What are the requirements for being a credit Analyst?

The primary role of the credit analyst is to identify the risk and mitigate the same by adopting appropriate credit enhancement techniques.  A good credit analyst will earn a good income even from a not so good assets only by securing the asset  with  adequate collateral security. Apart from the adequacy, the quality of security should also be given importance. Thus, the most important requirement for being credit analyst is sharp business acumen with strong sense of reasoning.

The respondents have covered it all in detail. I always felt that in addition to all the financial knowledge, supporting strong common sense is the most essential requirement from the interviewers point of view. Sometimes numbers may not answer everything, but your common sense can judge few things. Hence, in addition to answers mentioned I just wanted to stress upon this too. 

Constant monitoring of your clients' financial and non-financial condition and paying attention to detail

The work of credit analysts is crucial to the success of banks and other financial institutions. These professionals help financial institutions minimize debt risk and maximize income by determining the risk involved in authorizing loans or credit lines. Credit analysts may find work in this profession with an associate's degree in a business field and some related work experience, although employers prefer a bachelor's degree. A master's degree may be helpful for making a credit analyst more competitive on the job market. Depending on one's employer, industry certification through the Risk Management Association (RMA) may be required.

Analytical mind, detail oriented, able to see behind the obvious.