Senior Credit Officer Salary
For Senior Credit Officers, yearly average wages total $112K annually. Experience level is the biggest factor affecting pay for this group, followed by geography. Making up 71 percent of those who took the survey, male Senior Credit Officers greatly outnumber their female counterparts. Most Senior Credit Officers report high levels of job satisfaction. Nearly all report receiving medical coverage from their employers and most collect dental insurance. The figures in this rundown are based on the results of PayScale's salary questionnaire.
|Salary||$70,388 - $178,596|
|Bonus||$5,034 - $48,767|
|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).)
|$72,161 - $212,733|
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.
Popular Skills for Senior Credit Officer
Senior Credit Officers report a focused set of job 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 6 percent and 16 percent. Skills that seem to negatively impact pay include Financial Analysis. Most people experienced in Financial Analysis also know Loan Underwriting.
Pay by Experience Level for Senior Credit Officer
Pay by Experience for a Senior Credit Officer has a positive trend. An entry-level Senior Credit Officer with less than 5 years of experience can expect to earn an average total compensation of $90,000 based on 13 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Senior Credit Officer with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $100,000 based on 32 salaries. An experienced Senior Credit Officer which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $119,000 based on 75 salaries. A Senior Credit Officer with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $162,000 based on 67 salaries.
Pay Difference by Location
Senior Credit Officers will find that Boston offers an impressive pay rate, one which exceeds the national average by 48 percent. Senior Credit Officers will also find cushy salaries in New York (+11 percent) and Chicago (+10 percent). Philadelphia is the lowest-paying area, 8 percent south of the national average. A couple other locations with smaller-than-average paychecks include Atlanta (5 percent lower) and Dallas (4 percent lower).
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Key Stats for Senior Credit Officer
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