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The differences between credit risk analysts and underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, a credit risk analyst has an average salary of $85,376, which is higher than the $61,751 average annual salary of an underwriter.
The top three skills for a credit risk analyst include risk management, SAS and SQL. The most important skills for an underwriter are customer service, investor guidelines, and mortgage loans.
| Credit Risk Analyst | Underwriter | |
| Yearly salary | $85,376 | $61,751 |
| Hourly rate | $41.05 | $29.69 |
| Growth rate | 11% | -4% |
| Number of jobs | 32,578 | 8,510 |
| Job satisfaction | - | 3 |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 66% |
| Average age | 39 | 44 |
| Years of experience | 2 | - |
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.
An underwriter's duties depend on the line of work or industry involved, such as mortgage companies, insurance, or lending firms. However, an Underwriter's responsibility will mainly revolve around using their extensive expertise on how a company will achieve financial gains, and assessing the possible financial risks of a client by reviewing various aspects to determine their capacity to uphold monetary obligations. Most of the time, the Underwriter's tasks will also involve evaluating a client's credit history, health, assets, overall financial history.
Credit risk analysts and underwriters have different pay scales, as shown below.
| Credit Risk Analyst | Underwriter | |
| Average salary | $85,376 | $61,751 |
| Salary range | Between $62,000 And $116,000 | Between $39,000 And $96,000 |
| Highest paying City | New York, NY | Boston, MA |
| Highest paying state | New York | Massachusetts |
| Best paying company | Western Alliance Bank | |
| Best paying industry | Government | Manufacturing |
There are a few differences between a credit risk analyst and an underwriter in terms of educational background:
| Credit Risk Analyst | Underwriter | |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 66% |
| Most common major | Finance | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between credit risk analysts' and underwriters' demographics:
| Credit Risk Analyst | Underwriter | |
| Average age | 39 | 44 |
| Gender ratio | Male, 56.4% Female, 43.6% | Male, 38.4% Female, 61.6% |
| Race ratio | 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% | Black or African American, 9.2% Unknown, 2.5% Hispanic or Latino, 9.6% Asian, 5.6% White, 72.7% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 11% | 9% |