Senior Credit Officer Salary
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.
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
- 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.
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Key Stats for Senior Credit Officer
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