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The differences between loan analysts and analysts can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a loan analyst, becoming an analyst takes usually requires 2-4 years. Additionally, an analyst has an average salary of $73,007, which is higher than the $37,857 average annual salary of a loan analyst.
The top three skills for a loan analyst include loan documentation, customer service and real estate. The most important skills for an analyst are customer service, troubleshoot, and data analysis.
| Loan Analyst | Analyst | |
| Yearly salary | $37,857 | $73,007 |
| Hourly rate | $18.20 | $35.10 |
| Growth rate | 4% | 11% |
| Number of jobs | 24,756 | 253,138 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 67% |
| Average age | 45 | 44 |
| Years of experience | 6 | 4 |
A loan analyst is responsible for determining the eligibility of loan applicants in purchasing loan services by analyzing their application documents, account statements, and financial and credit status. Loan analysts evaluate loan agreements and payment plans and explain feasibility to the customers and loan officers before granting the loan. They also provide loan options and alternatives to the clients according to their needs and risk limitations. A loan analyst must have excellent knowledge of the loan and financial industry, especially in handling credit policies and loan processes and ensuring timely submission of reports.
Analysts are employees or individual contributors with a vast experience in a particular field that help the organization address challenges. They help the organization improve processes, policies, and other operations protocol by studying the current processes in place and determining the effectiveness of those processes. They also research industry trends and data to make sound inferences and recommendations on what the company should do to improve their numbers. Analysts recommend business solutions and often help the organization roll out these solutions. They ensure that the proposed action plans are effective and produce the desired results.
Loan analysts and analysts have different pay scales, as shown below.
| Loan Analyst | Analyst | |
| Average salary | $37,857 | $73,007 |
| Salary range | Between $24,000 And $58,000 | Between $53,000 And $99,000 |
| Highest paying City | Raleigh, NC | Jersey City, NJ |
| Highest paying state | South Dakota | New Jersey |
| Best paying company | Barclays | The Citadel |
| Best paying industry | Finance | Technology |
There are a few differences between a loan analyst and an analyst in terms of educational background:
| Loan Analyst | Analyst | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Northwestern University |
Here are the differences between loan analysts' and analysts' demographics:
| Loan Analyst | Analyst | |
| Average age | 45 | 44 |
| Gender ratio | Male, 43.2% Female, 56.8% | Male, 52.4% Female, 47.6% |
| Race ratio | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% | Black or African American, 7.4% Unknown, 4.4% Hispanic or Latino, 8.5% Asian, 14.3% White, 65.2% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 8% | 12% |