Chief Credit Officer Salary
Median pay for Chief Credit Officers in the United States lies in the neighborhood of $124K per year. The majority of workers are highly satisfied with their job. Among survey respondents, men are more common than women; 85 percent of Chief Credit Officers are male. Almost all report receiving medical coverage from their employers and a fair number collect dental insurance.
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.
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Popular Skills for Chief Credit Officer
Survey results show that Chief Credit Officers typically report just a few professional skills. Most notably, skills in Financial Analysis, Credit Control, Risk Management / Risk Control, 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 and Loan Underwriting. Those educated in Credit Control tend to be well versed 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.
In general, experience and pay appear to be strongly linked; those with more experience usually bring in higher incomes. Although employees with less than five years' experience earn around $84K on average, the five-to-10 year group has a much higher, six-figure median of $105K. For Chief Credit Officers, 10 to 20 years of experience on the job amounts to an average salary of $130K. Chief Credit Officers who surpass 20 years on the job report pay that isn't as high as one would expect; the median compensation for this crowd sits around $146K.
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Key Stats for Chief Credit Officer
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