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The differences between credit analysts and credit managers 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 credit manager takes usually requires 6-8 years. Additionally, a credit manager has an average salary of $68,583, 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 credit manager are customer service, financial statements, and credit card.
| Credit Analyst | Credit Manager | |
| Yearly salary | $61,422 | $68,583 |
| Hourly rate | $29.53 | $32.97 |
| Growth rate | -5% | 17% |
| Number of jobs | 16,406 | 63,898 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 67% |
| Average age | 39 | 46 |
| Years of experience | 2 | 8 |
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.
A credit manager is an individual who supervises the credit granting process for a company by evaluating the creditworthiness of potential customers. Credit managers must maintain corporate credit policy to optimize company sales and reduce bad debt losses. They must manage the proper relationship with agencies such as the collection agency, credit insurance providers, and the sales department. Credit managers may work in different industries such as banks, accounting firms, or auto dealerships. They must also possess a bachelor's degree in financial management or related field.
Credit analysts and credit managers have different pay scales, as shown below.
| Credit Analyst | Credit Manager | |
| Average salary | $61,422 | $68,583 |
| Salary range | Between $40,000 And $93,000 | Between $39,000 And $119,000 |
| Highest paying City | New York, NY | San Francisco, CA |
| Highest paying state | New York | Oregon |
| Best paying company | Apollo Global Management | Microsoft |
| Best paying industry | Finance | Finance |
There are a few differences between a credit analyst and a credit manager in terms of educational background:
| Credit Analyst | Credit Manager | |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between credit analysts' and credit managers' demographics:
| Credit Analyst | Credit Manager | |
| Average age | 39 | 46 |
| 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, 7.9% Unknown, 4.1% Hispanic or Latino, 15.3% Asian, 7.8% White, 64.5% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |