How to hire a credit risk analyst

How to hire a credit risk analyst, step by step

Here's a step-by-step credit risk analyst hiring guide:

• Step 1: Identify your hiring needs
• Step 2: Create an ideal candidate profile
• Step 3: Make a budget
• Step 4: Write a credit risk analyst job description
• Step 5: Post your job
• Step 6: Interview candidates
• Step 7: Send a job offer and onboard your new credit risk analyst
• Step 8: Go through the hiring process checklist

What does a credit risk analyst do?

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1. Identify your hiring needs

   Before you post your credit risk analyst job, you should take the time to determine what type of worker your business needs. While certain jobs definitely require a full-time employee, it's sometimes better to find a credit risk analyst for hire on a part-time basis or as a contractor.

   Determine employee vs contractor status

   Is the person you're thinking of hiring a US citizen or green card holder?

   Yes

   No

   A credit risk analyst's background is also an important factor in determining whether they'll be a good fit for the position. For example, credit risk analysts from different industries or fields will have radically different experiences and will bring different viewpoints to the role. You also need to consider the candidate's previous level of experience to make sure they'll be comfortable with the job's level of seniority.

   Here's a comparison of credit risk analyst salaries for various roles:

   Type of Credit Risk Analyst	Description	Hourly rate
   Credit Risk Analyst		$29-55
   Credit Representative	Credit representatives are professionals who analyze the credit data and the financial statements of firms or individuals for the determination of the risk in lending money or extending credit. The representatives are tasked to prepare reports with credit information used in decision making... Show more	$13-25
   Credit Officer	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... Show more	$40-94

   Show more

2. Create an ideal candidate profile

   Common skills:

   • Risk Management
   • SAS
   • SQL
   • Strong Analytical
   • PowerPoint
   • Data Analysis
   • Regression
   • Credit Card
   • Loan Portfolio
   • Risk Assessments
   • Risk Exposure
   • Macro
   • Due Diligence
   • Securities

   Check all skills

   Responsibilities:

   • Utilize data manipulation and quantitative analysis using VBA macros, SQL and advance excel knowledge to manage credit risk exposure.
   • Design and build portfolio management dashboard for senior management monthly credit strategy meetings using SAS.
   • Contribute significantly to credit portfolio analytics through integration of top-down macro risks with idiosyncratic issuer risks.
   • Perform monthly/quarterly operational functions supporting the SAS ETL processing to generate client profitability and performance measurement results.
   • Partner with municipal derivative marketing and trading risk associates to ensure seamless assimilation of individual trade characteristics.
   • Initiate behavior scorecard model for business strategy collection process by fitting logistic regression to longitudinal delinquency history data.

   More credit risk analyst duties

3. Make a budget

   Including a salary range in your credit risk analyst job description is a great way to entice the best and brightest candidates. A credit risk analyst salary can vary based on several factors:

   • Location. For example, credit risk analysts' average salary in idaho is 45% less than in new york.
   • Seniority. Entry-level credit risk analysts earn 47% less than senior-level credit risk analysts.
   • Certifications. A credit risk analyst with a few certifications under their belt will likely demand a higher salary.
   • Company. Working for a prestigious company or an exciting start-up can make a huge difference in a credit risk analyst's salary.

   Average credit risk analyst salary

   $85,376yearly

   $41.05 hourly rate

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   Entry-level credit risk analyst salary

   $62,000 yearly salary

   Updated December 5, 2025

   Average credit risk analyst salary by state

   Rank	State	Avg. salary	Hourly rate
   1	New York	$106,688	$51
   2	California	$102,027	$49
   3	District of Columbia	$97,309	$47
   4	Connecticut	$92,847	$45
   5	North Carolina	$92,226	$44
   6	Virginia	$90,894	$44
   7	Oregon	$89,492	$43
   8	Nevada	$89,462	$43
   9	New Jersey	$88,551	$43
   10	Massachusetts	$87,059	$42
   11	Delaware	$84,788	$41
   12	Washington	$83,017	$40
   13	Ohio	$79,867	$38
   14	Florida	$78,759	$38
   15	Colorado	$76,451	$37
   16	Texas	$75,541	$36
   17	Arizona	$73,804	$35
   18	Kansas	$73,659	$35
   19	Illinois	$73,249	$35
   20	South Carolina	$72,253	$35

   Average credit risk analyst salary by company

   Company

   Rank	Company	Average salary	Hourly rate	Job openings
   1	Western Alliance Bank	$109,654	$52.72	49
   2	Macy's	$105,306	$50.63
   3	HSBC Bank	$104,085	$50.04	1
   4	Blackstone Group	$102,971	$49.51
   5	Santander Private Banking International	$101,251	$48.68	4
   6	Nordstrom	$101,030	$48.57	1
   7	MUFG EMEA	$100,946	$48.53
   8	UBS	$99,997	$48.08	10
   9	SoFi	$99,661	$47.91	16
   10	Sumitomo Mitsui Financial Group	$97,204	$46.73	1
   11	Deutsche Bank	$96,528	$46.41	19
   12	J.P. Morgan	$96,477	$46.38
   13	PepsiCo	$95,601	$45.96
   14	Nomura Securities	$95,574	$45.95	32
   15	Federal Reserve Bank	$95,238	$45.79	3
   16	Silicon Valley Bank	$95,169	$45.75
   17	BNP Paribas	$95,027	$45.69
   18	NRG Energy	$94,622	$45.49	5
   19	Harley-Davidson	$94,464	$45.42	3
   20	Morgan Stanley	$94,236	$45.31	30

4. Writing a credit risk analyst job description

   A credit risk analyst job description should include a summary of the role, required skills, and a list of responsibilities. It's also good to include a salary range and the first name of the hiring manager. Below, you can find an example of a credit risk analyst job description:

   Credit risk analyst job description example

   The Senior Credit Risk Model Analyst is responsible for conducting complex analyses of credit loss models including the design, development, validation, calibration, documentation, implementation, monitoring and reporting of such models. Monitors the performance and identifies process gaps or process improvements related to model development and application.
   
   Ensures compliance with established Bank policies and procedures. Demonstrates knowledge of, adherence to, monitoring and responsibility for compliance with state and federal regulations and laws as they pertain to this position including but not limited to the following: GLBA (Gramm-Leach-Bliley Act), Regulation Z (Truth in Lending Act), Regulation DD (Truth in Savings Act) Regulation B (Equal Credit Opportunity Act), Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd Frank Act), Elder Abuse Laws, Bank Secrecy Act in conjunction with the USA PATRIOT Act, Anti-Money Laundering and Customer Information Program, Right to Financial Privacy Act (state and federal) and Community Reinvestment Act.
   
   1. Participates in maintaining, developing and implementing credit risk models for the use in allowance estimation based on the Current Expected Credit Loss (CECL) standard (includes design, development, validation, calibration, documentation, implementation, monitoring and reporting).
   
   2. Provides expertise to build and improve quantitative and qualitative models for various allowance projects (including CECL, Discounted Cash Flow (DCF), Weighted Average Remaining Maturity (WARM), Probability of Default and Loss Given Default (PD/LGD) methodologies).
   
   3. Identifies and addresses potential process gaps or process improvements related to model development and application. Effectively challenges the credit loss model’s conceptual soundness, assumptions, and appropriateness of model methodologies.
   
   4. Compiles, analyzes, and resolves data errors/inconsistencies from various financial reporting systems.
   
   5. Collaborates with business groups to develop effective modeling approaches to accurately represent the risks for practical business use.
   6. Carries out regular model performance monitoring and produces comprehensive monitoring reports. 7. Supports ad hoc analytical projects, business analyses, and reporting. 8. Provides insight and guidance on modelling techniques and methodologies. Assists in mentoring other team members. 9. Reviews credit loss model documentation and procedures, recommending enhancements, and implementing improvements. 10. Supports analysis and reporting in stress testing models. 11. Keeps well-informed on current credit loss modelling techniques. 12. Works with data and technology departments to ensure lending and allowance data and reports are complete and accurate. 13. Compiles, analyzes, and reports on macroeconomic data used in the credit loss models. 14. Performs appropriate controls required by the Sarbanes-Oxley Act of 2002 (SOX) ensuring completeness and accuracy of credit loss model documentation, processes and results. 15. Performs special projects as required by senior management. 16. Assists in the preparation of any reports requested by other departments. 17. May train, delegate and oversee the work of coworkers who perform similar duties. 18. Treats people with respect; keeps commitments; inspires the trust of others; works ethically and with integrity; upholds organizational values; accepts responsibility for own actions. 19. Demonstrates knowledge of and adherence to EEO policy; shows respect and sensitivity for cultural differences; educates others on the value of diversity; promotes working environment free of harassment of any type; builds a diverse workforce and supports affirmative action. 20. Follows policies and procedures; completes tasks correctly and on time; supports the company’s goals and values. 21. Performs the position safely, without endangering the health or safety to themselves or others and will be expected to report potentially unsafe conditions. The employee shall comply with occupational safety and health standards and all rules, regulations and orders issued pursuant to the OSHA Act of 1970, which are applicable to one’s own actions and conduct. 22. Performs duties specific to the position and other functions as assigned.
   MINIMUM REQUIREMENTS These specifications are general guidelines based on the minimum experience normally considered essential to the satisfactory performance of this position. The requirements listed below are representative of the knowledge, skill and/or ability required to perform the position in a satisfactory manner. Individual abilities may result in some deviation from these guidelines. • Bachelor's degree required, advanced degree preferred, with an emphasis in Finance, Accounting, Advanced or Applied Mathematics Statistics, or Economics; High School Diploma and 5 or more years of related experience and/or training. Work related experience must consist of a credit risk, allowance, CECL, or other lending/credit/banking related background. Educational experience, through in-house training sessions, formal school or financial industry related curriculum, should be business or financial industry related. • Strong problem solving, analytical and decision making skills. • Able to handle multiple transactions at once and work well in a team-oriented environment. • Strong customer service skills, relationship development and management skills. • Basic skills, advanced preferred, in computer terminal and personal computer operations; mainframe computer systems; word processing and spreadsheet software programs. • Intermediate typing skills to meet production needs of the position. • Basic math skills; ability to calculate interest, commissions, proportions, and percentages; balance accounts; add, subtract, multiply and divide in all units of measure, using whole numbers, common fractions and decimals; locate routine mathematical errors; compute rate, ratio and percent, including the drafting and interpretation of bar graphs. • Good verbal, written and interpersonal communication skills, with the ability to apply common sense to carry out instructions and instruct others, train personnel, write reports, correspondence and procedures, and speak clearly to employees. • Ability to deal with complex problems involving multiple facets and variables in non-standardized situations. • Ability to work with no supervision while performing duties. • Current driver’s license and a vehicle with appropriate insurance coverage if required to drive in the course of performing assigned duties and responsibilities.
   We are an Equal Opportunity/Affirmative Action Employer. All applicants will receive consideration for employment without regard to race, color, ancestry, religion, sex, national origin, sexual orientation, age, citizenship, marital status, disability, gender identity or Veteran status, or any other characteristic protected by law. We will consider all qualified applicants regardless of criminal histories, in a manner consistent with the requirements of all applicable state and local laws and regulations. Applicants must be currently authorized to work in the United States for any employer.

