Credit Analyst, Banking Salary
Banking Credit Analysts in the United States take home approximately $54K annually on average. Total cash earnings of Banking Credit Analysts range from $35K on the low end to $93K on the high end; the final amount can include bonuses and profit sharing proceeds that occasionally exceed $12K and $4K, respectively. Residence is the biggest factor affecting pay for this group, followed by years of experience. Men make up the majority of Banking Credit Analysts (63 percent) survey respondents. In this profession, most enjoy medical and dental coverage, and a majority have vision insurance, as well. Most workers in this position report high levels of job satisfaction.
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
Banking Credit Analysts do not often transition into VP of Credit roles. The role averages $109K per year. A common career progression for a Banking Credit Analyst is to become a Commercial Loan Officer or a Commercial Lender. Compared to Banking Credit Analysts, the first group earns $13K more on average, and the second group earns $25K more.
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Popular Skills for Credit Analyst, Banking
Banking Credit Analysts usually report a few specific skills. Most notably, skills in Commercial Loans, Loan Underwriting, Financial Analysis, and Accounting are correlated to pay that is above average, with boosts between 5 percent and 17 percent. Most people who know Financial Analysis also know Accounting.
Pay by Experience Level for Credit Analyst, Banking
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Salaries for the relatively untried average out to around $50K, but survey participants with five to 10 years of experience earn a significantly higher median of $64K. On average, Banking Credit Analysts make $81K 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 $61K on average.
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Key Stats for Credit Analyst, Banking
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