Credit Analyst Salary
July 14, 2011
A credit analyst is someone who reviews the portfolios of a bank’s loan during the loan process. They check files and forms for accuracy and details. It should meet the federal and state banking standards as per loans. A credit analyst helps in the computation of bank resources for loan losses and capitals. This person may also partake in the responsibilities of a financial analyst or loan review analyst. According to the wage chart provided by the Bureau of Labor Statistics, the salary range of such a profession in the United States is around $32,203 to $49,086. Of course, as one climbs up the career ladder the salary will also increase. The hierarchy goes like this: the entry-level title of a candidate is a credit analyst, the middle-level is a credit administrative manager and the top position is that of a loan review department director. A credit analyst 1, has an average annual wage of $42,947 while a credit analyst 2, earns $65,000 to $69,000.
These figures depend on many factors. One of which is the industry or company that they work for. To illustrate further, the credit analyst who works for Wells Fargo has an average annual wage of $51,860, a credit analyst II earns $55,202 and a senior credit analyst gets paid $73,625 each year. The United States Bank pays its credit analyst an average annual wage of $49,196 while its senior credit analyst gets $60,005. Comerica has a rate of $47,000 for its credit analyst while $51,787 for its senior credit analyst. A credit risk analyst working for HSBC Holdings receives $63,000 in a year. The senior credit risk analyst gets paid around $77,722 while the credit policy and risk analyst earns $61,409.
Geographic location is another major factor that can influence the average annual pay of a credit analyst. To illustrate further, here are some of the states in the country with their corresponding rates. Those who are employed in Texas have a median annual wage of $35,484 to $51,206 while the ones located in Illinois receive $37,581 to $50,820. Credit analysts who are in the state of California get paid around $44,272 to $58,444 while those who live in New York earn $43,392 to $71,553 in a year. The sunny state of Florida pays these technicians a rate of $38,661 to $58,326 while Pennsylvania is at $35,707 to $46,339. Ohio, on the other hand, has an average annual rate of $34,611 to $46,283 for credit analysts.
The declared national average rate for this profession is $53,370 as of year 2009. As compared to the rate in 2008 which is $52,350, one can say that the salary is positively increasing each year. The highest 10 percent of credit analysts have a yearly pay of $100,280 while those in the 75th percentile earn around $73,150. The entry-level salary of a credit analyst is at an average of $30,620 in a year. This information is based on the wage chart provided by the Bureau of Labor Statistics. Although it is not a requirement to have a degree, most employers seek to hire candidates who are armed with a four-year bachelor degree. Some even pursue an even higher level of education by completing a master’s degree in this field. In fact, survey shows that over 50 percent of the credit analysts today have completed a bachelor’s degree while 20 percent have a master’s degree. The courses that one can take to prepare for this kind of job include finance, business administration and accounting. Although it has been predicted that the job opening for credit analyst will remain the same, it doesn’t mean that there will be a scarcity in the available positions. What one could do is to pursue further knowledge and skill in this field, as well as apply for a certification to boost up one’s credentials. One reason why it may be difficult to land a job as a credit analyst these days is that companies have started setting higher standards and stricter requirements for their candidates. However, since the aging population is growing the need for young credit analysts is also rising.
Credit Analyst Job Description
A credit analyst has a multitude of tasks to perform. The list includes analyzing credit data and financial statements to consider the things involved in providing credit and loans. They make reports based on the results of their assessment and discuss it with the executives of the company. A credit analyst is assigned to evaluate a customer’s capacity to pay their loans and credits. They also make efficient payment suggestions by looking at the person’s salary, savings, payment and expenses history. They also assist in filling up loan application forms and requests that are to be submitted to the loan committee. A credit analyst is expected to be learned when it comes to computers as they will be expected to utilize different computer programs. This will help them do their assessments of a customer’s financial status and credit history. They are also trained on how to evaluate the profitability of loans by evaluating financial data that involves income growth and market shares. Moreover, a credit analyst works with customers to resolve any financial and credit issues.
Business Analyst Salary
May 11, 2011
A business analyst plays a very important role in any business organization. Their main task involves analyzing figures and making reports about the company’s performance. They may either work for a small company or a large one which has certain departments and sections. Just like any other career, the business analyst salary is influenced by a number of things. One of which is the level of education attained by the candidate. Most of the business analysts employed today have completed an academic training in a relevant area of this field. Some hold a degree in business administration while others in business management. Finishing a course in computer science and information systems can also boost up one’s credentials as this involves dealing with business software. Completing multiple degrees in this field is a sure way to increase one’s average business analyst salary.
