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Chief Credit Officer: Job Description & Salary

Chief credit officers help determine how their company approaches lending practices and are involved with setting financial goals for their company. This article explores what chief credit officers do and how to become one.

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Career Definition of a Chief Credit Officer

Chief credit officers help establish the procedures and guidelines for approving or denying loans and are responsible for their company's credit portfolio. They determine which loans are too risky to pursue and which applicants are least likely to default on their payments. They are involved in setting long-term goals to ensure that their employer will be profitable, which means managing credit strategy, administration, and risk.

Chief credit officers may conduct risk analysis and implement a budget to the lending department. Once they determine and establish lending policies, they are responsible for guiding their staff team and ensuring that they follow the set policies. They also review loan applications and documentation to ensure legal compliance. They may also be involved in forming business connections in the community and maintaining business relationships.

Educational Requirements Bachelor's degree
Job Skills Leadership skills, experience with banking and lending regulations and practices, public speaking skills, interpersonal skills, training skills, problem-solving skills, mathematical and budgeting skills, analytical skills
Median Salary (2017)* $129,074
Job Outlook (2014-2024)** 7% (financial managers)

Sources: *PayScale.com; **U.S. Bureau of Labor Statistics

Required Education

Employers typically require chief credit officers to have a bachelor's degree. Fields of study that can prepare for this career include finance, accounting, business administration and economics. Some employers prefer applicants with relevant certifications, such as Chartered Financial Analyst (CFA) certification. Although it isn't always required, a master's degree may also be an asset to those preparing to enter this career field.

Required Skills

Chief credit officers need strong analytical skills to consider all relevant information about loan applicants and a company's credit situation. They need good decision-making skills to avoid high-risk loans and loss of profits for the company they work for. Because they analyze financial data and may implement budgets, they need mathematical skills. Chief credit officers are also responsible for developing an effective staff team, so they need strong leadership skills, including the ability to train staff regarding financial policy. Since they may need to report to board members, they need to be good at public speaking and have strong interpersonal skills. To become a chief credit officer, employers usually require years of practical experience in the field.

Career Outlook and Salary

Chief credit officers are a type of financial manager. The U.S. Bureau of Labor Statistics reported that from 2014 to 2024, financial managers should see a 7% job growth rate in their field. PayScale.com indicated that in 2017, chief credit officers enjoyed an annual median salary of $129,074.

Related Careers

There are many opportunities in finance that require an analytical skill set. Professionals in these related careers also evaluate financial data and make recommendations regarding strategy and management:

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