   Copy this example

   

5. Post your job

   There are a few common ways to find credit risk analysts for your business:

   • Promoting internally or recruiting from your existing workforce.
   • Ask for referrals from friends, family members, and current employees.
   • Attend job fairs at local colleges to meet candidates with the right educational background.
   • Use social media platforms like LinkedIn, Facebook, and Twitter to recruit passive job-seekers.

   Post your job online:

   • Post your credit risk analyst job on Zippia to find and attract quality credit risk analyst candidates.
   • Use niche websites such as efinancialcareers, financialjobsweb.com, careerbank, financial job bank.
   • Post a job on free websites.

6. Interview candidates

   Recruiting credit risk analysts requires you to bring your A-game to the interview process. The first interview should introduce the company and the role to the candidate as much as they present their background experience and reasons for applying for the job. During later interviews, you can go into more detail about the technical details of the job and ask behavioral questions to gauge how they'd fit into your current company culture.

   Remember to include a few questions that allow candidates to expand on their strengths in their own words. Asking about their unique skills might reveal things you'd miss otherwise. At this point, good candidates can move on to the technical interview.

   The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.

7. Send a job offer and onboard your new credit risk analyst

   Once you've selected the best credit risk analyst candidate for the job, it's time to write an offer letter. In addition to salary, this letter should include details about the benefits and perks you offer the candidate. Ensuring that your offer is competitive is essential, as qualified candidates may be considering other job opportunities. The candidate may wish to negotiate the terms of the offer, and you should be open to discussion. After you reach an agreement, the final step is formalizing the agreement with a contract.

   You should also follow up with applicants who don't get the job with an email letting them know that you've filled the position.

   Once that's done, you can draft an onboarding schedule for the new credit risk analyst. Human Resources should complete Employee Action Forms and ensure that onboarding paperwork is completed, including I-9s, benefits enrollment, federal and state tax forms, etc. They should also ensure that new employee files are created for internal recordkeeping.

8. Go through the hiring process checklist

   • Determine employee type (full-time, part-time, contractor, etc.)
   • Submit a job requisition form to the HR department
   • Define job responsibilities and requirements
   • Establish budget and timeline
   • Determine hiring decision makers for the role
   • Write job description
   • Post job on job boards, company website, etc.
   • Promote the job internally
   • Process applications through applicant tracking system
   • Review resumes and cover letters
   • Shortlist candidates for screening
   • Hold phone/virtual interview screening with first round of candidates
   • Conduct in-person interviews with top candidates from first round
   • Score candidates based on weighted criteria (e.g., experience, education, background, cultural fit, skill set, etc.)
   • Conduct background checks on top candidates
   • Check references of top candidates
   • Consult with HR and hiring decision makers on job offer specifics
   • Extend offer to top candidate(s)
   • Receive formal job offer acceptance and signed employment contract
   • Inform other candidates that the position has been filled
   • Set and communicate onboarding schedule to new hire(s)
   • Complete new hire paperwork (i9, benefits enrollment, tax forms, etc.)

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How much does it cost to hire a credit risk analyst?