We're using cookies, but you can turn them off in your browser settings. Otherwise, you are agreeing to our use of cookies. Learn more in our Privacy Policy

Thinking of a career as a credit rating analyst? Here’s my story

Gas gauge having indicator of financial credit ratings and having a pointer near AAA rating.
Published 5 Jun 2025

Sara Malinowsky, CFA, is a Director in the Funds team at Fitch Ratings in London.

Malinowsky took part in the CFA® Program Career Webinar Series, in which CFA® Charterholders detail their professional journeys, day-to-day responsibilities, and consider the skills and strategies needed to navigate a career in the financial sector.  Register for the next event in the series here.

This article expands on the answers Malinowsky shared in the webinar, giving further insight into the role of a credit rating analyst, why she followed it as a career path, and how to deepen your expertise if you’re considering following in her footsteps.

Understanding the role of a credit rating analyst

As a credit rating analyst, my primary responsibility is being part of a team that assigns ratings by evaluating the creditworthiness of an issuer or a transaction. 

While we might analyze the same data as equity research analysts, our focus is distinct. Equity analysts often focus on a company’s growth potential, whereas we concentrate on assessing risk. It’s a different lens through which we view the same data.

Why I chose credit analysis as a career path

About four years ago, I made the switch to the credit side - a field that has intrigued me since my university days. During my studies, the 2008 Global Financial Crisis unfolded, highlighting the important role of ratings agencies in financial markets. I was drawn to the intricacies of the market and wanted to be a part of it.

Embarking on the CFA® Program journey

Deciding when to embark on the CFA Program largely hinges on the current stage of your educational or professional journey. I decided to pursue the CFA Program at the outset of my career due to the program’s comprehensive insights into the finance world and its global recognition. After completing Level I, I took a decade-long break before progressing to Levels II and III.

My advice is to begin as early as you can. Tackling Level I at university can provide a head start, though pursuing it while working also presents benefits, such as leveraging workplace support. Without the pressure of regular schoolwork, I utilized the financial and training support provided at Fitch Ratings, which made a big difference.

To maintain momentum, try to minimize the gap between Level I and Level II whenever possible. Ultimately, the CFA Program is a significant commitment, but that’s part of why it is so highly regarded in the industry. It's a valuable investment in your career.

What my day looks like as a credit rating analyst

No two days are alike in my role as a credit rating analyst. I typically start my day by reviewing financial news and market updates to stay informed about the factors that may impact my rating portfolio. 

Analytical tasks naturally take up a big chunk of my day.  This involves diving into data, reviewing legal documents, and preparing rating rationales. This detail-oriented work is what I truly enjoy.

Internal rating committees are also a significant part of my schedule. These meetings, which can last from one to three hours, involve discussing and debating our analysis to arrive at a rating decision. Lastly, I participate in ad hoc projects, research and external engagements, ensuring a diversified and interesting workday.

How AI is reshaping careers in credit analysis

At Fitch Ratings, we have a powerful internal AI tool called FitchGPT, which I use daily. It helps me work smarter, faster, and be more agile in my analysis and research.

AI is a great starting point for summarizing documents, locating information, and explaining various terms. However, AI outputs alone are not sufficient to support my ratings work. At Fitch Ratings, our ratings are not overly reliant on models; they are grounded on the deep expertise and insights of our analysts, ensuring a comprehensive evaluation process that is in line with our rating criteria and methodology.

Paths into credit analysis and valuable skills

Many professionals at Fitch Ratings come from an accounting background, bringing with them analytical and financial analysis skills, along with other essential skills like attention to detail. These skills are highly transferable and valuable in credit analysis. 

For those considering a transition into ratings from another field, having a diverse background is a real asset in this field. Different perspectives lead to more engaging debates that help support our robust rating decisions.

Deepening your expertise

Understanding the basics across different sectors is important, and the CFA Program is one way of achieving this. Exploring the criteria on a credit ratings agency’s website can also provide valuable insights into the key risk considerations for each sector. Fitch Ratings offers primers and research, which are excellent resources for learning.

My advice for job candidates

A strong academic background in finance, economics or accounting can enhance your chances of securing an interview. Equally important, however, is demonstrating your passion for finance, intellectual curiosity, and analytical skills.

Engaging in extracurricular activities such as university investment clubs, finance-related research projects or pursuing the CFA Program, showcases your enthusiasm and initiative.

I wish I had known about summer analyst and graduate programs earlier. These programs offer valuable industry experience. Several graduates have joined our team at Fitch after completing the summer program or to complete the associate analyst program.

Lastly, tech skills like Python, VBA or SQL can set you apart, even with basic knowledge acquired through personal projects.

Author

Sara Malinowsky
,
CFA

Director, Funds team, Fitch Ratings

Sara Malinowsky, CFA, is a Director in the Funds team at Fitch Ratings. In this role, she specializes in fixed income funds, fund finance facilities, and asset managers, leveraging her broad expertise in both fixed income and equity market dynamics. Sara is a CFA charterholder and holds a bachelor's degree in Finance and Economics from the University of Toronto's Rotman School of Management.

Sara Malinowsky headshot.

Explore our programs and certificates

CFA Institute offers a diverse range of programs and certificates designed to meet the needs of finance professionals across various career stages and specializations.

Learn more
financial education abstract illustration