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The differences between credit officers and commercial loan officers 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 officer, becoming a commercial loan officer takes usually requires 4-6 years. Additionally, a credit officer has an average salary of $129,478, which is higher than the $70,876 average annual salary of a commercial loan officer.
The top three skills for a credit officer include risk management, credit risk and credit analysis. The most important skills for a commercial loan officer are customer service, loan portfolio, and financial statements.
| Credit Officer | Commercial Loan Officer | |
| Yearly salary | $129,478 | $70,876 |
| Hourly rate | $62.25 | $34.08 |
| Growth rate | 17% | 4% |
| Number of jobs | 60,323 | 91,582 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 76% |
| Average age | 39 | 45 |
| Years of experience | 2 | 6 |
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.
Commercial loan officers are financial professionals who are responsible for assessing and processing business loan applications at financial institutions. These loan officers must advise clients about their suitable loan and credit options while consulting with managers on credit policies, credit lines, and procedures. They are required to obtain and assess the financial information of applicants that includes their financial statements and credit histories. Commercial loan officers must also collaborate with other financial institutions to set up loan packages for extensive loans.
Credit officers and commercial loan officers have different pay scales, as shown below.
| Credit Officer | Commercial Loan Officer | |
| Average salary | $129,478 | $70,876 |
| Salary range | Between $85,000 And $196,000 | Between $50,000 And $100,000 |
| Highest paying City | New York, NY | Fort Lee, NJ |
| Highest paying state | New York | Maine |
| Best paying company | Farm Credit System | Glacier Ban |
| Best paying industry | Finance | Finance |
There are a few differences between a credit officer and a commercial loan officer in terms of educational background:
| Credit Officer | Commercial Loan Officer | |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between credit officers' and commercial loan officers' demographics:
| Credit Officer | Commercial Loan Officer | |
| Average age | 39 | 45 |
| Gender ratio | Male, 64.4% Female, 35.6% | Male, 73.8% Female, 26.2% |
| Race ratio | 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% | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 15.5% Asian, 6.5% White, 63.6% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 11% | 8% |