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Credit Risk Associate Jobs in Illinois (NOW HIRING)

Fifth Third Bank

ABL Associate

Chicago, IL · On-site

May manage the ongoing credit risk of a basic portfolio of ABL relationships and participate in ... ABL Associate Total Base Pay Range 71,100.00 - 145,900.00 USD Annual At Fifth Third, we understand ...

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Credit Risk Associate information

See Illinois salary details

$48.5K

$105.9K

$177.3K

How much do credit risk associate jobs pay per year?

As of Sep 5, 2026, the average yearly pay for credit risk associate in Illinois is $105,928.00, according to ZipRecruiter salary data. Most workers in this role earn between $72,700.00 and $137,600.00 per year, depending on experience, location, and employer.

What does a credit risk associate do?

A Credit Risk Associate is responsible for assessing and managing the risk that a borrower may default on a loan or credit obligation. They analyze financial statements, credit reports, and market data to evaluate the creditworthiness of individuals or companies. Their work helps financial institutions make informed lending decisions, set appropriate credit limits, and comply with regulatory requirements. Credit Risk Associates also monitor existing credit exposures and may recommend strategies to mitigate potential losses.

What skills and qualifications are needed to thrive as a credit risk associate?

To thrive as a Credit Risk Associate, you need strong analytical skills, attention to detail, and a solid understanding of financial statements, typically backed by a degree in finance, economics, or a related field. Familiarity with risk assessment software, credit modeling tools, and proficiency in Excel or similar data analysis programs are essential technical requirements. Strong communication, problem-solving abilities, and sound judgment help you effectively collaborate with stakeholders and make informed recommendations. These skills and qualities are crucial for accurately assessing creditworthiness and minimizing financial risk for the organization.

How does a credit risk associate typically collaborate with other teams within a financial institution?

Credit Risk Associates work closely with various departments, including front-office lending teams, compliance, and portfolio management. They regularly communicate with relationship managers to gather client information, and partner with data analysts to assess credit models and risk metrics. This collaborative environment ensures that credit decisions are well-informed and compliant with internal policies. Being proactive and communicative is key, as the role often requires balancing risk assessment with business growth objectives.

What is the difference between Credit Risk Associate vs Credit Analyst?

AspectCredit Risk AssociateCredit Analyst
Required CredentialsBachelor's degree, relevant certifications often preferredBachelor's degree, certifications like CFA or credit-specific courses beneficial
Work EnvironmentFinancial institutions, banks, credit agenciesBanks, investment firms, credit rating agencies
Employer & Industry UsageCommonly used in risk management teamsUsed in credit assessment and lending decisions
Comparison Search IntentUnderstanding risk roles in creditAnalyzing creditworthiness of clients

Both roles involve assessing credit-related information, but Credit Risk Associates focus on managing overall risk exposure, while Credit Analysts evaluate individual creditworthiness. The roles often overlap in skills and industry settings, making them closely related but distinct in scope.

What are the most commonly searched types of Credit Risk jobs in Illinois?

The most popular types of Credit Risk jobs in Illinois are:

What are popular job titles related to Credit Risk Associate jobs in Illinois?

For Credit Risk Associate jobs in Illinois, the most frequently searched job titles are:

What job categories do people searching Credit Risk Associate jobs in Illinois look for?

The top searched job categories for Credit Risk Associate jobs in Illinois are:

What cities in Illinois are hiring for Credit Risk Associate jobs?

Cities in Illinois with the most Credit Risk Associate job openings:

Credit Risk Associate jobs near you
Infographic showing various Credit Risk Associate job openings in Illinois as of August 2026, with employment types broken down into 1% As Needed, 67% Full Time, 30% Part Time, 1% Temporary, and 1% Contract. Highlights an 96% Physical, 1% Hybrid, and 3% Remote job distribution, with an average salary of $105,928 per year, or $50.9 per hour.

