Average Credit Analyst Salary

How much do credit analysts earn on average?

What is the Average Credit Analyst Salary?

The average credit analyst salary can depend on the level of expertise of an individual or company where the credit analyst is employed, as well as the industry. For example, credit analysts in the private sector may, on average, earn higher salaries than credit analysts working in government organizations.


Average Credit Analyst Salary



  • The average credit analyst salary in the US, as of 2019, is $55,000 annually, and it can differ depending on the industry, company, and state where one is employed.
  • Credit analysts with several years’ experience, industry certifications, and higher education qualifications earn higher salaries than junior analysts.
  • The cost of living in specific states may influence the level of salary that a credit analyst is paid. Credit analysts working in states such as New York are paid higher salaries.


Salary Ranges for Credit Analysts

The average credit analyst salary in the United States ranges anywhere from $45,000 to $55,000. While the figure can go higher or lower depending on the state, salaries paid to credit analysts in most states lie within the abovementioned range.

The state of New York offers the highest salaries since it is one of the states with the highest cost of living in the United States. Conversely, Puerto Rico gives the lowest average salaries for credit analysts, since Puerto Ricans enjoy the lowest cost of living across all US states. On average, the highest-paying companies can pay up to $110, 000 annually, while the lowest-paying company can average $35,000 annually.


Senior Credit Analyst

A senior credit analyst is at the helm of the credit analysis career, and they report to the top-level management team of the organization. Senior credit analysts earn the highest salaries, and the average salary is $69,000 annually. Those employed in the private sector earn higher salaries on average compared to their counterparts working in government entities.

Senior credit analysts are better positioned to join the senior management after they’ve gained enough working experience to be part of the executive team. The average working experience for senior credit analysts is 12 years.

The main responsibility of a senior credit analyst is to review loan applications and approve applications that meet the criteria set by the company. When the credit application reaches the senior credit analyst’s desk, it has gone through scrutiny and information gathering at the departmental level.

Junior credit analysts perform the initial review to verify that the information provided by the client is true. The information that goes to the senior credit analyst’s desk is usually accurate and verified, and the analyst is required to review the recommendations of the junior analyst and make a decision on whether to uphold or review the application based on the facts submitted. The senior analyst can approve or decline the loan application request, with explanations of the decision.


Mid-level Credit Analysts

The average midlevel credit analyst’s salary ranges from $50,000 to $55,000 yearly. The mid-level credit analyst does most of the work in the credit analysis department. They are tasked with ensuring that the information submitted by the client is accurate and reliable. They will often visit the client’s business or collateral locations to ascertain the reality on the ground.

The bank places a load of responsibility on their shoulders to ascertain the creditworthiness of the client and to follow up on the progress of the client’s business after disbursements are made. Although the bank can send different officers to the client’s business to monitor their progress, the mid-level credit analyst assigned to a specific client must carry the burden to ensure the client makes timely repayments.


Junior Level Credit Analysts

The average salary for the junior credit analysts ranges from $25,000 to $30,000 yearly. The junior-level employees are the beginners in the industry, and they are still learning the ropes while gaining basic experience in the field. Junior credit analysts work long hours to make sure that the key functions of the department are delivered without fail.

Junior-level officers are tasked with the responsibility of collecting all the information required to process a credit request. They make the first-hand contact with the client, and they are the persons who receive the loan application from the client. The junior-level analysts are also responsible for leading business sales by introducing the company’s products to potential clients. They collect the client’s financial information, testimonials, and other important documentation to facilitate the verification process.


Level of Experience

The level of experience of a credit analyst determines the amount of salary they earn. Consequently, experience provides an advantage in the industry, and analysts with more experience command higher salaries than entry-level staff. Experience is often based on the number of years one has worked in the credit management industry in a relevant position.


More Resources

CFI is the official provider of the global Financial Modeling & Valuation Analyst (FMVA)™ certification program, designed to help anyone become a world-class financial analyst. To keep advancing your career, the additional CFI resources below will be useful:

  • Finance Salary Guide
  • Five Ways to Negotiate a Pay Raise
  • How to Negotiate Salary After Job Offer
  • Salary Calculator
0 search results for ‘