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The differences between credit analysts and senior credit 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 senior credit analyst. Additionally, a senior credit analyst has an average salary of $86,364, 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 senior credit analyst are credit analysis, customer service, and real estate.
| Credit Analyst | Senior Credit Analyst | |
| Yearly salary | $61,422 | $86,364 |
| Hourly rate | $29.53 | $41.52 |
| Growth rate | -5% | 17% |
| Number of jobs | 16,406 | 15,221 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 71% |
| 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 senior credit analyst is responsible for reviewing the loan applications of an individual and organization, determining their eligibility by evaluating their credit scores and financial history. Senior credit analysts assess the applicant's capability to pay according to terms and conditions and loan payment plans. They submit recommendation reports of qualified applicants for further investigation and have them submit additional documents as needed. A senior credit analyst decides on credit limits and may provide the applicants' loan and credit alternatives, requiring them to have excellent knowledge of the financial industry and loan options.
Credit analysts and senior credit analysts have different pay scales, as shown below.
| Credit Analyst | Senior Credit Analyst | |
| Average salary | $61,422 | $86,364 |
| Salary range | Between $40,000 And $93,000 | Between $59,000 And $125,000 |
| Highest paying City | New York, NY | White Plains, NY |
| Highest paying state | New York | New York |
| Best paying company | Apollo Global Management | Apple |
| Best paying industry | Finance | Finance |
There are a few differences between a credit analyst and a senior credit analyst in terms of educational background:
| Credit Analyst | Senior Credit Analyst | |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between credit analysts' and senior credit analysts' demographics:
| Credit Analyst | Senior Credit Analyst | |
| Average age | 39 | 39 |
| Gender ratio | Male, 44.2% Female, 55.8% | Male, 54.6% Female, 45.4% |
| 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, 8.3% Unknown, 2.7% Hispanic or Latino, 9.9% Asian, 10.0% White, 68.8% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |