Credit Analyst, Banking Salary
Earnings for Banking Credit Analysts in the United States come in at around $53K per year on average. Final cash compensation to Banking Credit Analysts varies from around $34K to approximately $88K; choice pay grades include potential for bonuses and profit sharing as high as $12K and $4K, respectively. Location and career duration each impact pay for this group, with the former having the largest influence. Medical and dental coverage is claimed by a large number, and a majority earn vision coverage. Job satisfaction is high and work is enjoyable for most Banking Credit Analysts. There are more male Banking Credit Analysts than female among those who completed the questionnaire, making up 64 percent.
Job Description for Credit Analyst, Banking
Banking credit analysts research and review consumer credit information through various sources to analyze the creditworthiness of applicants for their institution's services. They must also interview references, review relevant financial data of the applicants, and determine an appropriate line of credit (if one is determined to be appropriate). Banking credit analysts typically work daily with the sales department, lessees of vehicles and property, and property dealers and brokers to ensure the correct processing of credit applications. Their work with dealers also assists the sales department by proxy, as relationship-building skills are used by all three parties to create strong professional ties.Read More...
Most companies require banking credit analysts to have a bachelor’s degree in finance, accounting, or a related field. While most positions do not require any specific experience, a background in a financial or banking field may be preferred. The position requires excellent oral and written communication skills, a focus on customer service, and proficiency with basic computer programs such as the Microsoft Office suite. The ability to work under pressure and make sound judgments are also critical to banking credit analysts' performance.
Banking credit analysts generally work full time during regular business hours. However, alternative and/or additional hours may be required depending on the employer's needs. These analysts usually work in an office setting with minimal physical requirements or hazards.
Credit Analyst, Banking Tasks
- Assess credit risk.
- Aggregate and evaluate data related to credit and credit risk to support organizational decision-making.
- Ensure that approved accounts remain in good standing.
- Establish terms for approved credit requests.
Common Career Paths for Credit Analyst, Banking
There are some Banking Credit Analysts — though it's uncommon — that transition into VPs of Credit, where earnings are an average $109K annually. Banking Credit Analysts typically move into roles as Commercial Loan Officers or Commercial Lenders, and those positions pay $14K more and $26K more, respectively.
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Popular Skills for Credit Analyst, Banking
Banking Credit Analysts who responded to the survey report just a handful of professional skills. Most notably, skills in Commercial Loans, Financial Analysis, Loan Underwriting, and Accounting are correlated to pay that is above average, with boosts between 3 percent and 17 percent. Those educated in Financial Analysis tend to be well versed in Accounting.
Pay by Experience Level for Credit Analyst, Banking
Median of all compensation (including tips, bonus, and overtime) by years of experience.
The average beginner in this position makes around $50K, but folks who have been around for five to 10 years see a markedly higher median salary of $63K. On average, Banking Credit Analysts make $79K following one to two decades on the job. Respondents who boast more than 20 years of experience can't seem to boast paychecks reflecting that extensive experience, though; veteran Banking Credit Analysts report making only $71K on average.
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Key Stats for Credit Analyst, Banking
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