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The differences between risk analysts and credit risk analysts can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a risk 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 $81,484 average annual salary of a risk analyst.
The top three skills for a risk analyst include risk management, risk assessments and powerpoint. The most important skills for a credit risk analyst are risk management, SAS, and SQL.
| Risk Analyst | Credit Risk Analyst | |
| Yearly salary | $81,484 | $85,376 |
| Hourly rate | $39.17 | $41.05 |
| Growth rate | 9% | 11% |
| Number of jobs | 71,284 | 32,578 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 70% |
| Average age | 40 | 39 |
| Years of experience | 4 | 2 |
As a risk analyst, you will oversee the identification, assessment, and monitoring of risks that your company has been exposed to. You will evaluate financial documents, potential clients, and economic conditions to determine the level of risk in business decisions. You will be responsible for aggregating data from several sources to develop a comprehensive assessment and create reports, processes, and presentations to better present results. You are also expected to work closely with other team members to analyze and show data effectively.
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.
Risk analysts and credit risk analysts have different pay scales, as shown below.
| Risk Analyst | Credit Risk Analyst | |
| Average salary | $81,484 | $85,376 |
| Salary range | Between $59,000 And $112,000 | Between $62,000 And $116,000 |
| Highest paying City | San Francisco, CA | New York, NY |
| Highest paying state | Connecticut | New York |
| Best paying company | The Citadel | Western Alliance Bank |
| Best paying industry | Manufacturing | Government |
There are a few differences between a risk analyst and a credit risk analyst in terms of educational background:
| Risk Analyst | Credit Risk Analyst | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 70% |
| Most common major | Business | Finance |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between risk analysts' and credit risk analysts' demographics:
| Risk Analyst | Credit Risk Analyst | |
| Average age | 40 | 39 |
| Gender ratio | Male, 53.4% Female, 46.6% | Male, 56.4% Female, 43.6% |
| Race ratio | Black or African American, 5.6% Unknown, 4.5% Hispanic or Latino, 7.7% Asian, 14.1% White, 68.0% American Indian and Alaska Native, 0.1% | 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 | 7% | 11% |