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The differences between loan analysts and credit risk 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 a credit risk analyst takes usually requires 1-2 years. Additionally, a credit risk analyst has an average salary of $85,376, 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 a credit risk analyst are risk management, SAS, and SQL.
| Loan Analyst | Credit Risk Analyst | |
| Yearly salary | $37,857 | $85,376 |
| Hourly rate | $18.20 | $41.05 |
| Growth rate | 4% | 11% |
| Number of jobs | 24,756 | 32,578 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 70% |
| Average age | 45 | 39 |
| Years of experience | 6 | 2 |
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.
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.
Loan analysts and credit risk analysts have different pay scales, as shown below.
| Loan Analyst | Credit Risk Analyst | |
| Average salary | $37,857 | $85,376 |
| Salary range | Between $24,000 And $58,000 | Between $62,000 And $116,000 |
| Highest paying City | Raleigh, NC | New York, NY |
| Highest paying state | South Dakota | New York |
| Best paying company | Barclays | Western Alliance Bank |
| Best paying industry | Finance | Government |
There are a few differences between a loan analyst and a credit risk analyst in terms of educational background:
| Loan Analyst | Credit Risk Analyst | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 70% |
| Most common major | Business | Finance |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan analysts' and credit risk analysts' demographics:
| Loan Analyst | Credit Risk Analyst | |
| Average age | 45 | 39 |
| Gender ratio | Male, 43.2% Female, 56.8% | Male, 56.4% Female, 43.6% |
| 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, 7.6% Unknown, 2.6% Hispanic or Latino, 9.5% Asian, 10.5% White, 69.4% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 8% | 11% |