Credit Risk Advisor in North Dakota Career Overview

As a Credit Risk Advisor, you specialize in assessing the creditworthiness of individuals and organizations. Your role involves analyzing financial data, trends, and credit histories to determine the likelihood of timely repayment on loans or credit lines. You'll serve as a vital link between lenders and borrowers, facilitating informed decision-making processes that impact financial stability and growth.

Key aspects of the Credit Risk Advisor position include:

  • Risk Assessment: You evaluate prospective borrowers by reviewing credit reports, income statements, and other financial documents to gauge the risk of default.
  • Policy Development: Your insights contribute to the formulation of credit policies and risk management strategies that align with industry standards and regulatory requirements.
  • Collaboration: You work closely with various departments, including underwriting, compliance, and marketing, to ensure that credit offerings meet both organizational goals and customer needs.
  • Market Analysis: Continuously monitoring economic indicators, market trends, and industry benchmarks enables you to proactively identify emerging risks and opportunities.
  • Client Interaction: You engage with clients to explain credit decisions and provide guidance on improving their credit profiles, fostering long-term relationships that benefit both parties.
  • Reporting: Regularly preparing reports on credit risks and recommending adjustments in credit limits or policies based on analytical findings is part of your responsibilities.

In today’s financial landscape, your expertise as a Credit Risk Advisor is essential for minimizing losses and optimizing loan portfolios. Your efforts help organizations maintain their financial health while supporting borrowers in their quests for funding.

Credit Risk Advisor Salary in North Dakota

Annual Median: $82,050
Hourly Median: $39.45

Data sourced from Career One Stop, provided by the BLS Occupational Employment and Wage Statistics wage estimates.

Required Education To Become a Credit Risk Advisor in North Dakota

To become a Credit Risk Advisor, you will need to meet specific educational qualifications and undergo relevant training. Below are the key programs you should consider:

  • Bachelor's Degree:

    • A foundational step in your career path is obtaining a bachelor's degree. Relevant fields include:
      • Accounting: This program will provide you with a strong understanding of financial reporting, auditing, and the principles of accounting, all vital for assessing credit risk.
      • Finance: A finance degree focuses on the management of money, investments, and financial instruments, equipping you with essential knowledge to analyze credit risk effectively.
      • Financial Analytics: This program emphasizes data analysis within a financial context, teaching you how to interpret financial data to evaluate potential credit risks.
      • Financial Risk Management: A degree in this area specifically targets risk assessment techniques, regulatory requirements, and strategies for managing financial risks, which directly applies to credit risk analysis.
      • Risk Management: This broader program covers various types of risks facing organizations, enabling you to understand overall risk frameworks as they pertain to credit.

  • Master's Degree (optional):

    • While a bachelor's degree is typically sufficient for entry-level positions, pursuing a master's degree in Finance, Risk Management, or a related field can enhance your expertise and career opportunities.

  • Certifications (optional):

    • Although not strictly required, obtaining professional certifications such as the Financial Risk Manager (FRM) or Chartered Financial Analyst (CFA) can provide you with an edge in the competitive job market and deepen your understanding of credit risk principles.

Focused training opportunities such as internships or cooperative education programs while pursuing your education can also enhance your practical experience in the field of credit risk management.

Best Schools to become a Credit Risk Advisor in North Dakota 2024

#1Salt Lake County

Western Governors University

Salt Lake City, UT

In-State Tuition:$7,404
Out-of-State Tuition:$7,404
Admission Rate:N/A
Graduation Rate:49%
Total Enrollment:156,935
#2Merrimack County

Southern New Hampshire University

Manchester, NH

In-State Tuition:$15,000
Out-of-State Tuition:$15,000
Admission Rate:96%
Graduation Rate:41%
Total Enrollment:164,091
#3New York County

CUNY Bernard M Baruch College

New York, NY

In-State Tuition:$6,930
Out-of-State Tuition:$14,880
Admission Rate:50%
Graduation Rate:74%
Total Enrollment:19,854
#4Franklin County

Ohio State University-Main Campus

Columbus, OH

In-State Tuition:$11,525
Out-of-State Tuition:$35,782
Admission Rate:53%
Graduation Rate:88%
Total Enrollment:60,540
#5Maricopa County

University of Phoenix-Arizona

Phoenix, AZ

In-State Tuition:$9,552
Out-of-State Tuition:$9,552
Admission Rate:N/A
Graduation Rate:18%
Total Enrollment:88,891
#6Utah County

Utah Valley University

Orem, UT

In-State Tuition:$5,614
Out-of-State Tuition:$17,174
Admission Rate:N/A
Graduation Rate:39%
Total Enrollment:43,099
Credit Risk Advisor Job Description:
  • Analyze credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money.
  • Prepare reports with credit information for use in decisionmaking.

