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The differences between senior credit managers and credit managers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-8 years to become both a senior credit manager and a credit manager. Additionally, a senior credit manager has an average salary of $133,806, which is higher than the $68,583 average annual salary of a credit manager.
The top three skills for a senior credit manager include risk management, credit risk and credit analysis. The most important skills for a credit manager are customer service, financial statements, and credit card.
| Senior Credit Manager | Credit Manager | |
| Yearly salary | $133,806 | $68,583 |
| Hourly rate | $64.33 | $32.97 |
| Growth rate | 17% | 17% |
| Number of jobs | 47,642 | 63,898 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 76% | Bachelor's Degree, 67% |
| Average age | 46 | 46 |
| Years of experience | 8 | 8 |
Senior credit managers are financial professionals who are responsible for overseeing the credit granting process for a financial institution. These managers are required to develop risk management solution strategies so that the institution can maintain risk and improve profitability. They must screen the credit history of applicants as well as to conduct interviews to minimize credit risk and potential monetary loss. They must also conduct credit analysis and financial risk evaluations by gathering and analyzing all types of credit information on new and existing customers.
A credit manager is an individual who supervises the credit granting process for a company by evaluating the creditworthiness of potential customers. Credit managers must maintain corporate credit policy to optimize company sales and reduce bad debt losses. They must manage the proper relationship with agencies such as the collection agency, credit insurance providers, and the sales department. Credit managers may work in different industries such as banks, accounting firms, or auto dealerships. They must also possess a bachelor's degree in financial management or related field.
Senior credit managers and credit managers have different pay scales, as shown below.
| Senior Credit Manager | Credit Manager | |
| Average salary | $133,806 | $68,583 |
| Salary range | Between $84,000 And $211,000 | Between $39,000 And $119,000 |
| Highest paying City | Las Vegas, NV | San Francisco, CA |
| Highest paying state | Alaska | Oregon |
| Best paying company | Credit Karma | Microsoft |
| Best paying industry | Manufacturing | Finance |
There are a few differences between a senior credit manager and a credit manager in terms of educational background:
| Senior Credit Manager | Credit Manager | |
| Most common degree | Bachelor's Degree, 76% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior credit managers' and credit managers' demographics:
| Senior Credit Manager | Credit Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 64.2% Female, 35.8% | Male, 53.9% Female, 46.1% |
| Race ratio | Black or African American, 7.5% Unknown, 4.1% Hispanic or Latino, 14.4% Asian, 9.9% White, 63.7% American Indian and Alaska Native, 0.3% | Black or African American, 7.9% Unknown, 4.1% Hispanic or Latino, 15.3% Asian, 7.8% White, 64.5% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |