What Is a Loan Analyst and How to Become One
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What Is a Loan Analyst?
A loan analyst works for a bank, credit union, or similar financial lending institution and evaluates credit applications to decide loan approval. As a loan analyst, your job duties include assisting customers with the application process, reviewing applicant information, and calculating financial risk to determine whether or not to approve loans. You may also monitor closed loan portfolios for compliance and coordinate with other banking staff, such as financial advisors and underwriters, on financing strategies. Depending on your specialization, you may work on commercial loans, mortgages, or credit loans. Qualifications for the career typically include a bachelor’s degree in business, finance, or a related field and prior banking experience. Employers may provide on-the-job training for entry-level candidates. You also need excellent interpersonal, analytical, and mathematical skills, along with attention to detail.
How to Become a Loan Analyst
The primary qualifications for getting a job as a loan analyst are a bachelor's degree in a related field, such as accounting. Some employers provide on-the-job training, though they usually prefer applicants who have some work experience in a relevant position. Companies may expect you to be a Chartered Financial Analyst, which requires a bachelor's degree and four years of professional experience. If you want to start a career as a loan analyst, you should consider the requirements for advancement and whether or not obtaining additional industry licensing and certification can help you develop the skills you need to succeed.
