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The differences between senior credit managers and risk 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 risk manager. Additionally, a senior credit manager has an average salary of $133,806, which is higher than the $116,072 average annual salary of a risk manager.
The top three skills for a senior credit manager include risk management, credit risk and credit analysis. The most important skills for a risk manager are oversight, risk assessments, and project management.
| Senior Credit Manager | Risk Manager | |
| Yearly salary | $133,806 | $116,072 |
| Hourly rate | $64.33 | $55.80 |
| Growth rate | 17% | 17% |
| Number of jobs | 47,642 | 75,795 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 76% | Bachelor's Degree, 66% |
| 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 risk manager is responsible for analyzing potential risks that may affect the organization's operations, reputation, and market credibility. Risk managers identify risk controls and discuss business contingency plans for unforeseen circumstances to prevent delays in operational services. They also develop compliance training and programs for all the employees to provide them the awareness of the safety and security regulations within the company premises. A risk manager must have excellent communication and leadership skills, especially on handling and investigating cases that might compromise the business stability and financial status.
Senior credit managers and risk managers have different pay scales, as shown below.
| Senior Credit Manager | Risk Manager | |
| Average salary | $133,806 | $116,072 |
| Salary range | Between $84,000 And $211,000 | Between $84,000 And $160,000 |
| Highest paying City | Las Vegas, NV | San Francisco, CA |
| Highest paying state | Alaska | California |
| Best paying company | Credit Karma | Credit Karma |
| Best paying industry | Manufacturing | Technology |
There are a few differences between a senior credit manager and a risk manager in terms of educational background:
| Senior Credit Manager | Risk Manager | |
| Most common degree | Bachelor's Degree, 76% | 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 managers' and risk managers' demographics:
| Senior Credit Manager | Risk Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 64.2% Female, 35.8% | Male, 59.3% Female, 40.7% |
| 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, 7.5% Unknown, 4.1% Hispanic or Latino, 14.4% Asian, 10.1% White, 63.5% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |