Grand Rapids, Michigan. It is a private not-for-profit school with primarily 4-year or above programs. It has 4,171 students and an admission rate of 94%. Calvin College has a bachelor's degree program in Accounting which graduated three students in 2008.

Hope College - Holland, MI

Hope College, 141 E 12th St, Holland, MI 49423. Hope College is a small college located in Holland, Michigan. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,238 students and an admission rate of 82%. Hope College has a bachelor's degree program in Accounting which graduated twenty-one students in 2008.

LOCATION INFORMATION: Grand Rapids, Michigan

Grand Rapids, Michigan
Grand Rapids, Michigan photo by Grguy2011

Grand Rapids is located in Kent County, Michigan. It has a population of over 193,396, which has shrunk by 2.2% over the last ten years. The cost of living index in Grand Rapids, 81, is well below the national average. New single-family homes in Grand Rapids cost $98,700 on average, which is far less than the state average. In 2008, forty-three new homes were built in Grand Rapids, down from ninety-two the previous year.

The three most popular industries for women in Grand Rapids are health care, educational services, and accommodation and food services. For men, it is construction, transportation equipment, and educational services. The average travel time to work is about 19 minutes. More than 23.8% of Grand Rapids residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 8.0%, is lower than the state average.

The unemployment rate in Grand Rapids is 15.4%, which is greater than Michigan's average of 14.3%.

The percentage of Grand Rapids residents that are affiliated with a religious congregation, 52.9%, is more than both the national and state average. Church of Jesus Christ, Immanuel Church and Trinity Church are among the churches located in Grand Rapids. The most prominent religious groups are the Catholic Church, the Christian Reformed Church in North America and the Reformed Church in America.

Grand Rapids is home to the Kent Country Club and the Walker Juvenile Court as well as Comstock Riverside Park and Richmond Park. Visitors to Grand Rapids can choose from Hampton Inn Grand Rapids, Hampton Inn Grand Rapids/North- Mi and Hampton Inn Fax for temporary stays in the area.