Credit Risk Advisor Required Skills and Competencies in North Dakota

  • Analytical Skills: You should possess strong analytical skills to assess financial data accurately and identify trends that could affect credit risk.

  • Attention to Detail: It is essential to have a keen eye for detail, as small discrepancies in financial information can lead to significant miscalculations in risk assessments.

  • Financial Acumen: A solid understanding of financial principles, including credit analysis, risk assessment models, and investment analysis, is fundamental in this role.

  • Problem-Solving Skills: You will need the ability to think critically and creatively to develop solutions for managing and mitigating credit risks.

  • Communication Skills: Strong written and verbal communication skills are necessary to convey complex financial concepts to clients and stakeholders clearly and effectively.

  • Interpersonal Skills: Building and maintaining relationships with clients and colleagues is crucial for understanding their needs and providing tailored advice.

  • Regulatory Knowledge: An understanding of relevant laws, regulations, and compliance standards that govern credit practices and financial transactions is important.

  • Technical Proficiency: Familiarity with financial modeling software, statistical analysis tools, and database management systems will enhance your ability to analyze data and generate reports.

  • Time Management: The ability to prioritize tasks and manage time effectively will help you meet deadlines and manage multiple projects simultaneously.

  • Adaptability: Being open to learning and adapting to new tools, technologies, and market conditions is important for long-term success in the credit risk field.

Job Duties for Credit Risk Advisors

  • Analyze credit data and financial statements to determine the degree of risk involved in extending credit or lending money.

  • Complete loan applications, including credit analyses and summaries of loan requests, and submit to loan committees for approval.

  • Generate financial ratios, using computer programs, to evaluate customers' financial status.

Technologies and Skills Used by Credit Risk Advisors

Enterprise resource planning ERP software

  • Microsoft Dynamics
  • SAP software

Financial analysis software

  • CGI-AMS Strata
  • Moody's KMV Risk Advisor

Presentation software

  • Microsoft PowerPoint

Basic Skills

  • Figuring out how to use new ideas or things
  • Thinking about the pros and cons of different ways to solve a problem

Problem Solving

  • Noticing a problem and figuring out the best way to solve it

Job Market and Opportunities for Credit Risk Advisor in North Dakota

The job market for Credit Risk Advisors in North Dakota is currently characterized by a steady demand, driven by the growing need for risk management in financial institutions. As organizations seek to protect their assets and enhance profitability, the demand for skilled professionals in this field remains strong.

  • Demand for Credit Risk Advisors:

    • Increased regulatory frameworks and evolving financial landscapes have heightened the need for experts who can navigate complex credit risk scenarios.
    • Local banks, credit unions, and financial service companies are actively seeking individuals capable of analyzing creditworthiness, assessing potential risks, and suggesting mitigation strategies.

  • Growth Potential:

    • The financial sector in North Dakota is experiencing gradual expansion, leading to a corresponding rise in opportunities for Credit Risk Advisors.
    • As businesses continue to recover from economic fluctuations and adapt to new financial challenges, there is an expectation for the role to evolve, with more emphasis on technology-driven risk assessment tools.
    • The continuous need for organizations to manage credit risk effectively ensures that there will be openings not only in traditional banking but also in emerging fintech sectors.

  • Geographical Hotspots:

    • Major urban centers such as Fargo, Bismarck, and Grand Forks are the primary hotspots for Credit Risk Advisor positions. These cities host numerous banks and financial institutions that create a vibrant job market.
    • Additionally, industries such as agriculture and energy in North Dakota often engage Credit Risk Advisors, further enhancing opportunities, particularly in rural regions where these sectors are dominant.
    • The state’s commitment to economic diversification is also increasing the presence of risk management roles across various sectors, expanding the geography of opportunities for professionals in this field.

In sum, North Dakota presents a favorable job market for Credit Risk Advisors, boasting a solid demand and growth potential, particularly in urban areas and industry clusters. This environment allows for a robust career trajectory for individuals in the credit risk domain.

