Career and Education Opportunities for Credit Analysts in Chesapeake, Virginia
Many educational and employment opportunities exist for credit analysts in the Chesapeake, Virginia area. The national trend for credit analysts 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 $28 per hour or $58,630 yearly on average in Virginia and about $26 hourly or $55,250 per year on average nationally. Credit analysts earn more than people working in the category of Accounting and Auditing generally in Virginia and less than people in the Accounting and Auditing category nationally. People working as credit analysts can fill a number of jobs, such as: credit representative, credit administrator, and escrow representative.
The Chesapeake area is home to thirty-six schools of higher education, including five within twenty-five miles of Chesapeake where you can get a degree as a credit analyst. The most common level of education for credit analysts is a Bachelor's degree. It will take about four years to learn 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 Chesapeake 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.
- 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
Bryant and Stratton College-Virginia Beach - Virginia Beach, VA
Bryant and Stratton College-Virginia Beach, 301 Centre Pointe Dr, Virginia Beach, VA 23462. Bryant and Stratton College-Virginia Beach is a small college located in Virginia Beach, Virginia. It is a private for-profit school with primarily 4-year or above programs and has 567 students. Bryant and Stratton College-Virginia Beach has an associate's degree program in Accounting which graduated four students in 2008.
Elizabeth City State University - Elizabeth City, NC
Elizabeth City State University, 1704 Weeksville Rd, Elizabeth City, NC 27909. Elizabeth City State University is a small university located in Elizabeth City, North Carolina. It is a public school with primarily 4-year or above programs. It has 3,105 students and an admission rate of 80%. Elizabeth City State University has a bachelor's degree program in Accounting which graduated four students in 2008.
Norfolk State University - Norfolk, VA
Norfolk State University, 700 Park Ave, Norfolk, VA 23504-8000. Norfolk State University is a medium sized university located in Norfolk, Virginia. It is a public school with primarily 4-year or above programs. It has 6,330 students and an admission rate of 68%. Norfolk State University has a bachelor's degree program in Accounting which graduated forty-one students in 2008.
Old Dominion University - Norfolk, VA
Old Dominion University, 5115 Hampton Blvd, Norfolk, VA 23529. Old Dominion University is a large university located in Norfolk, Virginia. It is a public school with primarily 4-year or above programs. It has 22,973 students and an admission rate of 72%. Old Dominion University has 2 areas of study related to Credit Analyst. They are:
- Accounting, bachelor's degree and master's degree which graduated three and seventeen students respectively in 2008.
- Finance, bachelor's degree which graduated 3 students in 2008.
Hampton University - Hampton, VA
Hampton University, , Hampton, VA 23668-0099. Hampton University is a medium sized university located in Hampton, Virginia. It is a private not-for-profit school with primarily 4-year or above programs and has an admission rate of 45%. Hampton University has 2 areas of study related to Credit Analyst. They are:
- Accounting, bachelor's degree which graduated 28 students in 2008.
- Finance, bachelor's degree which graduated 23 students in 2008.
LOCATION INFORMATION: Chesapeake, Virginia
Chesapeake is located in Chesapeake City County, Virginia. It has a population of over 220,111, which has grown by 10.5% in the past ten years. The cost of living index in Chesapeake, 87, is well below the national average. New single-family homes in Chesapeake are priced at $160,000 on average, which is well above the state average. In 2008, five hundred eighty-nine new homes were constructed in Chesapeake, down from seven hundred fifty-eight the previous year.
The three most popular industries for women in Chesapeake are educational services, health care, and public administration. For men, it is construction, public administration, and transportation equipment. The average travel time to work is about 25 minutes. More than 24.7% of Chesapeake residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 8.8%, is lower than the state average.
The unemployment rate in Chesapeake is 6.1%, which is less than Virginia's average of 6.4%.
Pleasant Grove Church, Refuge Mission Church and Saint Andrews Church are among the churches located in Chesapeake.
Chesapeake is home to the Jacks Camp and the Portlock Yard as well as Cascade Park and Ford Park. Shopping malls in the area include Great Bridge Shopping Center, Greenbrier Mall Shopping Center and Poplar Hill Plaza Shopping Center. Visitors to Chesapeake can choose from Courtyard By Marriott, Chesapeake Travelodge Motel and Comfort Inn Bowers Hill for temporary stays in the area.