What is the average salary for a credit analyst? Here’s an explanation of what a credit analyst does, and an outline of what job responsibilities, skills and pay will be like for you.
A credit analyst, who is also known as a credit officer, is a person who works in the banking industry. Credit analysts manage the credit risk of customers and determine whether they should be given loans or other forms of financial assistance.
Credit analysts typically work for banks, but some may work for other types of financial institutions including investment firms and consumer credit reporting agencies. They may also work for companies that provide financing to individuals, businesses and governments.
A credit analyst typically has at least a bachelor’s degree in finance, economics or business administration. Many employers will prefer candidates with an advanced degree such as an M.B.A., which can help them learn skills such as data analysis and problem-solving.
Credit analysts earn salaries that vary based on the size of their employer, location and experience level. According to PayScale’s salary survey data from 2018:
- Entry-level credit analysts earned an average annual salary of $51,000 while mid-career employees made $73,000 per year on average**
Salary for credit analyst
A person working as a Credit Analyst in Nigeria typically earns around 284,000 NGN per month. Salaries range from 145,000 NGN (lowest) to 438,000 NGN (highest).
This is the average monthly salary including housing, transport, and other benefits. Credit Analyst salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
The median, the maximum, the minimum, and the range
- Salary RangeCredit Analyst salaries in Nigeria range from 145,000 NGN per month (minimum salary) to 438,000 NGN per month (maximum salary).
- Median SalaryThe median salary is 279,000 NGN per month, which means that half (50%) of people working as Credit Analyst(s) are earning less than 279,000 NGN while the other half are earning more than 279,000 NGN. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.
- PercentilesClosely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Credit Analyst(s) are earning less than 191,000 NGN while 75% of them are earning more than 191,000 NGN. Also from the diagram, 75% of Credit Analyst(s) are earning less than 351,000 NGN while 25% are earning more than 351,000 NGN.
Credit Analyst Salary Comparison by Years of Experience
How does experience and age affect your pay?
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Credit Analyst salaries by experience level and this is what we found.
A Credit Analyst with less than two years of experience makes approximately 163,000 NGN per month.
While someone with an experience level between two and five years is expected to earn 212,000 NGN per month, 31% more than someone with less than two year’s experience.
Moving forward, an experience level between five and ten years lands a salary of 297,000 NGN per month, 40% more than someone with two to five years of experience.
Additionally, Credit Analyst(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 357,000 NGN per month, 20% more than someone with five to ten years of experience.
If the experience level is between fifteen and twenty years, then the expected wage is 388,000 NGN per month, 9% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 419,000 NGN per month, 8% more than people with fifteen to twenty years of experience.
Credit Analyst average salary change by experience in Nigeria
0 – 2 Years | 163,000 NGN | |
2 – 5 Years | +31% | 212,000 NGN |
5 – 10 Years | +40% | 297,000 NGN |
10 – 15 Years | +20% | 357,000 NGN |
15 – 20 Years | +9% | 388,000 NGN |
20+ Years | +8% | 419,000 NGN |
Percentage increase and decrease are relative to the previous value
Credit Analyst Salary Comparison By Education
How do education levels affect salaries?
We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Credit Analyst salaries by education level in order to make a comparison.
When the education level is Bachelor’s Degree, the average salary of a Credit Analyst is 201,000 NGN per month.
While someone with a Master’s Degree gets a salary of 356,000 NGN per month, 77% more than someone having a Bachelor’s Degree degree.
Credit Analyst average salary difference by education level in Nigeria
Bachelor’s Degree | 201,000 NGN | |
Master’s Degree | +77% | 356,000 NGN |
Percentage increase and decrease are relative to the previous value