If you ask 10 different credit professionals what underwriting is, you’ll likely receive 10 different answers. It includes evaluating financial statements, understanding trends in customer sales, supplier purchasing, sustainability of margins, operational risks, quality of revenues, accounting practices, forming a realistic view of EBITDA - and that’s just the tip of the iceberg. There’s a lot to cover. So whether you are already working in finance and looking to hone your skills, or seeking to transition into a credit investing role, this post is designed to be an introduction to credit underwriting, and a preview of topics to come.