Chief Credit Officer Salary
A sizeable majority of Chief Credit Officers in the United States are men. In this role, average pay is around $122K annually. Most Chief Credit Officers report high levels of job satisfaction. Nearly all report receiving medical coverage from their employers and a strong majority collect dental insurance. The data for this synopsis comes from respondents who took the PayScale salary survey.
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
- 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.
- 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.
Chief Credit Officer Job Listings
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Popular Skills for Chief Credit Officer
Chief Credit Officers usually report a few specific 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 are correlated to lower pay, on the other hand, include People Management, Loan Underwriting, and Financial Analysis. Those proficient in Credit Control are, more often than not, also skilled in 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.
Experience seems to be a major factor in determining the incomes of Chief Credit Officers. Salaries of relatively inexperienced workers fall in the neighborhood of $84K, but folks who have racked up five to 10 years see a notably higher median of $111K. For Chief Credit Officers, 10 to 20 years of experience on the job amounts to an average salary of $128K. Veterans who have surpassed the 20-year mark may make only slightly more than those who are navigating the mid-career stage; the more senior group reports median earnings of around $144K.