Credit analysts can be found in all kinds of organisations and sectors. Essentially their primary role is to assess the 'credit worthiness' of clients – in other words, they evaluate the client's ability to make payments for products and services on time.
Credit analysts ascertain whether or not working with a particular client poses any financial risks, and as a result they are extremely sought-after. An organisation with an astute credit analyst is much better off than one without, as they are much better equipped to steer clear of risky clients.
What is the role of the credit analyst?
A credit analyst spends a great deal of time researching clients – specifically gathering financial data about them and scrutinising it. They will look at clients' paying habits and ascertain whether or not the client in question make payments promptly or not, and will also examine clients' earnings and buying habits to gain further insight into their cash flow.
These findings will be fed back to the rest of the organisation, and the credit analyst will usually recommend the next steps – i.e. whether or not the company should proceed to do business with this client.
Given the specialist nature of the job, a credit analyst will typically have a degree in accounting or finance and have strong maths skills. Sometimes, however, a finance-related degree is not absolutely necessary – especially if your organisation offers on-the-job training; in these cases it is important to focus on attention to detail and, of course, impeccable numeracy skills.
Portfolio Credit Control can help you find the right credit analyst
If a client is not researched properly and any telling information about their financial activity is overlooked, this can prove very costly for companies. This is why hiring a skilled and switched-on credit analyst is imperative.
At Portfolio Credit Control, we have a dedicated team of recruitment experts who help organisations fill credit control vacancies. We can help you identify the most suitable candidates, as we have vast experience and an unparalleled eye for talent.