Chief Credit Officer Salary
An average Chief Credit Officer in the United States can expect to take home roughly $129K annually. Location is the biggest factor affecting pay for this group, followed by experience level. Male Chief Credit Officers are far more common among survey respondents than their female counterparts, who typically comprise less than one-third of the field. Job satisfaction is reported as high by the vast majority of workers. Nearly all enjoy medical while most get dental coverage. Vision coverage is also available to a majority. The data for this snapshot was collected from individuals who took PayScale's salary survey.
|Salary||$82,888 - $201,959|
|Bonus||$4,587 - $44,850|
|Total Pay (||$88,225 - $223,936|
Job Description for Chief Credit Officer
A chief credit officer is a senior company executive whose job is to develop and manage a company's overall credit strategy. Those in this position develop credit risk strategies and oversee loan portfolios with the objective of maintaining high-quality borrowing strategies, and implementing risk-mitigation strategies, for the company.Read More...
Chief credit officers report directly to their company's chief executive officer (CEO) and board of directors. They supervise all credit-related branches of the company, including the credit administration and operations departments. They have many subordinates, and are responsible for maintaining business relationships with banks, creditors, and loan officers.
Those in this position must have superior interpersonal and community engagement skills, and often work in accordance with strict deadlines. A Bachelor's degree in Accounting, Business, Finance, or a related field is required, though most employers prefer applicants with a Master's degree in Accounting, Finance, or Business Administration.
Significant experience with loans, credit, and risk management is a must, as is advanced knowledge of commercial and industrial banking. Chief credit officers also are required to have long-term leadership experience or coursework in executive training. They work full time during normal weekday business hours, and have their own offices and assistant staff. They may also work nights and weekends on occasion. Superior analytical and problem-solving skills are a must, as are mental stamina and the ability to make high-level decisions under pressure. (Copyright 2017 PayScale.com)
Chief Credit Officer Tasks
- Utilize an established network of contacts to initiate, lead, and negotiate business transactions for long and short-term credit loans.
- Provide recommendations for policy revisions and advise lending management on potential risk.
- Ensure compliance with regulations, credit delivery systems, and reporting credit related activities.
- Direct the credit division and oversee loan portfolios with an eye for risk management.
Chief Credit Officer Job Listings
Popular Skills for Chief Credit Officer
Job skills reported by Chief Credit Officers are limited. Most notably, skills in Risk Management / Risk Control, Credit Control, Financial Analysis, and Loan Underwriting are correlated to pay that is above average. Those listing People Management as a skill should be prepared for drastically lower pay. Loan Underwriting and Financial Analysis also typically command lower compensation. Most people skilled in Credit Control are similarly competent in Risk Management / Risk Control.
Pay by Experience Level for Chief Credit Officer
Pay by Experience for a Chief Credit Officer has a positive trend. An entry-level Chief Credit Officer with less than 5 years of experience can expect to earn an average total compensation of $84,000 based on 7 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Chief 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 $102,000 based on 19 salaries. An experienced Chief Credit Officer which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $128,000 based on 43 salaries. A Chief 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 $150,000 based on 58 salaries.
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Key Stats for Chief Credit Officer
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