What is a Credit Risk Manager Job?
Credit risk manager jobs are positions in the financial industry that involve assessing and analyzing the creditworthiness of individuals or organizations applying for loans or credit. Credit risk managers are responsible for evaluating the risk associated with lending money and ensuring that the financial institution they work for doesn't suffer any losses. This is a highly important role in the financial industry, as credit risk managers ensure that only qualified applicants receive loans or credit.
What Usually Do in This Position?
Credit risk managers are responsible for evaluating the creditworthiness of potential borrowers. They analyze credit reports, assess financial statements, and evaluate other relevant information to determine whether or not a borrower is qualified for a loan or credit. They also assess the risk associated with lending money, and work with underwriters to determine appropriate loan terms and interest rates. Additionally, credit risk managers may be responsible for monitoring the performance of existing loans and assessing the risk of default.
Top 5 Skills for Position
- Analytical thinking
- Attention to detail
- Strong communication skills
- Financial analysis
- Risk assessment
How to Become This Type of Specialist
To become a credit risk manager, individuals typically need to have a bachelor's or master's degree in finance, accounting, or a related field. Some employers may require additional certifications, such as a Certified Risk Manager (CRM) or Chartered Financial Analyst (CFA) designation. Relevant work experience in finance or accounting is also typically required.
Average Salary
According to Salary.com, the average salary for a credit risk manager in the United States is $135,153 per year, with a range of $110,574 to $157,107 per year depending on experience, location, and other factors.
Roles and Types
Credit risk managers can work in a variety of industries, including banking, finance, insurance, and other financial services. Within these industries, there are different types of credit risk manager jobs, such as commercial credit risk managers, consumer credit risk managers, and mortgage credit risk managers.
Locations with the Most Popular Jobs in USA
According to data from Indeed.com, the top cities in the United States for credit risk manager jobs are New York, NY; Chicago, IL; San Francisco, CA; Dallas, TX; and Houston, TX.
What are the Typical Tools?
Credit risk managers use a variety of tools and software programs to evaluate creditworthiness and assess risk. Some common tools include financial analysis software, loan origination and servicing software, and credit scoring models.
In Conclusion
Credit risk manager jobs are important positions in the financial industry that involve assessing the creditworthiness of potential borrowers and evaluating the risk associated with lending money. To become a credit risk manager, individuals typically need a degree in finance or a related field, as well as relevant work experience and possibly certification. The average salary for credit risk managers in the United States is $135,153 per year, and there are different types of credit risk manager jobs in various industries and locations.