Credit Analyst, Banking Salary
Banking Credit Analysts in the United States can expect to earn an average of $54K per year. Total cash compensation to Banking Credit Analysts bottoms out near $35K and approaches $87K on the high end; the biggest paychecks include approximately $16K from bonuses and almost $5K from profit sharing. The most influential factor affecting pay for this group is location, though years of experience and the particular employer have a (lesser) impact as well. Medical and dental coverage is claimed by a large number, and the larger part earn vision coverage. For the most part, Banking Credit Analysts enjoy their work and report high levels of job satisfaction. Male Banking Credit Analysts who responded to the survey are more common than women; more than half (67 percent) are men. Respondents to the PayScale salary survey provided the data for this report.
|Salary||$39,195 - $92,526|
|Bonus||$515 - $16,909|
|Profit Sharing||$0.00 - $5,068|
|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).)
|$35,358 - $91,626|
|Hourly Rate||$12.31 - $24.37|
|Overtime||$25.79 - $39.62|
|Bonus||$515 - $16,909|
|Profit Sharing||$0.00 - $5,068|
|Total Pay (||$35,358 - $91,626|
Job Description for Credit Analyst, Banking
Banking credit analysts research and review consumer credit information through various sources to analyze the creditworthiness of applicants for their institution's services. They must also interview references, review relevant financial data of the applicants, and determine an appropriate line of credit (if one is determined to be appropriate). Banking credit analysts typically work daily with the sales department, lessees of vehicles and property, and property dealers and brokers to ensure the correct processing of credit applications. Their work with dealers also assists the sales department by proxy, as relationship-building skills are used by all three parties to create strong professional ties.Read More...
Most companies require banking credit analysts to have a bachelor’s degree in finance, accounting, or a related field. While most positions do not require any specific experience, a background in a financial or banking field may be preferred. The position requires excellent oral and written communication skills, a focus on customer service, and proficiency with basic computer programs such as the Microsoft Office suite. The ability to work under pressure and make sound judgments are also critical to banking credit analysts' performance.
Banking credit analysts generally work full time during regular business hours. However, alternative and/or additional hours may be required depending on the employer's needs. These analysts usually work in an office setting with minimal physical requirements or hazards. (Copyright 2017 PayScale.com)
Credit Analyst, Banking Tasks
- Assess credit risk.
- Aggregate and evaluate data related to credit and credit risk to support organizational decision-making.
- Ensure that approved accounts remain in good standing.
- Establish terms for approved credit requests.
Common Career Paths for Credit Analyst, Banking
Though it's uncommon, some Banking Credit Analysts move into roles as VPs of Credit, where pay is an average $109K per year. Banking Credit Analysts most often move into positions as Commercial Loan Officers or Commercial Lenders; those groups report median salaries that are $14K higher and $26K higher, respectively.
Credit Analyst, Banking Job Listings
Popular Employer Salaries for Credit Analyst, Banking
Popular Skills for Credit Analyst, Banking
Survey results show that Banking Credit Analysts typically report just a few professional skills. Most notably, facility with Commercial Loans, Loan Underwriting, and Financial Analysis are correlated to pay that is significantly above average, leading to increases of 21 percent, 13 percent, and 10 percent, respectively. It is often found that people who know Financial Analysis are also skilled in Accounting.
Pay by Experience Level for Credit Analyst, Banking
Pay by Experience for a Credit Analyst, Banking has a positive trend. An entry-level Credit Analyst, Banking with less than 5 years of experience can expect to earn an average total compensation of $51,000 based on 140 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Credit Analyst, Banking with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $65,000 based on 47 salaries. An experienced Credit Analyst, Banking which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $81,000 based on 30 salaries. A Credit Analyst, Banking with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $61,000 based on 15 salaries.
Pay Difference by Location
For Banking Credit Analysts, working in the bustling city of New York has its advantages, including an above-average pay rate. Banking Credit Analysts will also find cushy salaries in Los Angeles (+43 percent), Atlanta (+35 percent), Chicago (+15 percent), and Dallas (+10 percent). The lowest-paying market is Buffalo, which sits 9 percent below the national average.
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Key Stats for Credit Analyst, Banking
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