Credit manager, bank

What does a credit responsible person in a bank do? – Tasks and work environment

A credit responsible person in a bank has overall responsibility for assessing, approving, and monitoring credit applications from individuals and companies. The work includes analyzing borrowers' financial situations, reviewing collateral, risk assessment, and designing credit terms. It often involves contact with clients, providing advice, and collaborating with other departments within the bank to ensure credit granting complies with internal guidelines and legislation. The work environment is primarily office-based, with a fast pace and a requirement for high accuracy and responsibility in decision-making processes.

Salary development over time

Over the past three years, salary development for credit responsible persons in banks has been steadily positive. In 2022, the average salary was 42,500 SEK per month, increasing to 44 200 SEK in 2023. In 2024, the average salary has risen further to 47 400 SEK, representing a total increase of approximately 11.5% over the period. This salary growth reflects ongoing demand for qualified credit analysts and increased requirements for expertise in risk management and regulations. Market changes and banks' need to handle credit risks more sophisticatedly have likely contributed to this positive trend. At the same time, salary development remains relatively steady and follows the general trend within banking professions.

Credit Responsible Person in a bank salary – complete overview

• Average salary: 47 400 SEK/month
• Lowest salary: 40,700 SEK/month (female, private sector, education < 3 years)
• Highest salary: 59,900 SEK/month (male, private employment, education ≥ 3 years)
• Hourly wage (average): 285 SEK/hour
• Men's average salary: 52 800 SEK/month
• Women's average salary: 43 600 SEK/month
• Women earn: 83% of what men do

Education and qualifications

To work as a credit responsible person in a bank, a post-secondary education in economics, law, or finance is usually required, often at university level. Many employers also seek experience from the banking and finance sector or specific knowledge in credit assessment. Further training and certifications in risk management can be advantageous and improve chances of advancement.

• Economics degree or equivalent university education: 3–4.5 years
• Courses in credit assessment and risk management
• Internship or trainee programs in banking
• Experience with customer contact and analysis work
• Certifications such as CFA or FRM are advantageous

Common benefits and compensations

Benefits for credit responsible persons in banks often include pension schemes, wellness allowances, opportunities for bonuses or variable pay, as well as insurance and staff discounts. Many employers also offer educational support and flexible working conditions, such as remote work when needed.

Competition and challenges

The competition for roles as a credit responsible person in banks is assessed as moderate, according to the Employment Service's forecasts. The skill requirements are high, especially regarding analytical ability, risk assessment, and understanding complex regulations. Digitalization and automation of credit processes mean that the profession is evolving rapidly, requiring continuous skill development. Managing high work pace and large financial responsibilities can be challenging, and employers often seek individuals with both technical and social skills. Balancing business acumen and risk control is an ongoing challenge in the profession.

Tips for those who want to become a credit responsible person in a bank

To succeed as a credit responsible person in a bank, it’s good to combine analytical skills with a strong sense of responsibility. Developing accuracy in figures and documentation is crucial, while good communication skills facilitate meetings with colleagues and clients. It’s recommended to seek internships in banking or finance during studies to gain relevant experience and build networks. Flexibility and the ability to adapt to new regulations and digital tools are important qualities, as is an interest in economic monitoring. Finally, demonstrating initiative and a willingness to further educate oneself in risk management and credit assessment is often advantageous in recruitment.

Key facts about Credit Responsible Person in a bank

• Educational level: Post-secondary education (3 years or more recommended)
• Work environment: Office-based with a high pace and business focus
• Demand: Moderate, approximately 550 job openings in the profession
• Salary differences: Noticeable difference between genders (women earn 83% of men's salaries)
• Work form: Full-time is most common, with opportunities for remote work

Career paths and future prospects

After three to five years as a credit responsible person in a bank, opportunities open to advance to roles such as credit manager, senior credit analyst, or risk manager. Some choose to specialize in corporate credits, real estate credits, or compliance, while others move into advisory or leadership positions. According to the Employment Service's forecast, demand for banking professionals is expected to remain unchanged over the next five years, maintaining a balance between supply and demand. However, digitalization and increased regulatory requirements may alter skill needs, making further education and specialization advantageous in the job market.

Frequently asked questions about Credit Responsible Person in a bank

• What does a Credit Responsible Person in a bank earn?
  - The average salary is 47 400 SEK per month, but salary levels vary depending on experience, education, and employer.
• What education is required to become a credit responsible person in a bank?
  - Usually, a post-secondary education in economics, law, or finance, often at university level, is required.
• Are there salary differences between men and women?
  - Yes, women earn on average 83% of what men do in the profession.
• What are the future prospects for credit responsible persons in banks?
  - The prognosis indicates moderate opportunities for employment and a balance between supply and demand in the coming years.
• What personal qualities are important?
  - Analytical ability, responsibility, accuracy, and good communication skills are especially valuable.
• What career paths are available after a few years in the profession?
  - Opportunities include advancing to roles such as credit manager, risk manager, or specialized credit analyst.
• How common are flexible working arrangements?
  - Full-time work is most common, but remote work and flexible hours are increasingly available.