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The differences between credit and collections analysts and senior credit analysts can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-12 months to become a credit and collections analyst, becoming a senior credit analyst takes usually requires 1-2 years. Additionally, a senior credit analyst has an average salary of $86,364, which is higher than the $49,262 average annual salary of a credit and collections analyst.
The top three skills for a credit and collections analyst include customer service, credit limits and past due accounts. The most important skills for a senior credit analyst are credit analysis, customer service, and real estate.
| Credit And Collections Analyst | Senior Credit Analyst | |
| Yearly salary | $49,262 | $86,364 |
| Hourly rate | $23.68 | $41.52 |
| Growth rate | -8% | 17% |
| Number of jobs | 18,105 | 15,221 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 71% |
| Average age | 46 | 39 |
| Years of experience | 12 | 2 |
A credit and collections analyst is responsible for evaluating clients' account statements and financial transactions, analyzing their credit scores, and creating payment plans for outstanding debts. Credit and collections analysts assist in handling account discrepancies and financial disputes, reaching out to financial institutions and clients to collect documents and necessary data for resolution processes. They also update the clients' information on the database, analyze the terms of service of contracts, and respond to the customers' inquiries and concerns regarding their account status.
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 and collections analysts and senior credit analysts have different pay scales, as shown below.
| Credit And Collections Analyst | Senior Credit Analyst | |
| Average salary | $49,262 | $86,364 |
| Salary range | Between $35,000 And $69,000 | Between $59,000 And $125,000 |
| Highest paying City | Bridgewater, NJ | White Plains, NY |
| Highest paying state | Connecticut | New York |
| Best paying company | Vishay | Apple |
| Best paying industry | Finance | Finance |
There are a few differences between a credit and collections analyst and a senior credit analyst in terms of educational background:
| Credit And Collections Analyst | Senior Credit Analyst | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | - | University of Pennsylvania |
Here are the differences between credit and collections analysts' and senior credit analysts' demographics:
| Credit And Collections Analyst | Senior Credit Analyst | |
| Average age | 46 | 39 |
| Gender ratio | Male, 30.0% Female, 70.0% | Male, 54.6% Female, 45.4% |
| Race ratio | Black or African American, 12.0% Unknown, 4.0% Hispanic or Latino, 20.5% Asian, 3.6% White, 59.4% American Indian and Alaska Native, 0.5% | 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 | 8% | 11% |