Credit Officer

What does a credit analyst do? – Tasks and work environment

A credit analyst in the banking sector is responsible for assessing and managing credit applications from both individuals and companies. The work involves analyzing the borrower's financial situation, collecting and reviewing necessary documents, and making decisions on credit approval based on the bank's guidelines and risk assessments. Credit analysts often work closely with other departments, such as customer advisors and risk analysts, and have regular contact with clients via phone, digital channels, and in person. The work environment is primarily office-based, characterized by a fast pace, precision, and demands for good communication skills.

Salary development over time

The salary for credit analysts has steadily increased in recent years. In 2022, the average salary was 42,500 SEK, rising to 44 200 SEK in 2023. The latest measured average salary for 2024 is 47 400 SEK, representing a total increase of about 11.5% over three years. This salary development reflects an increased demand for qualified credit assessment skills in line with digitalization of banking services and more complex regulations. The job market has also been balanced, with neither high nor low competition for positions, but technological advancements have increased requirements for education and analytical abilities. Salary differences between men and women persist and influence the average, but the overall trend is that salaries continue to rise with increased complexity in job tasks.

Credit analyst salary – comprehensive overview

• Average salary: 47 400 SEK/month
• Lowest salary: 40,700 SEK/month (female, private sector, post-secondary education shorter than 3 years)
• Highest salary: 59,900 SEK/month (male, private employee, post-secondary education 3 years or more)
• Hourly wage: 285 SEK
• Women earn: 43 600 SEK/month (83% of men's salary)
• Men earn: 52 800 SEK/month
• Regional differences: No available data

Education and qualifications

To work as a credit analyst, a post-secondary education in economics, finance, or banking and insurance is usually required. Many employers also value practical experience from the banking sector, relevant certifications, or specialized courses in credit assessment. Strong analytical skills and understanding of financial reports are essential, and some employers also value experience with digital tools and automated credit processes.

• Education: Post-secondary education in economics or finance (2–3 years or more)
• Certifications: Courses in credit assessment, banking, and finance certificates
• Internship: Internships or trainee programs within banking are often advantageous
• Prerequisites: Basic knowledge in economics and mathematics
• Online courses: Opportunities for supplementary self-study to strengthen the CV

Common benefits and compensations

Benefits for credit analysts typically include occupational pension, wellness allowance, health insurance, and the opportunity for bonuses or performance-based compensation. Other common perks include flexible working hours, remote work options, and opportunities for professional development through internal and external training.

Competition and challenges

The job market for credit analysts is characterized by a relatively balanced supply and demand. One of the biggest challenges in the profession is the rapid digitalization and automation of credit processes, which increases demands for technical skills and the ability to interpret complex data. Changes in regulations and increased compliance requirements also make continuous skill development essential to remain competitive. At the same time, competition for the most attractive positions can be fierce, especially in metropolitan areas and for specialist roles. The ability to handle stress and work accurately under pressure is necessary, as incorrect decisions can have significant financial consequences.

Tips for those wanting to become a credit analyst

To succeed as a credit analyst, it is good to combine analytical skills with accuracy and an interest in economics. It is recommended to acquire a solid educational background in finance or economics and to seek internships early within the banking sector to build relevant experience. Being communicative and service-oriented facilitates contact with both customers and colleagues, while staying updated on current regulations and digital tools is also important. Strong problem-solving skills are helpful for complex credit assessments, and patience is crucial when handling cases that require extra investigation. Finally, actively seeking mentorship or networking within the industry can increase chances of career development.

Key facts about credit analysts

• Educational level: Post-secondary education in economics or finance
• Work environment: Office-based with high pace and digital tools
• Work form: Full-time, often with flexible hours and remote options
• Demand: 550 job openings nationwide
• Special knowledge: Credit assessment and risk analysis

Career paths and future prospects

After 3–5 years in the role of credit analyst, opportunities open up for more specialized positions such as senior credit analyst, credit manager, or risk analyst. Some choose to diversify into corporate advisory or other leadership roles within banking and finance. According to the Swedish Public Employment Service's forecasts, employment opportunities in banking occupations are considered moderate and the recruitment situation is balanced. Demand is expected to remain unchanged over five years, implying stable but limited opportunities for new hires. However, digitalization and increased automation influence skill requirements, and employers are increasingly seeking digital competencies and experience with complex credit assessments.

Frequently asked questions about credit analysts

• What does a credit analyst earn?
  - A credit analyst has an average salary of 47 400 SEK per month, with variation depending on experience, education, and gender.
• How does the salary development look for credit analysts?
  - Salaries have increased from 42,500 SEK in 2022 to 47 400 SEK in 2024, an increase of approximately 11.5% over three years.
• What education is required to become a credit analyst?
  - A post-secondary education in economics or finance (2–3 years or more) is usually required.
• Are there salary differences between men and women in the profession?
  - Yes, men earn on average 52 800 SEK and women 43 600 SEK, which means women earn 83% of men's salaries.
• What career opportunities are available after a few years as a credit analyst?
  - After a few years, you can advance to roles such as senior credit analyst, credit manager, or risk analyst.
• What is the job market like for credit analysts?
  - Currently, there are 550 job openings in the profession, and demand is expected to be unchanged over five years.
• What are the most common benefits for credit analysts?
  - Common benefits include occupational pension, wellness allowance, health insurance, and bonus opportunities.