Senior Credit Officer Salary
Wages for Senior Credit Officers in the United States are generous, with average pay above six figures ($112K) per year. Experience level is the biggest factor affecting pay for this group, followed by geography. Most Senior Credit Officers like their work and job satisfaction is high. Medical benefits are awarded to nearly all, and most earn dental coverage. This overview is based on answers to PayScale's salary questionnaire.
|Salary||$72,112 - $177,063|
|Bonus||$6,182 - $48,867|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$71,012 - $208,329|
Job Description for Senior Credit Officer
A senior credit officer, sometimes referred to as the chief credit officer, is a senior manager within a financial institution such as a bank or credit union. They handle a number of tasks, including creating procedures and policies for credit and loans, implementing a system of credit analysis and quality assurance for loans, and examining files for credit assurance and collateral documentation. Senior credit officers also prepare written analyses regarding large loans, identify problematic loans, provide quarterly analyses regarding loan and lease allowances and losses, and prepare board reports. As a supervisor, senior credit officers are required to have extensive knowledge of relevant mathematical concepts (primarily probability and statistics), as well as the ability to make effective presentations, interpret technical instructions, and ensure staff compliance with company policies. A senior credit officer also serves as a representative of their institution, often attending functions and events as part of their duties.Read More...
Typically, a senior credit officer position requires at least a bachelor’s degree in finance, accounting, or a related field, in addition to related training in lending and compliance. This senior-level position often requires a minimum of eight to 10 years of experience with bank lending and/or compliance as well. While senior credit officers typically work during regular business hours, overtime and/or alternative hours may be required depending on the needs of the employer.
Senior Credit Officer Tasks
- Analyze financial information to determine credit quality, approve credit, and document risk factors.
- Develop and document risk mitigation standards and processes.
- Investigate and understand discrepancies, problems, and unusual situations.
- Document and report on lending relationships' status and quality.
- Direct due diligence and portfolio assessment practices, evaluating work.
Senior Credit Officer Job Listings
Search for more jobs:
Popular Skills for Senior Credit Officer
Survey takers who work as Senior Credit Officers usually report a few specific skills. Most notably, skills in Commercial Loans, Loan Underwriting, Risk Management / Risk Control, and Credit Control are correlated to pay that is above average, with boosts between 11 percent and 18 percent. Skills that pay less than market rate include Financial Analysis. Most people who know Financial Analysis also know Loan Underwriting.
Pay by Experience Level for Senior Credit Officer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Senior Credit Officers with a lot of experience tend to enjoy higher earnings. Folks who are navigating the first five years of their careers have a median salary of approximately $85K in this position. Those who have been around for five to 10 years don't get much more, though; the median salary in that group is $100K. Professionals who claim 10 to 20 years of experience can secure some pretty cushy paychecks; the median for this group is a six-figure $120K. Seasoned veterans with 20 years under their belts enjoy a median income of $161K.
Pay Difference by Location
Senior Credit Officers will find that Boston offers an impressive pay rate, one which exceeds the national average by 50 percent. Senior Credit Officers will also find cushy salaries in New York (+13 percent) and Chicago (+10 percent). Philadelphia ranks last in the field for pay, reporting salaries 7 percent below the national average.
Related Job Salaries
Key Stats for Senior Credit Officer
Rated 5 out of 5
based on 18 votes.