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The differences between credit analysts and credit risk analysts 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 risk analyst. Additionally, a credit risk analyst has an average salary of $85,376, 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 risk analyst are risk management, SAS, and SQL.
| Credit Analyst | Credit Risk Analyst | |
| Yearly salary | $61,422 | $85,376 |
| Hourly rate | $29.53 | $41.05 |
| Growth rate | -5% | 11% |
| Number of jobs | 16,406 | 32,578 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 70% |
| 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 risk analyst's primary role is to assess loan and purchase applications to determine a client's ability to uphold financial obligations. Their responsibilities revolve around performing various analyzation techniques to evaluate financial risks, maintain records of all applications and relevant data, and provide advice on businesses on whether to approve or decline the credit application. Furthermore, a credit risk analyst may perform clerical tasks such as producing progress reports and presentations, responding to inquiries, and coordinating with all departments.
Credit analysts and credit risk analysts have different pay scales, as shown below.
| Credit Analyst | Credit Risk Analyst | |
| Average salary | $61,422 | $85,376 |
| Salary range | Between $40,000 And $93,000 | Between $62,000 And $116,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Apollo Global Management | Western Alliance Bank |
| Best paying industry | Finance | Government |
There are a few differences between a credit analyst and a credit risk analyst in terms of educational background:
| Credit Analyst | Credit Risk Analyst | |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 70% |
| Most common major | Business | Finance |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between credit analysts' and credit risk analysts' demographics:
| Credit Analyst | Credit Risk Analyst | |
| Average age | 39 | 39 |
| Gender ratio | Male, 44.2% Female, 55.8% | Male, 56.4% Female, 43.6% |
| 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, 7.6% Unknown, 2.6% Hispanic or Latino, 9.5% Asian, 10.5% White, 69.4% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |