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.

$70,388 - $178,596
$70K
$110K
$180K
MEDIAN: $112,350
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$80K$160K$240K
Salary
$70,388 - $178,596  
   
Bonus
$5,034 - $48,767  
Profit Sharing
$35,608  
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  
Country: United States | Currency: USD | Updated: 4 May 2017 | Individuals Reporting: 157

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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

  • 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.

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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

National Average: $124,902

Larger city markers indicate a job is popular in that 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).

Related Job Salaries

Key Stats for Senior Credit Officer

Gender

Female
29 %
Male
71 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 20 votes.
1-4 years
6%
5-9 years
11%
10-19 years
37%
20 years or more
46%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Senior Credit Officer Salaries

▲29%

National Average
$125,000

▼5%

▼20%

▼28%

Skills That Affect Senior Credit Officer Salaries

Commercial Loans
▲16%




National Average
$125,000


Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 20 votes.

Gender

Female
29 %
Male
71 %

Years of Experience

1-4 years
6%
5-9 years
11%
10-19 years
37%
20 years or more
46%

Common Health Benefits

medical benefits
Medical: 96%
dental benefits
Dental: 87%
vision benefits
Vision: 73%
no benefits
None: 2%
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