Compensation for Senior Credit Officers in the United States is generous, with average pay surpassing six figures annually ($113K). Career duration is the biggest factor affecting pay for this group, followed by geography. Nearly all report receiving medical coverage from their employers and most collect dental insurance. The majority of Senior Credit Officers claim high levels of job satisfaction. Figures cited in this summary are based on replies to PayScale's salary questionnaire.

$69,499 - $176,696
$69K
$110K
$180K
MEDIAN: $112,633
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$70K$140K$210K
Salary
$69,499 - $176,696  
   
Bonus
$4,983 - $45,868  
Profit Sharing
$27,500  
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).
)
$68,314 - $206,431  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 166

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United States (change)

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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.

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Senior Credit Officer Tasks

  • Document and report on lending relationships' status and quality.
  • Direct due diligence and portfolio assessment practices, evaluating work.
  • Investigate and understand discrepancies, problems, and unusual situations.
  • Analyze financial information to determine credit quality, approve credit, and document risk factors.
  • Develop and document risk mitigation standards and processes.

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Popular Skills for Senior Credit Officer


Senior Credit Officers who responded to the survey indicated only a few skills that they use on the job. Most notably, facility with Loan Underwriting, Commercial Loans, and Risk Management / Risk Control are correlated to pay that is significantly above average, leading to increases of 23 percent, 20 percent, and 12 percent, respectively. Skills that seem to negatively impact pay include Financial Analysis. Those educated in Financial Analysis tend to be well versed in 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. Relatively untried employees who have fewer than five years of experience earn around $78K on average. People who have worked for five to 10 years can expect a higher median salary of $99K. Experienced professionals who have spent one to two decades on the job can score lucrative paychecks that average out to $114K. Senior Credit Officers who have spent more than 20 years on the job report earning a significantly higher median of $161K.

Related Job Salaries

Key Stats for Senior Credit Officer

Gender

Female
31 %
Male
69 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 16 votes.
1-4 years
7%
5-9 years
11%
10-19 years
37%
20 years or more
46%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Senior Credit Officer Salaries


National Average
$121,000



Entry-Level
up arrow 35%

Skills That Affect Senior Credit Officer Salaries

Loan Underwriting
up arrow 23%

Commercial Loans
up arrow 20%



National Average
$121,000

Financial Analysis
up arrow 4%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 16 votes.

Gender

Female
31 %
Male
69 %

Years of Experience

1-4 years
7%
5-9 years
11%
10-19 years
37%
20 years or more
46%

Common Health Benefits

medical benefits
Medical: 95%
dental benefits
Dental: 86%
vision benefits
Vision: 73%
dental benefits
None: 3%
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