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.