Another option is to branch out into other areas of the business industry such as investment banking, financial services, insurance and a lot more. Although it is not a requirement to venture into such things, it will help an aspiring business analyst climb up the corporate ladder faster. This is the reason why most business analysts tend to swerve into other vocations. They train on how they can perform the tasks of consultants, financial analysts and investment managers.
Aside from the educational attainment, work experience is also an important factor that affects the salary of a business analyst. Those who have less than 1 year of experience have an average yearly pay of $40,000 to $50,000. Candidates who have garnered 1 to 4 years of experience get paid around $44,000 to $62,000 in a year while the ones who have 5 to 9 years of work experience earn $52,000 to $74,000. Individuals who have been in the industry for 10 to 19 years can earn around $58,000 to $83,000. And seniority pays really well as those who are backed up with 20 years of work experience receive a yearly business analyst salary of $60,000 to $87,000. As discussed earlier, it truly helps increase ones salary if one diverges into other areas of this field. Take for example the title of a project manager. This individual is in-charge of supervising, coordinating, directing and executing anything that is concerned with the company’s business strategy, commitment and goal. It is his or her task to control the project staff as well as the budget. They are the ones who make sure that their team meets the deadlines and demands of the business. They provide updated reports regarding the development of the company’s projects to its stakeholders and present solutions and strategies on how they can alleviate any problem. Project managers are also expected to be an expert in trouble shooting and negotiating. They should be able to keep their project team organized and focused.
The salary scale of a project manager is also affected by their work experience. If they have less than 1 year of experience, then their expected annual wage is around $35,000 to $51,000. Someone who has 1-4 years of experience can receive $40,000 to $62,000 while an individual with 5-9 years of experience earns $50,000 to $79,000. Someone with 10-19 years of being in the industry enjoys a yearly pay check of $58,000 to $91,000 while a senior project manager with 20 years of experience receives $63,000 to $102,000. As a preparation for this position, a candidate is strongly encouraged to pursue an academic degree that is relevant to the field. The options include courses in Bachelor of Science in Information Technology Project Management, Business Project Management, M.S. in Project Management Master of Science and a lot more. Securing an undergraduate certificate for Project Management is also a good move. Overall, being a business analyst pays really well. The rate of an entry-level position is around $38,966 to $62,310 in a year. A business systems analyst I in the United States has an average yearly pay of $50,353 while a business systems analyst II earns around $65,319. Aside from the fact that there are numerous opportunities for advancement in this career, it is also very stable and the demand is positively growing each year.
Business Analyst Job Description
A business analyst is usually hired by big companies or a small consulting firm. Either way, they use the same set of principles to guide them in their work. It is their responsibility to assess the business that they work for as a whole and look into the internal and external communications that go on within the structure. It is their duty to come up with strategies that will aid in the productivity of the company that they work for. Of course, they will discuss these solutions and suggestions with the executives before they can implement it. There are times when a business analyst will be asked to focus on a certain department or area of the company. For example, they should garner key points on how to reorganize the corporate structure in a cost-efficient way. This should suit the allotted budget and at the same time lead to the progress of the business. They can also conduct a study on the recent technological advancements that can be advantageous for the company’s business needs.
Financial Analyst Salary
March 23, 2011
According to the United States Department of Labor, the median annual earnings of a financial analyst were close to $57,100. The middle 50 percent earned a financial analyst salary of around $43,660 to $76,620 in a year. The lowest 10 percent received less than $34,570 and the highest 10 percent got more than $108,060. The median annual earnings in the companies that have the largest number of employed financial analysts are the following. Those that were involved in other financial investment activities earned $74,860 while those who worked for management of companies and enterprises got $60,670. Securities and commodity contracts intermediation and brokerage earned $58,540. Workers of on-depository credit intermediation received $51,700 while those who were employed for depository credit intermediation was paid $51,570. The median annual earnings of individuals who worked as personal financial advisers were around $56,680 back in 2002. The middle 50 percent received a pay check that ranges from $36,180 to $100,540. The median annual earnings of the industries that have the largest number of personal financial advisers are as follows. Those that were involved in other financial investment activities earned $74,260. Securities and commodity contracts intermediation and brokerage received $68,110 while those who worked for depository credit intermediation got $51.030.
In addition to their salary, financial analysts are entitled to receive bonuses that can generally to their basic pay. Their bonuses are usually based on how well their predictions live up to the actual performance of a benchmark investment. In fact, personal financial advisers who work for financial companies regularly receive a bonus together with their pay. On the other hand, advisers who work for financial-planning organizations or who are self-employed charge a particular per hour rate for their services. They also charge a one set fee for an all-inclusive plan, depending on its difficulty. Those who are in-charge of managing their client’s assets usually charge a percentage of those assets. But the majority of personal financial advisers receive a percentage for financial products that they were able to sell and they also charge a separate fee. In other words, bonuses are much more important than the salary for a person who works in the financial industry. These commissions can go even double the amount of their yearly earnings.
