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The differences between credit analysts and business analysts can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 1-2 years to become a credit analyst, becoming a business analyst takes usually requires 2-4 years. Additionally, a business analyst has an average salary of $74,431, which is higher than the $61,422 average annual salary of a credit analyst.
The top three skills for a credit analyst include customer service, credit analysis and customer accounts. The most important skills for a business analyst are project management, data analysis, and business analysis.
| Credit Analyst | Business Analyst | |
| Yearly salary | $61,422 | $74,431 |
| Hourly rate | $29.53 | $35.78 |
| Growth rate | -5% | 9% |
| Number of jobs | 16,406 | 170,514 |
| Job satisfaction | - | 4 |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 71% |
| Average age | 39 | 44 |
| Years of experience | 2 | 4 |
A credit analyst's role is to assess and determine a client's capacity to uphold financial obligations when applying for loans or credit programs. Working for creditors like banks and lending firms, a credit analyst must interpret and analyze financial data and personal records, identify inconsistencies and risks, and verify necessary documentation in support of loan committees. Furthermore, a credit analyst must also perform administrative tasks such as preparing reports and applications, fulfilling document requests, reaching out to clients, and coordinating with colleagues to assure accuracy in all operations.
Business analysts are employees who are responsible for interpreting business data and coming up with business solutions. They are well-versed in whatever business the company is in, and they have strong business acumen. They collect data related to the business and then interpret and analyze the data. Business analysts should be able to conduct different levels of analyses and must also be able to create a sound study. Once the analysis is done, they provide recommendations or strategic direction to decision-makers that will help the business become sustainable and grow.
Credit analysts and business analysts have different pay scales, as shown below.
| Credit Analyst | Business Analyst | |
| Average salary | $61,422 | $74,431 |
| Salary range | Between $40,000 And $93,000 | Between $53,000 And $103,000 |
| Highest paying City | New York, NY | Mountain View, CA |
| Highest paying state | New York | Washington |
| Best paying company | Apollo Global Management | The Citadel |
| Best paying industry | Finance | Finance |
There are a few differences between a credit analyst and a business analyst in terms of educational background:
| Credit Analyst | Business Analyst | |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Stanford University |
Here are the differences between credit analysts' and business analysts' demographics:
| Credit Analyst | Business Analyst | |
| Average age | 39 | 44 |
| Gender ratio | Male, 44.2% Female, 55.8% | Male, 53.9% Female, 46.1% |
| Race ratio | Black or African American, 7.7% Unknown, 2.6% Hispanic or Latino, 9.5% Asian, 10.5% White, 69.4% American Indian and Alaska Native, 0.3% | Black or African American, 6.2% Unknown, 4.7% Hispanic or Latino, 8.8% Asian, 12.0% White, 67.7% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 11% | 11% |