What is a Senior Credit Manager

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 $69.75 an hour? That's $145,086 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.

Learn more about what a Senior Credit Manager does

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 75.8% of Senior Credit Managers have a bachelor's degree. In terms of higher education levels, we found that 12.4% 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 Associate Degree degrees or High School Diploma 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
$145,086
Average Salary
Job Growth Rate
16%
Job Growth Rate
Job Openings
51,216
Job Openings
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Average Salary for a Senior Credit Manager

Senior Credit Managers in America make an average salary of $145,086 per year or $70 per hour. The top 10 percent makes over $229,000 per year, while the bottom 10 percent under $91,000 per year.
Average Salary
$145,086
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Choose From 10+ Customizable Senior Credit Manager Resume templates

Zippia allows you to choose from different easy-to-use Senior Credit Manager templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your Senior Credit Manager resume is top notch. Choose a template with the colors, fonts & text sizes that are appropriate for your industry.

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Senior Credit Manager Demographics

Senior Credit Manager Gender Distribution

Male
Male
64%
Female
Female
36%

After extensive research and analysis, Zippia's data science team found that:

  • Among Senior Credit Managers, 35.8% of them are women, while 64.2% are men.

  • The most common race/ethnicity among Senior Credit Managers is White, which makes up 67.7% of all Senior Credit Managers.

  • The most common foreign language among Senior Credit Managers is Spanish at 52.9%.

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Senior Credit Manager Education

Senior Credit Manager Majors

39.2 %
16.6 %

Senior Credit Manager Degrees

Bachelors

75.8 %

Masters

12.4 %

Associate

6.9 %

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 • Private

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 • Private

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 • Private

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

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339
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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, Pennsylvania, Washington, and Nevada. Senior Credit Managers make the most in New York with an average salary of $180,659. Whereas in Pennsylvania and Washington, they would average $176,672 and $172,211, respectively. While Senior Credit Managers would only make an average of $169,447 in Nevada, 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:
$247,000
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. Washington

Total Senior Credit Manager Jobs:
575
Highest 10% Earn:
$215,000
Location Quotient:
1.41
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. District of Columbia

Total Senior Credit Manager Jobs:
172
Highest 10% Earn:
$249,000
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
Full List Of Best States For Senior Credit Managers

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Top Senior Credit Manager Employers

Most Common Employers For Senior Credit Manager

RankCompanyZippia ScoreAverage Senior Credit Manager SalaryAverage Salary
1$181,602
2$178,468
3$149,475
4$135,651
5$130,912
6$130,637

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