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The differences between loan officers and credit 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 officer, becoming a credit analyst takes usually requires 1-2 years. Additionally, a credit analyst has an average salary of $61,422, which is higher than the $45,817 average annual salary of a loan officer.
The top three skills for a loan officer include customer service, origination and loan origination. The most important skills for a credit analyst are customer service, credit analysis, and customer accounts.
| Loan Officer | Credit Analyst | |
| Yearly salary | $45,817 | $61,422 |
| Hourly rate | $22.03 | $29.53 |
| Growth rate | 4% | -5% |
| Number of jobs | 63,663 | 16,406 |
| Job satisfaction | 4.5 | - |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 65% |
| Average age | 45 | 39 |
| Years of experience | 6 | 2 |
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
A credit analyst's role is to assess and determine a client's capacity to uphold financial obligations when applying for loans or credit programs. Working for creditors like banks and lending firms, a credit analyst must interpret and analyze financial data and personal records, identify inconsistencies and risks, and verify necessary documentation in support of loan committees. Furthermore, a credit analyst must also perform administrative tasks such as preparing reports and applications, fulfilling document requests, reaching out to clients, and coordinating with colleagues to assure accuracy in all operations.
Loan officers and credit analysts have different pay scales, as shown below.
| Loan Officer | Credit Analyst | |
| Average salary | $45,817 | $61,422 |
| Salary range | Between $30,000 And $69,000 | Between $40,000 And $93,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Bangor Savings Bank | Apollo Global Management |
| Best paying industry | Finance | Finance |
There are a few differences between a loan officer and a credit analyst in terms of educational background:
| Loan Officer | Credit Analyst | |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 65% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan officers' and credit analysts' demographics:
| Loan Officer | Credit Analyst | |
| Average age | 45 | 39 |
| Gender ratio | Male, 55.3% Female, 44.7% | Male, 44.2% Female, 55.8% |
| Race ratio | Black or African American, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% | Black or African American, 7.7% 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% |