Credit Specialist

Job Description

So much of the world today relies on credit. It’s often the thing that enables individuals and businesses to grow, make investments, purchase essential items, and run things on a day-to-day basis.

Credit Specialists are at the heart of the credit approval process. Among their many duties, they review credit applications and related information, determine the degree of risk involved in extending credit to applicants, make sure applications conform to the criteria set by lenders, and assist with audits when needed.

If you’re someone with an eagle eye for details, a talent for math, analysis, and working with numbers, maybe the time is right to consider putting those skills to work as a Credit Specialist.

Typical Duties and Responsibilities

  • Enter, update and retrieve information for credit applications
  • Determine the creditworthiness of applicants
  • Designate the degree of risk involved in extending credit by performing cash flow analyses of businesses
  • Ensure all approved applications comply with firm and lender criteria
  • Respond to inquiries from lenders
  • Assist with company and client audits

Education and Background

This position requires a bachelor’s degree in accounting, finance, or a related field.

Skills and Proficiencies

  • Ability to research and evaluate data to make informed decisions and solve problems
  • Strong mathematical and analytical skills
  • Sense of discretion and willingness to maintain strict confidentiality of pertinent and sensitive information
  • A high degree of accuracy and attention to detail
  • Proficient in Microsoft Office Suite

Compensation

According to Payscale the median annual salary of a Credit Specialist with

1 Year of Experience:

  • Orlando, Florida: $36,000
  • Tampa, Florida: $38,000
  • Jacksonville, Florida: $40,000
  • Miami, Florida: $41,000
  • Atlanta, Georgia: $37,000
  • Chicago, Illinois: $38,000
  • Houston, Texas: $41,000
  • Los Angeles, California: $45,000
  • New York City, New York: $50,000
  • Seattle, Washington: $46,000
  • Overall: $40,000

5 Years of Experience:

  • Orlando, Florida: $44,000
  • Tampa, Florida: $44,000
  • Jacksonville, Florida: $45,000
  • Miami, Florida: $49,000
  • Atlanta, Georgia: $43,000
  • Chicago, Illinois: $44,000
  • Houston, Texas: $46,000
  • Los Angeles, California: $53,000
  • New York City, New York: $55,000
  • Seattle, Washington: $48,000
  • Overall: $46,000

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Career Path

The career path for a Credit Specialist starts with obtaining a bachelor’s degree in accounting, finance, or a related field. Candidates can further their career prospects and potential by earning CCRA certification from the National Association of Credit Management.

Position Trends

Although some aspects of credit and financial processes are being automated, jobs in this field are estimated to grow in the next handful of years at a rate that’s about average in comparison to careers across the board. Credit Specialist looks to be a stable career for interested and talented candidates.

Job Outlook

According to the U.S. Bureau of Labor Statistics, employment of financial clerks (which typically includes Credit Specialists), is projected to grow roughly five percent through 2028.

Typical Hours

The typical work hours for a Credit Specialist can be from 9 a.m. to 5 p.m. Monday through Friday in an office setting. However, longer or different hours can be necessary.

Where You Can Find Jobs

  • 4 Corner Resources
  • Career Builder
  • Glassdoor
  • Indeed
  • LinkedIn
  • Monster

Are You Interested in Becoming a Credit Specialist?

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