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The differences between commercial credit analysts and loan officers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 1-2 years to become a commercial credit analyst, becoming a loan officer takes usually requires 4-6 years. Additionally, a commercial credit analyst has an average salary of $66,482, which is higher than the $45,817 average annual salary of a loan officer.
The top three skills for a commercial credit analyst include credit analysis, customer service and strong analytical. The most important skills for a loan officer are customer service, origination, and loan origination.
| Commercial Credit Analyst | Loan Officer | |
| Yearly salary | $66,482 | $45,817 |
| Hourly rate | $31.96 | $22.03 |
| Growth rate | 4% | 4% |
| Number of jobs | 42,862 | 63,663 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 80% | Bachelor's Degree, 61% |
| Average age | 39 | 45 |
| Years of experience | 2 | 6 |
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.
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
Commercial credit analysts and loan officers have different pay scales, as shown below.
| Commercial Credit Analyst | Loan Officer | |
| Average salary | $66,482 | $45,817 |
| Salary range | Between $46,000 And $94,000 | Between $30,000 And $69,000 |
| Highest paying City | Burlingame, CA | New York, NY |
| Highest paying state | California | New York |
| Best paying company | HSBC Bank | Bangor Savings Bank |
| Best paying industry | Automotive | Finance |
There are a few differences between a commercial credit analyst and a loan officer in terms of educational background:
| Commercial Credit Analyst | Loan Officer | |
| Most common degree | Bachelor's Degree, 80% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between commercial credit analysts' and loan officers' demographics:
| Commercial Credit Analyst | Loan Officer | |
| Average age | 39 | 45 |
| Gender ratio | Male, 61.6% Female, 38.4% | Male, 55.3% Female, 44.7% |
| 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, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 11% | 8% |