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Senior Credit Manager Careers

Loans are one of the most important parts of a bank's operations. A good portfolio of loans can help a financial institution make a lot of profit, but giving out too many risky loans can cause a bank to lose serious money. It's the job of the senior credit manager to take charge of the bank's credit policy and manage its portfolio.

The senior credit manager spends a lot of time thinking about risk. They are responsible for managing risk by assessing if a borrower is trustworthy and improving company sales. They also need to have an in-depth knowledge of banking regulations such as FDIC rules, so the bank doesn't get in trouble. The senior credit manager also needs to be excellent at communicating with others as they manage team members and are in constant contact with clients.

The road to the senior credit manager position is long, often involving several years of banking experience and an advanced degree such as an MBA. The grind doesn't stop once the position of the senior credit manager is achieved either. Senior credit managers can expect to work long hours and even weekends. However, the payoff is excellent-the average salary is $144,775.

There is more than meets the eye when it comes to being a senior credit manager. For example, did you know that they make an average of $69.36 an hour? That's $144,265 a year!

Between 2018 and 2028, the career is expected to grow 16% and produce 104,700 job opportunities across the U.S.

What Does a Senior Credit Manager Do

There are certain skills that many senior credit managers have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed analytical skills, communication skills and detail oriented.

When it comes to the most important skills required to be a senior credit manager, we found that a lot of resumes listed 19.2% of senior credit managers included risk management, while 11.9% of resumes included credit risk, and 7.8% of resumes included financial statements. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.

When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the senior credit manager job title. But what industry to start with? Most senior credit managers actually find jobs in the finance and manufacturing industries.

How To Become a Senior Credit Manager

If you're interested in becoming a senior credit manager, one of the first things to consider is how much education you need. We've determined that 59.8% of senior credit managers have a bachelor's degree. In terms of higher education levels, we found that 26.0% of senior credit managers have master's degrees. Even though most senior credit managers have a college degree, it's possible to become one with only a high school degree or GED.

Choosing the right major is always an important step when researching how to become a senior credit manager. When we researched the most common majors for a senior credit manager, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on senior credit manager resumes include high school diploma degrees or associate degree degrees.

You may find that experience in other jobs will help you become a senior credit manager. In fact, many senior credit manager jobs require experience in a role such as credit manager. Meanwhile, many senior credit managers also have previous career experience in roles such as credit analyst or senior credit analyst.

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Average Salary
$144,265
Average Salary
Job Growth Rate
16%
Job Growth Rate
Job Openings
16,028
Job Openings

Senior Credit Manager Career Paths

Top Careers Before Senior Credit Manager

Top Careers After Senior Credit Manager

What is the right job for my career path?

Tell us your goals and we'll match you with the rights job to get there.

Average Salary for a Senior Credit Manager

Senior Credit Managers in America make an average salary of $144,265 per year or $69 per hour. The top 10 percent makes over $201,000 per year, while the bottom 10 percent under $103,000 per year.
Average Salary
$144,265

Best Paying Cities

City
ascdesc
Average Salarydesc
New York, NY
Salary Range133k - 238k$178k$178,489
Bridgeport, CT
Salary Range111k - 197k$148k$148,320
McLean, VA
Salary Range108k - 199k$147k$147,037
Wilmington, DE
Salary Range106k - 192k$143k$142,916
San Francisco, CA
Salary Range102k - 195k$142k$141,744
Cleveland, OH
Salary Range90k - 170k$124k$124,341
$67k
$238k

