Average Credit Risk Analyst Salary in Estonia for 2024

In this article, we will look at the average Credit Risk Analyst salary for 2024 in Estonia and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Euro. To keep things simple, we are using the EUR currency code instead of the currency symbol โ‚ฌ.

How Much Does a Credit Risk Analyst Make in Estonia?

A Credit Risk Analyst working in Estonia will typically earn around 39,560 EUR per year, and this can range from the lowest average salary of about 21,100 EUR to the highest average salary of 60,840 EUR.

Average Annual Salary
39,560 EUR
Average Monthly Salary
3,296 EUR

Lowest Annual Salary
21,100 EUR
Lowest Monthly Salary
1,758 EUR

Highest Annual Salary
60,840 EUR
Highest Monthly Salary
5,070 EUR

These are average salaries for a Credit Risk Analyst in Estonia and include benefits such as housing and transport. It's also possible for a Credit Risk Analyst to earn more or less than the average salaries shown above.

Credit Risk Analyst salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Credit Risk Analyst Salaries in Estonia

So we've looked at the average salaries a Credit Risk Analyst will earn in Estonia. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Credit Risk Analyst can earn between 21,100 EUR and 60,840 EUR on average in Estonia. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for a Credit Risk Analyst in Estonia is 40,420 EUR. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 40,420 EUR, and 50% of the population earn more than 40,420 EUR.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Credit Risk Analyst salary in Estonia, 25% of the population are earning less than 25,660 EUR while 75% of the population earn more than 25,660 EUR.

75% of the population earn less than 49,820 EUR, and 25% of the population earn more than 49,820 EUR.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Credit Risk Analyst Salary by Experience Level in Estonia

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average credit risk analyst salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. A Credit Risk Analyst in Estonia that has less than two years of experience can expect to earn somewhere in the region of 21,300 EUR.
  • 2 - 5 Years Experience. With two to five years of experience the average Credit Risk Analyst salary would increase to 28,860 EUR.
  • 5 - 10 Years Experience. From five to ten years of experience as a Credit Risk Analyst, the average salary would be 41,560 EUR.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 49,560 EUR.
  • 15 - 20 Years Experience. A Credit Risk Analyst with 15 to 20 years of experience can earn an average of 52,880 EUR.
  • 20+ Years Experience. For a Credit Risk Analyst with more than 20 years, the expected average salary increases to 60,400 EUR.

Average Salary by Experience Chart

0-2 Years
21,300 EUR
2-5 Years +31%
28,860 EUR
5-10 Years +40%
41,560 EUR
10-15 Years +20%
49,560 EUR
15-20 Years +9%
52,880 EUR
20+ Years +8%
60,400 EUR

Credit Risk Analyst Salary by Education Level in Estonia

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for a Credit Risk Analyst in Estonia based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Bachelor's Degree. A Credit Risk Analyst in Estonia with a bachelor's degree education can earn an average salary of 26,400 EUR.

  • Master's Degree. A Credit Risk Analyst in Estonia with a master's degree education can earn an average salary of 50,020 EUR.

Average Salary by Education Chart

Bachelor's Degree
26,400 EUR
Master's Degree +77%
50,020 EUR

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Estonia is around 13,700 to 41,000 EUR and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Credit Risk Analyst Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Estonia, a male credit risk analyst will earn an average of 42,320 EUR, while a female credit risk analyst will earn around 39,080 EUR.

This means that a male credit risk analyst earns approximately 8% more than a female credit risk analyst for performing the same job.

Average Salary by Gender Chart in Estonia

Male
42,320 EUR
Female -8%
39,080 EUR

Credit Risk Analyst Average Pay Raise in Estonia

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for a Credit Risk Analyst in Estonia is around 12% every 17 months.

The national average pay raise across all professions and industries in Estonia is around 8% every 18 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 12 ÷ 17 ) × 12  = 8%

What this means is that a Credit Risk Analyst in Estonia can expect to receive an average pay raise of around 8% every 12 months.

Annual Pay Raise by Industry in Estonia for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Estonia.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
5%
Energy
1%
Information Technology
6%
Healthcare
2%
Travel
7%
Construction
3%
Education
8%

Credit Risk Analyst Bonus and Incentive Rates in Estonia

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

A Credit Risk Analyst is a high bonus based job, with 78% of employees reporting at least one bonus in the last 12 months.

22% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 6% to 8%.

Received Bonus
78%
No Bonus
22%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Estonia earn approximately 7% more than private sector employees in the same role.

Public Sector
35,500 EUR
Private Sector -7%
33,120 EUR

Salaries for Jobs Similar to a Credit Risk Analyst

In the table below, we have salary information for jobs that are similar to a Credit Risk Analyst in Estonia.

