Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between 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 credit analyst and a credit officer. Additionally, a credit officer has an average salary of $129,478, 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 officer are risk management, credit risk, and credit analysis.
| Credit Analyst | Credit Officer | |
| Yearly salary | $61,422 | $129,478 |
| Hourly rate | $29.53 | $62.25 |
| Growth rate | -5% | 17% |
| Number of jobs | 16,406 | 60,323 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 69% |
| Average age | 39 | 39 |
| Years of experience | 2 | 2 |
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 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.
Credit analysts and credit officers have different pay scales, as shown below.
| Credit Analyst | Credit Officer | |
| Average salary | $61,422 | $129,478 |
| Salary range | Between $40,000 And $93,000 | Between $85,000 And $196,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Apollo Global Management | Farm Credit System |
| Best paying industry | Finance | Finance |
There are a few differences between a credit analyst and a credit officer in terms of educational background:
| Credit Analyst | Credit Officer | |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 69% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between credit analysts' and credit officers' demographics:
| Credit Analyst | Credit Officer | |
| Average age | 39 | 39 |
| Gender ratio | Male, 44.2% Female, 55.8% | Male, 64.4% Female, 35.6% |
| 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, 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% |