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The differences between senior credit analysts and loan 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 a loan analyst takes usually requires 4-6 years. Additionally, a senior credit analyst has an average salary of $86,364, which is higher than the $37,857 average annual salary of a loan analyst.
The top three skills for a senior credit analyst include credit analysis, customer service and real estate. The most important skills for a loan analyst are loan documentation, customer service, and real estate.
| Senior Credit Analyst | Loan Analyst | |
| Yearly salary | $86,364 | $37,857 |
| Hourly rate | $41.52 | $18.20 |
| Growth rate | 17% | 4% |
| Number of jobs | 15,221 | 24,756 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 66% |
| Average age | 39 | 45 |
| Years of experience | 2 | 6 |
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.
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.
Senior credit analysts and loan analysts have different pay scales, as shown below.
| Senior Credit Analyst | Loan Analyst | |
| Average salary | $86,364 | $37,857 |
| Salary range | Between $59,000 And $125,000 | Between $24,000 And $58,000 |
| Highest paying City | White Plains, NY | Raleigh, NC |
| Highest paying state | New York | South Dakota |
| Best paying company | Apple | Barclays |
| Best paying industry | Finance | Finance |
There are a few differences between a senior credit analyst and a loan analyst in terms of educational background:
| Senior Credit Analyst | Loan Analyst | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior credit analysts' and loan analysts' demographics:
| Senior Credit Analyst | Loan Analyst | |
| Average age | 39 | 45 |
| Gender ratio | Male, 54.6% Female, 45.4% | Male, 43.2% Female, 56.8% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 11% | 8% |