Job Title Category Salary
AML Analyst Banking 50,660 EUR
Assistant Bank Branch Manager Banking 43,340 EUR
Assistant Bank Manager Banking 55,840 EUR
ATM Manager Banking 47,540 EUR
ATM Service Technician Banking 13,960 EUR
Bank Accounts Analyst Banking 18,780 EUR
Bank Accounts Collector Banking 10,220 EUR
Bank Accounts Controller Banking 22,400 EUR
Bank Accounts Executive Banking 34,960 EUR
Bank Accounts Manager Banking 43,340 EUR
Bank Auditing Manager Banking 42,320 EUR
Bank Branch Manager Banking 58,440 EUR
Bank Branch Operations Coordinator Banking 26,020 EUR
Bank Clerk Banking 10,080 EUR
Bank Client Service Associate Banking 15,760 EUR
Bank Collector Banking 10,080 EUR
Bank Compliance Specialist Banking 28,680 EUR
Bank Manager Banking 69,180 EUR
Bank Operational Risk Manager Banking 66,100 EUR
Bank Operations Head Banking 68,400 EUR
Bank Operations Officer Banking 27,380 EUR
Bank Operations Specialist Banking 44,180 EUR
Bank Process Manager Banking 39,160 EUR
Bank Product Manager Banking 44,300 EUR
Bank Programme Manager Banking 46,980 EUR
Bank Project Manager Banking 52,180 EUR
Bank Propositions Manager Banking 49,560 EUR
Bank Quantitative Analyst Banking 35,300 EUR
Bank Regional Manager Banking 66,960 EUR
Bank Regional Risk Officer Banking 34,480 EUR
Bank Relationship Manager Banking 48,640 EUR
Bank Relationship Officer Banking 22,660 EUR
Bank Teller Banking 12,180 EUR
Banker Banking 24,280 EUR
Banking Business Analyst Banking 36,160 EUR
Banking Business Development Officer Banking 22,540 EUR
Banking Business Planning Executive Banking 50,560 EUR
Banking Product Manager Banking 45,060 EUR
Banking Reference Data Manager Banking 37,740 EUR
Banking Risk Analyst Banking 36,160 EUR
Banking Technical Analyst Banking 17,740 EUR
Bankruptcy Coordinator Banking 23,260 EUR
Bill and Account Collector Banking 13,060 EUR
Budget Analyst Banking 35,300 EUR
Capital Risk Manager Banking 61,760 EUR
Cards Marketing Manager Banking 42,320 EUR
Cash Management Manager Banking 60,340 EUR
Check Processing Manager Banking 45,060 EUR
Commercial Vault Associate Banking 35,500 EUR
Corporate Banker Banking 25,680 EUR
Corporate Dealer Banking 37,380 EUR
Credit Analyst Banking 25,160 EUR
Credit and Collections Manager Banking 48,920 EUR
Credit Card Fraud Investigator Banking 37,740 EUR
Credit Portfolio Manager Banking 66,480 EUR
Credit Risk Associate Banking 35,000 EUR
Direct Bank Sales Representative Banking 22,400 EUR
Exchange Control Consultant Banking 39,080 EUR
Executive Account Analyst Banking 33,520 EUR
Financial Bank Planning Consultant Banking 44,800 EUR
Financial Banking Analysis Manager Banking 53,120 EUR
Financial Banking Assistant Banking 16,400 EUR
Financial Banking Systems Manager Banking 50,080 EUR
Foreign Exchange Manager Banking 52,180 EUR
Fraud Analyst Banking 35,260 EUR
Fraud Detection Associate Banking 26,020 EUR
Fraud Detection Manager Banking 56,640 EUR
Fraud Detection Supervisor Banking 33,120 EUR
Internal Bank Audit Manager Banking 63,700 EUR
Internal Bank Auditor Banking 34,120 EUR
Internal Private Banker Banking 24,800 EUR
International Banking Manager Banking 73,820 EUR
Investment Banking Analyst Banking 48,560 EUR
Loan Analyst Banking 34,960 EUR
Loan Area Manager Banking 45,200 EUR
Loan Audit Team Leader Banking 40,040 EUR
Loan Branch Manager Banking 40,560 EUR
Loan Business Development Officer Banking 21,020 EUR
Loan Clerk Banking 13,540 EUR
Loan Collection and Recovery Manager Banking 41,900 EUR
Loan Collection Manager Banking 42,320 EUR
Loan Collector Banking 12,180 EUR
Loan Examiner Banking 17,260 EUR
Loan Officer Banking 12,240 EUR
Loan Processing Manager Banking 38,140 EUR
Loan Processor Banking 17,540 EUR
Loan Quality Assurance Auditor Banking 36,160 EUR
Loan Quality Assurance Manager Banking 36,720 EUR
Loan Quality Assurance Representative Banking 28,180 EUR
Loan Review Manager Banking 41,700 EUR
Loan Team Leader Banking 35,300 EUR
Loans Manager Banking 46,280 EUR
Mortgage Advisor Banking 24,860 EUR
Mortgage Collection Manager Banking 43,480 EUR
Mortgage Collector Banking 10,080 EUR
Mortgage Credit Analyst Banking 17,860 EUR
Mortgage Credit Manager Banking 41,980 EUR
Mortgage Development Manager Banking 44,720 EUR
Mortgage Document Reviewer Banking 14,840 EUR
Mortgage Funding Manager Banking 47,760 EUR
Mortgage Operations Manager Banking 60,480 EUR
Mortgage Payment Processing Clerk Banking 12,000 EUR
Mortgage Processing Manager Banking 39,560 EUR
Mortgage Processor Banking 17,020 EUR
Mortgage Quality Assurance Auditor Banking 33,980 EUR
Mortgage Quality Assurance Manager Banking 36,720 EUR
Mortgage Servicing Clerk Banking 13,700 EUR
Mortgage Servicing Manager Banking 40,140 EUR
Mortgage Underwriter Banking 17,260 EUR
Online Banking Manager Banking 61,180 EUR
Payment Processing Clerk Banking 13,780 EUR
Personal Banker Banking 25,160 EUR
Personal Banking Advisor Banking 23,360 EUR
Phone Banker Banking 17,540 EUR
Private Banker Banking 24,200 EUR
Reconciliation and Investigation Specialist Banking 28,860 EUR
Tax Officer Banking 19,160 EUR
Teller Banking 11,040 EUR
Trade Officer Banking 15,880 EUR
Trade Product Manager Banking 42,460 EUR
Trader Banking 15,380 EUR
Treasury Operations Officer Banking 32,200 EUR

Salary Comparison by City

If you want to compare salaries with different cities in Estonia, you can use the links below to explore the data for each specific city we have researched.

City Average Salary
Tallinn 43,080 EUR

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