Recently Added Salaries

Job TitleCompanyascdescCompanyascdescStart DateascdescSalaryascdesc
Credit Management, Senior Manager
Credit Management, Senior Manager
Federal Reserve Bank
Federal Reserve Bank
12/12/2020
12/12/2020
$124,50012/12/2020
$124,500
Senior Manager of Credit Risk
Senior Manager of Credit Risk
Smith Hanley Associates
Smith Hanley Associates
11/23/2020
11/23/2020
$100,00011/23/2020
$100,000
Senior Credit Manager
Senior Credit Manager
Smith Hanley Associates
Smith Hanley Associates
01/24/2020
01/24/2020
$110,00001/24/2020
$110,000
Senior Credit Manager
Senior Credit Manager
Smith Hanley Associates
Smith Hanley Associates
12/19/2019
12/19/2019
$110,00012/19/2019
$110,000
SR. Manager, Credit
SR. Manager, Credit
NRG Energy, Inc.
NRG Energy, Inc.
08/08/2019
08/08/2019
$135,00008/08/2019
$135,000
See More Recent Salaries

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Senior Credit Manager Demographics

Gender

male

61.3 %

female

36.0 %

unknown

2.7 %

Ethnicity

White

67.7 %

Hispanic or Latino

13.6 %

Asian

9.4 %

Foreign Languages Spoken

Spanish

52.9 %

Portuguese

14.7 %

French

5.9 %
See More Demographics

Senior Credit Manager Education

Majors

Business
42.2 %
Finance
16.2 %

Degrees

Bachelors

59.8 %

Masters

26.0 %

High School Diploma

4.3 %

Top Colleges for Senior Credit Managers

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

2. Northwestern University

Evanston, IL • Private

In-State Tuition
$54,568
Enrollment
8,451

3. University of Southern California

Los Angeles, CA • Private

In-State Tuition
$56,225
Enrollment
19,548

4. SUNY at Binghamton

Vestal, NY • Public

In-State Tuition
$9,808
Enrollment
13,990

5. Villanova University

Villanova, PA • Private

In-State Tuition
$53,308
Enrollment
6,819

6. San Diego State University

San Diego, CA • Public

In-State Tuition
$7,488
Enrollment
30,018

7. Bentley University

Waltham, MA • Private

In-State Tuition
$49,880
Enrollment
4,177

8. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238

9. SUNY Stony Brook

Stony Brook, NY • Public

In-State Tuition
$9,625
Enrollment
17,407

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339
See More Education Info
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Full Time
Part Time
Internship
Temporary

Top Skills For a Senior Credit Manager

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 19.2% of senior credit managers listed risk management on their resume, but soft skills such as analytical skills and communication skills are important as well.

Best States For a Senior Credit Manager

Some places are better than others when it comes to starting a career as a senior credit manager. The best states for people in this position are New York, New Jersey, Connecticut, and Pennsylvania. Senior credit managers make the most in New York with an average salary of $163,797. Whereas in New Jersey and Connecticut, they would average $148,461 and $143,077, respectively. While senior credit managers would only make an average of $139,195 in Pennsylvania, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. New York

Total Senior Credit Manager Jobs:
1,181
Highest 10% Earn:
$248,000
Location Quotient:
1.64
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. District of Columbia

Total Senior Credit Manager Jobs:
172
Highest 10% Earn:
$238,000
Location Quotient:
1.83
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. New Jersey

Total Senior Credit Manager Jobs:
489
Highest 10% Earn:
$232,000
Location Quotient:
1.1
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
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Top Senior Credit Manager Employers

1. Wells Fargo
4.7
Avg. Salary: 
$117,037
Senior Credit Managers Hired: 
411+
2. Exeter Finance
4.2
Avg. Salary: 
$79,671
Senior Credit Managers Hired: 
14+
3. LendingClub
4.3
Avg. Salary: 
$165,608
Senior Credit Managers Hired: 
13+
4. Citi
4.8
Avg. Salary: 
$151,850
Senior Credit Managers Hired: 
12+
5. Bank of America
4.8
Avg. Salary: 
$118,016
Senior Credit Managers Hired: 
12+
6. Ingram Micro
4.8
Avg. Salary: 
$103,927
Senior Credit Managers Hired: 
11+

Senior Credit Manager Videos

Updated October 2, 2020