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The differences between commercial credit analysts and credit officers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 1-2 years to become both a commercial credit analyst and a credit officer. Additionally, a credit officer has an average salary of $129,478, which is higher than the $66,482 average annual salary of a commercial credit analyst.
The top three skills for a commercial credit analyst include credit analysis, customer service and strong analytical. The most important skills for a credit officer are risk management, credit risk, and credit analysis.
| Commercial Credit Analyst | Credit Officer | |
| Yearly salary | $66,482 | $129,478 |
| Hourly rate | $31.96 | $62.25 |
| Growth rate | 4% | 17% |
| Number of jobs | 42,862 | 60,323 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 80% | Bachelor's Degree, 69% |
| Average age | 39 | 39 |
| Years of experience | 2 | 2 |
A commercial credit analyst is primarily in charge of assessing a client's credit or loan application, ensuring that they are fit to uphold financial obligations. Their responsibilities typically revolve around coordinating different departments to gather necessary client data, reviewing financial histories, verifying the authenticity of requirements, and developing financial profiles. Moreover, a commercial credit analyst may perform research and analysis to identify new business opportunities, produce progress and sales reports, monitor the payment progress of clients, and maintain a record of all transactions.
A credit officer is responsible for evaluating financial documents and account statements to determine the eligibility of an applicant for a loan option. Credit officers communicate with the applicant to discuss the loan process, explain the terms of service, and provide them alternative options that would fit their payment ability and loan needs. They create financial reports and recommend the qualified applicant to the manager for approval. A credit officer should have excellent communication and analytical skills, ensuring that the loan policies adhere to the federal and state regulations.
Commercial credit analysts and credit officers have different pay scales, as shown below.
| Commercial Credit Analyst | Credit Officer | |
| Average salary | $66,482 | $129,478 |
| Salary range | Between $46,000 And $94,000 | Between $85,000 And $196,000 |
| Highest paying City | Burlingame, CA | New York, NY |
| Highest paying state | California | New York |
| Best paying company | HSBC Bank | Farm Credit System |
| Best paying industry | Automotive | Finance |
There are a few differences between a commercial credit analyst and a credit officer in terms of educational background:
| Commercial Credit Analyst | Credit Officer | |
| Most common degree | Bachelor's Degree, 80% | Bachelor's Degree, 69% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between commercial credit analysts' and credit officers' demographics:
| Commercial Credit Analyst | Credit Officer | |
| Average age | 39 | 39 |
| Gender ratio | Male, 61.6% Female, 38.4% | Male, 64.4% Female, 35.6% |
| Race ratio | Black or African American, 7.9% Unknown, 2.7% Hispanic or Latino, 9.6% Asian, 10.5% White, 69.0% American Indian and Alaska Native, 0.3% | Black or African American, 8.0% Unknown, 2.7% Hispanic or Latino, 9.7% Asian, 10.7% White, 68.6% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |