Chief Credit Officer Salary
For Chief Credit Officers, annual average wages total $125K per year. Residence and experience level each impact pay for this group, with the former having the largest influence. Among survey respondents, men are more common than women; 86 percent of Chief Credit Officers are male. Job satisfaction is high and work is enjoyable for most Chief Credit Officers. Almost all report receiving medical coverage from their employers and a fair number collect dental insurance.
|Salary||$83,389 - $198,659|
|Bonus||$4,554 - $40,406|
|Total Pay (||$87,406 - $226,233|
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
Survey results imply that Chief Credit Officers put a diverse skill set to use. 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 seem to negatively impact pay include People Management, Loan Underwriting, and Financial Analysis. Those familiar with Credit Control also tend to know Risk Management / Risk Control.
Pay by Experience Level for Chief Credit Officer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Chief Credit Officers with a lot of experience tend to enjoy higher earnings. Professionals with less than five years' experience earn a median of $84K annually, but folks with five to 10 years under their belts report a weighty six-figure median of $102K. The average pay reported by folks with 10 to 20 years of experience is around $128K. Individuals who report more than two decades of experience seem to make only slightly more than folks in the 10-to-20 year range; the more senior group sees median earnings in the comparatively modest ballpark of $150K.
Related Job Salaries
Key Stats for Chief Credit Officer
Rated 5 out of 5
based on 17 votes.