A more recent review on the financial analysts salary reveals that their median annual wages are around $73,150. This amount is excluding bonuses and commissions that they receive. This information shows that a financial analyst is earning more than double of the national median wage. The middle 50 percent has a pay cheque that ranges from $54,930 to $99,100. The lowest 10 percent got less than $43,440 while the highest 10 percent received more than $141,070. Again, the annual performance bonuses that they receive can significantly increase their total earnings. Rookies in the financial field would be happy to know that this is one of the higher paying jobs. However, there are variations in the pay of a financial analyst. Those who have a work experience of less than one year receive $41,000 to $56,000 while those who are armed with a year or so earn around $46,000 to $61,000. Five to nine years in the industry will increase ones pay to $50,000 to $70,000. And those who have 10-20 years of experience enjoy a very high pay or $51,000 or more. These people usually work as senior financial analysts for certain industries.
The salaries of senior financial analysts all over the United States vary widely. For one, someone who works for the HSBC Bank USA in New York earns around $750,000 a year while the one who works for Microsoft Corporation in Redmond, Washington gets a pay check or $282,340. The senior financial analyst of Empyrean Capital in Los Angeles receives $250,000 a year. The one employed in Greenwich Equity Group in Connecticut has a yearly wage of $240,000 and the senior analyst is Crossbow Ventures Inc. in Florida gets $200,000. Just like any other career, the salary for this industry also depends on a lot of factors. Geographic location, experience and level of education are just some of them.
Chartered Financial Analyst Salary
A chartered financial analyst’s (CFA) salary is determined by various factors such as the job types, work experience, employer type and other things. According the U.S. Department of Labor, the median annual salary of a person holding this job title is around $57,100. If it is based upon the job type, then it is $61,209 for a corporate financial analyst and $145,820 for a chief financial officer. Senior financial analysts get paid around $79,242 while junior financial analysts receive $62,457. The vice president of the finance department receives the highest pay check which amounts to $131,700.
The scale is much unswerving when the pay is based on work experience. A chartered financial analyst who is in his or her first year can make around $52,000. The pay will make a leap to an average of $63,000 per year once he or she has one to four years of experience. Spending five to nine years in the business will increase the pay to $90,000. A high experienced CFA that holds 20 years behind him or her usually gets $150,000 per year or even more. The type of employer also affects the figures when it comes to a CFA’s salary. Those who work under the management of a team employer can get around $50,400 while the ones working for an organization are paid as high as $100,000. A CFA working for a private company has a median salary of $83,253 while a person who works for a foundation can get $96,110. The state or local government is paying around $83,000 while a self-employed CFA has a median wage of $80,000. Becoming a CFA is one of the best career moves in the industry of business as it is stable and has many great benefits.
Chartered Financial Analyst Training
To become a Chartered Financial Analyst, one has to pass the CFA Exam. This test is composed of three levels and they must be taken in order. An individual has to pass the first level before moving on to the next one. Educational attainment and work experience are pre-requisites for this designation. One must have a bachelor’s degree or a comparable non-US degree and four years of job experience to be able to take the exam. The CFA examination has been acknowledged as an important educational certification. Sadly, the passing rate up until today is below 50 percent. Numerous finance companies and businesses have made this designation a part of their job application requirements. In other words, applicants who have a CFA charter have more chance of getting a better job than those who don’t. With regards to the notes and materials for the exam, they are revised regularly to keep up with the current content of the CFA program. In order to pass this examination, one must be dedicated to study the notes and prepare for the certification.
Financial Analyst Job Description
The general idea of a financial analyst’s job is to provide guidance to businesses and individuals who make investment decisions. Aside from that, they also assess the performance of stocks, bonds, commodities and other types of investments. They usually work for financial industries such as banks, insurance companies, mutual and pension funds, securities firms, business media and many more. They are in-charge of analyzing a company’s financial statement, commodity prices, sales, costs, expenses and tax rates. They do all of these duties in order to determine a company’s value and predict its future earnings. They join their heads with the company’s officials to get a better insight into the firm’s prospects and management. They usually focus on the factors that can affect a specific industry, region or type of product. A financial analyst should understand the new regulations, policies, political and economic trends that may influence the investments that they are tracking. They make use of spreadsheets and statistical software packages to study financial data, spot trends, create portfolios and develop forecasts.