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.
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.
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.