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Average Credit Analysts Salary in Illinois

Credit Analysts in Illinois earn an average annual salary of $97,680, a figure slightly below the national average of $98,110. This marginal difference is often influenced by the specific economic landscape and industry demands within Illinois, which can shape compensation packages for financial professionals.

Executive Summary

  • Average Salary: $97,680 per year.
  • Growth Trend: Salaries have shifted 26.2% ↗ over the last 5 years.
  • Top Earners: Senior professionals (90th percentile) earn up to $167,370.
  • Outlook: With a local workforce of 2,960 Credit Analysts, Illinois demonstrates a notable presence in this field. The Location Quotient of 1.12 indicates a concentration of these roles slightly above the national average, suggesting a stable and potentially growing demand for skilled financial analysts within the state's diverse economic sectors.
2024 Market Data

Salary Overview

$97,680

The average Credit Analysts in Illinois earns-0.4%below the national average.

BreakdownBased on 40h/week
Hourly

$47

Weekly

$1,878

Monthly

$8,140

Credit Analysts Salary Distribution in Illinois

Salary progression for Credit Analysts in Illinois typically scales significantly with experience. Entry-level positions may start at a lower percentile, while seasoned professionals with extensive experience and specialized skills can command salaries in the higher percentiles, reflecting their increased value and contribution to financial institutions.

Experience LevelMarket PercentileAnnual WageHourly Rate
Associate / AnalystData entry, reporting, supporting senior staff.10% (Entry)$56,260$27
Senior AnalystIndependent analysis, forecasting, client interaction.25% (Junior)$73,260$35.2
ManagerOversees team, compliance, and project delivery.50% (Median)$81,380$39.1
Director / VPStrategic planning, budget ownership, risk management.75% (Senior)$122,100$58.7
Executive / PartnerC-level leadership. High-level strategy & relations.90% (Expert)$167,370$80.5

Detailed Credit Analysts Market Analysis

Relocation Context

Nominal Salary

$97,680

Gross Pay

Real Wage (Purchasing Power)

$106,405

Adjusted for COL (91.8)

The nominal average salary of $97,680 in Illinois presents a favorable financial standing, especially when considered against the state's Cost of Living Index of 91.8. This index, which is below the national average of 100, suggests that the purchasing power of a Credit Analyst's salary in Illinois is likely higher than the national average, allowing for a comfortable lifestyle.

Job Market Context

2,960

Total Jobs

0.488

Per 1K Jobs

1.12

Location Quotient

Above Average

With a location quotient of 1.12, Illinois has a slightly higher-than-average concentration of Credit Analysts roles compared to the national norm.

A Location Quotient of 1.12 signifies that Credit Analysts are more concentrated in Illinois than the national average. This suggests a robust job market with a solid demand for these professionals, potentially offering more career opportunities and competitive compensation compared to regions with lower concentration.

Nearby Job Markets

Nearby Cities for Credit Analysts

CitySalaryDist.
Bloomington, IL Credit Analysts Salary$93,560↓ 4%9 mi
Champaign-Urbana, IL Credit Analysts Salary$78,250↓ 20%41 mi
Peoria, IL Credit Analysts Salary$76,260↓ 22%43 mi
Springfield, IL Credit Analysts Salary$86,250↓ 12%53 mi

Comparing salaries near Illinois

Hiring Credit Analystss?

Frequently Asked Questions

How much does a Credit Analysts make in Illinois?

The median annual salary for a Credit Analysts in Illinois is $97,680. This typically ranges from $56,260 for entry-level positions to $167,370 for top-level roles.

How does the salary compare to the national average?

The average salary for this role in Illinois is 0.4% lower than the national median of $98,110.

Is Illinois a lucrative place for Credit Analysts?

Yes, Illinois offers a competitive environment for Credit Analysts.The state's average salary is nearly on par with the national average, and the cost of living is below the national average, enhancing purchasing power.

Is Illinois a good place to live for Credit Analysts?

With a Cost of Living Index of 91.8 (lower than the national average of 100), your salary goes further here.

Where are the highest paying cities near Illinois?

Some top paying nearby cities include Bloomington, IL ($93,560) and Champaign-Urbana, IL.

How does the number of Credit Analysts in Illinois compare nationally?

Illinois employs 2,960 Credit Analysts, representing a significant portion of the national workforce in this specialized financial role.

What does a Location Quotient of 1.12 mean for Credit Analysts in Illinois?

A Location Quotient of 1.12 indicates that Credit Analysts are 12% more concentrated in Illinois than the national average, suggesting a strong local market.

How does the cost of living in Illinois affect a Credit Analyst's salary?

With a Cost of Living Index of 91.8, Illinois is more affordable than the national average, meaning the $97,680 salary likely offers greater purchasing power.

Are there many job opportunities for Credit Analysts in Illinois?

The concentration and workforce size suggest a healthy demand for Credit Analysts in Illinois, with opportunities likely available across various financial sectors.

Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 2,960 employees in the Illinois area with a job density of 0.488 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.

Semantic Salary Analysis for Credit Analysts • Data source: BLS OEWS 2024 •Jobs in Illinois