Chief Credit Officer Salary
An average Chief Credit Officer in the United States can expect to take home roughly $126K annually. Geographic location is the biggest factor affecting pay for this group, followed by years of experience. There are far more male Chief Credit Officers survey respondents than women, making up 81 percent. The majority of workers are highly satisfied with their job. Medical benefits are awarded to nearly all, and a strong majority earn dental coverage.
|Salary||$81,799 - $197,972|
|Bonus||$4,605 - $41,217|
|Total Pay (||$86,417 - $225,696|
Job Description for Chief Credit Officer
A chief credit officer is a senior company executive whose job is to develop and manage a company's overall credit strategy. Those in this position develop credit risk strategies and oversee loan portfolios with the objective of maintaining high-quality borrowing strategies, and implementing risk-mitigation strategies, for the company.Read More...
Chief credit officers report directly to their company's chief executive officer (CEO) and board of directors. They supervise all credit-related branches of the company, including the credit administration and operations departments. They have many subordinates, and are responsible for maintaining business relationships with banks, creditors, and loan officers.
Those in this position must have superior interpersonal and community engagement skills, and often work in accordance with strict deadlines. A Bachelor's degree in Accounting, Business, Finance, or a related field is required, though most employers prefer applicants with a Master's degree in Accounting, Finance, or Business Administration.
Significant experience with loans, credit, and risk management is a must, as is advanced knowledge of commercial and industrial banking. Chief credit officers also are required to have long-term leadership experience or coursework in executive training. They work full time during normal weekday business hours, and have their own offices and assistant staff. They may also work nights and weekends on occasion. Superior analytical and problem-solving skills are a must, as are mental stamina and the ability to make high-level decisions under pressure.
Chief Credit Officer Tasks
- Utilize an established network of contacts to initiate, lead, and negotiate business transactions for long and short-term credit loans.
- Provide recommendations for policy revisions and advise lending management on potential risk.
- Ensure compliance with regulations, credit delivery systems, and reporting credit related activities.
- Direct the credit division and oversee loan portfolios with an eye for risk management.
Popular Skills for Chief Credit Officer
Chief Credit Officers report a focused set of job skills. Most notably, skills in Risk Management / Risk Control, Credit Control, Financial Analysis, and Loan Underwriting are correlated to pay that is above average. Skills that pay less than market rate include People Management, Loan Underwriting, and Financial Analysis. The majority of those who know Credit Control also know Risk Management / Risk Control.
Pay by Experience Level for Chief Credit Officer
Pay by Experience for a Chief Credit Officer has a positive trend. An entry-level Chief Credit Officer with less than 5 years of experience can expect to earn an average total compensation of $84,000 based on 7 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Chief Credit Officer with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $102,000 based on 19 salaries. An experienced Chief Credit Officer which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $128,000 based on 43 salaries. A Chief Credit Officer with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $150,000 based on 58 salaries.
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Key Stats for Chief Credit Officer
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