Commercial Credit Underwriter II-Global Vendor Finance

Bank of America

Chicago, IL • On-site

Full-time

PTO

Re-posted 12 days ago

Bank Of America rating

8.3

Company rating: 8.3 out of 10

Based on 536 frontline employees who took The Breakroom Quiz

49th of 175 rated banks

Job description

Job Description:
At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.
Being a Great Place to Work and providing a culture of caring is core to how we drive Responsible Growth. We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success. This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates' physical, emotional, and financial wellness through affordable, competitive and flexible benefits.
We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences. These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve.
Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs.
At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!
Job Description:
This job is responsible for supporting credit underwriting and monitoring for new and existing clients in partnership with a credit team. Key responsibilities include independently managing low-complexity transactions or portfolios, completing and reviewing credit analysis, evaluating risks, and writing financial analysis. Job expectations include leading the process, ensuring timely and accurate analysis, and coaching teammates on credit requirements.
This job is additionally responsible for analyzing and interpreting a client's credit worthiness, evaluating credit risks, and writing credit approval memos for annual renewals and new lending opportunities. Key responsibilities include analyzing qualitative and quantitative data such as client's financials, projections, industry data, covenant compliance, and collateral appraisals to ensure compliance with the bank's risk appetite. Job expectations include completing regular monitoring and underwriting tasks and supporting key internal stakeholders to achieve successful execution of new transactions.
Responsibilities:
  • Leads the credit analysis process with the support of other analysts and associates
  • Partners with Credit Officers, Relationship Management, and Risk teammates to understand structuring needs and requirements
  • Monitors operating performance and financial condition, proactively identifying issues and opportunities
  • Assists in delivery of financial modeling, loan structure, industry, economic, and other analyses to team members to support the loan decision-making process
  • Reviews work of junior teammates to provide feedback/coaching and ensure compliance with laws, rules, regulations and policy procedure
  • May have primary coverage responsibility for a portfolio of clients with limited complexity and credit approval for certain credit actions
  • Participate in loan structure conversations and completion of loan documentation with internal/external legal partners
  • Analyzes client's financial performance by comparing it to past performance, projections, and industry standards
  • Reviews financial statements, assesses the client's compliance with financial covenants, and renews risk ratings, while recommending changes as warranted
  • Assists in the underwriting, credit risk analysis, negotiation, and closing of new transactions or existing transactions, while adhering to all relevant policies and procedures
  • Evaluates transaction and relationship risk-adjusted profitability to facilitate the allocation of capital
  • Build projection models for the client (as needed) based on historical performance, industry forecasts, and other due diligence findings
  • Trains, coaches, and mentors Credit Analysts
  • Partners with client-facing teammates to consult on sales opportunities and provide the product expertise and consultation necessary to deliver the best possible solution to the client
  • Structures the terms of a lease/loan with respect to the various aspects that make up a lease/loan (e.g. pricing, rates, payment, term, collateral)
  • Manages the credit process for a portfolio of clients including reviewing financial statements, assessing the client's compliance with financial covenants, confirming the accuracy of risk ratings, and recommending changes as warranted

Required Qualifications:
  • 3+ years of commercial credit underwriting and credit analysis experience
  • Must have effective presentation, structuring, financial statement and credit risk analysis skills
  • Must have proficient Microsoft Office
  • Must have proficient business writing skills.

Desired Qualifications:
  • Bachelor's degree in Finance/Accounting or equivalent experience is preferred

Skills:
  • Attention to Detail
  • Credit and Risk Assessment
  • Financial Analysis
  • Underwriting
  • Written Communications
  • Analytical Thinking
  • Credit Documentation Requirements
  • Financial Forecasting and Modeling
  • Recording/Organizing Information
  • Business Acumen
  • Collaboration
  • Collateral Management
  • Loan Structuring
  • Prioritization

Shift:
1st shift (United States of America)
Hours Per Week:
40
Pay Transparency details
US - IL - Chicago - 110 N Wacker Dr - Bank Of America Tower Chicago (IL4110)
Pay and benefits information
Pay range
$87,000.00 - $149,000.00 annualized salary, offers to be determined based on experience, education and skill set.
Discretionary incentive eligible
This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.
Benefits
This role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.

What Bank Of America employees say

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About Bank Of America

Sourced by ZipRecruiter

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day. One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We're devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

Industry

Finance and insurance

Company size

10,000+ Employees

Headquarters location

Charlotte, NC, US

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