Top Related Careers to Credit Risk Advisor 2024

Risk Assessment Officer
Financial Risk Analyst
Lending Risk Specialist
Loan Evaluation Officer

Additional Resources To Help You Become a Credit Risk Advisor in North Dakota

  • American Bankers Association (ABA)
    A leading organization that provides resources, training, and advocacy for the banking industry. Their website contains articles, webinars, and best practices in credit risk management.
    Visit ABA

  • Risk Management Association (RMA)
    An association dedicated to the promotion of sound risk management practices in the financial services industry. They offer publications, industry news, and a community of professionals.
    Visit RMA

  • Office of the Comptroller of the Currency (OCC)
    A key regulatory authority that offers guidelines and resources on credit risk assessment and management, important for anyone in the credit risk field.
    Visit OCC

  • Federal Reserve
    The central banking system of the U.S. Their website provides reports, research papers, and guidelines related to credit risk and financial stability.
    Visit Federal Reserve

  • Moody's Analytics
    A source of economic research and credit ratings, providing tools for credit risk assessment and analytics. Their resources are valuable for understanding market dynamics.
    Visit Moody's Analytics

  • S&P Global
    They offer insights, ratings, and analytical tools that help businesses in managing credit risk. Their industry research and data can be invaluable for Credit Risk Advisors.
    Visit S&P Global

  • Association of Credit for Women (ACW)
    A platform for female professionals in credit and finance that offers networking opportunities and resources tailored to enhance skills in credit risk assessment.
    Visit ACW

  • National Association of Federal Credit Unions (NAFCU)
    Offers valuable resources and education for credit unions, particularly in managing credit risk effectively.
    Visit NAFCU

  • Credit Risk Models
    A comprehensive resource that focuses on statistical models used in credit risk assessment, including literature and academic research.
    Visit Credit Risk Models

  • LinkedIn Learning
    A platform offering courses on various subjects including risk management and credit analysis, providing valuable skills and knowledge for aspiring Credit Risk Advisors.
    Visit LinkedIn Learning

These resources will provide you with a solid foundation of knowledge, tools, and industry connections as you progress in your career as a Credit Risk Advisor in North Dakota.

Frequently Asked Questions (FAQs) About Credit Risk Advisor in North Dakota

  • What does a Credit Risk Advisor do?
    A Credit Risk Advisor assesses the creditworthiness of individuals or companies to minimize financial risks. This involves analyzing financial documents, credit histories, and market conditions to advise on lending decisions.

  • What qualifications do I need to become a Credit Risk Advisor?
    Generally, a bachelor's degree in finance, economics, accounting, or a related field is required. Relevant certifications, such as Chartered Financial Analyst (CFA) or Financial Risk Manager (FRM), can enhance your qualifications.

  • What skills are important for a Credit Risk Advisor?
    Key skills include analytical thinking, attention to detail, communication skills, and a strong understanding of financial principles. Proficiency in financial modeling and familiarity with credit risk assessment tools are also beneficial.

  • Where can I find job opportunities as a Credit Risk Advisor in North Dakota?
    Job opportunities can be found in banks, credit unions, investment firms, and financial consulting companies. Online job boards, company websites, and networking events are good resources for finding openings.

  • What is the typical salary range for a Credit Risk Advisor in North Dakota?
    Salaries can vary based on experience and the firm, but according to recent data, a Credit Risk Advisor in North Dakota can expect an annual salary ranging from $60,000 to $90,000.

  • Is prior experience in finance necessary to become a Credit Risk Advisor?
    While prior experience in finance or risk management is highly beneficial and often preferred by employers, entry-level positions may be available for recent graduates willing to learn on the job.

  • What is the job outlook for Credit Risk Advisors in North Dakota?
    The job outlook is generally positive as financial institutions continue to seek skilled professionals to manage risk effectively, especially in an evolving economic landscape.

  • Are there opportunities for career advancement in this field?
    Yes, there are opportunities for advancement. With experience, you may progress to senior analyst roles, management positions, or specialized areas such as regulatory compliance or risk strategy.

  • What kinds of industries employ Credit Risk Advisors?
    Besides traditional banking and finance, Credit Risk Advisors are also employed in insurance, investment firms, commercial real estate, and retail companies where credit and financing are pivotal.

  • What continuing education options are available for Credit Risk Advisors?
    Continuing education can include pursuing advanced certifications, attending workshops, or enrolling in finance-related courses. Many professional organizations also offer resources for staying current with industry trends and regulations.