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The differences between senior credit analysts and analysts can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 1-2 years to become a senior credit analyst, becoming an analyst takes usually requires 2-4 years. Additionally, a senior credit analyst has an average salary of $86,364, which is higher than the $73,007 average annual salary of an analyst.
The top three skills for a senior credit analyst include credit analysis, customer service and real estate. The most important skills for an analyst are customer service, troubleshoot, and data analysis.
| Senior Credit Analyst | Analyst | |
| Yearly salary | $86,364 | $73,007 |
| Hourly rate | $41.52 | $35.10 |
| Growth rate | 17% | 11% |
| Number of jobs | 15,221 | 253,138 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 67% |
| Average age | 39 | 44 |
| Years of experience | 2 | 4 |
A senior credit analyst is responsible for reviewing the loan applications of an individual and organization, determining their eligibility by evaluating their credit scores and financial history. Senior credit analysts assess the applicant's capability to pay according to terms and conditions and loan payment plans. They submit recommendation reports of qualified applicants for further investigation and have them submit additional documents as needed. A senior credit analyst decides on credit limits and may provide the applicants' loan and credit alternatives, requiring them to have excellent knowledge of the financial industry and loan options.
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.
Senior credit analysts and analysts have different pay scales, as shown below.
| Senior Credit Analyst | Analyst | |
| Average salary | $86,364 | $73,007 |
| Salary range | Between $59,000 And $125,000 | Between $53,000 And $99,000 |
| Highest paying City | White Plains, NY | Jersey City, NJ |
| Highest paying state | New York | New Jersey |
| Best paying company | Apple | The Citadel |
| Best paying industry | Finance | Technology |
There are a few differences between a senior credit analyst and an analyst in terms of educational background:
| Senior Credit Analyst | Analyst | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Northwestern University |
Here are the differences between senior credit analysts' and analysts' demographics:
| Senior Credit Analyst | Analyst | |
| Average age | 39 | 44 |
| Gender ratio | Male, 54.6% Female, 45.4% | Male, 52.4% Female, 47.6% |
| Race ratio | Black or African American, 8.3% Unknown, 2.7% Hispanic or Latino, 9.9% Asian, 10.0% White, 68.8% American Indian and Alaska Native, 0.3% | 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 | 11% | 12% |