Credit Manager
Credit managers make the final decisions on who receives credit from a financial institution. They are in charge of establishing criteria for rating credit worthiness, setting credit ceilings and keeping track of past due collections on accounts.
Credit managers may work for smaller consumer organizations such as car dealerships or credit card companies, putting together loans for individual consumers, or they may work in larger financial institutions, issuing credit to businesses both large and small.
Credit Counselor Degrees
Most credit manager positions require at least a bachelor’s degree, but applicants holding a master’s degree and professional certification are preferred. It is helpful to keep updated with legal issues and changing global markets as part of a continuing education program, even after obtaining a degree. Finally, aside from analytical skills, credit managers need a good amount of interpersonal skills to deal with clients.
Credit Manager Job Description
There are basically two types of credit managers: those in consumer credit and those in commercial credit.
Consumer credit managers work in consumer-facing industries such as credit card companies or car dealerships. As part of their daily tasks, they:
- Help people fill out credit applications.
- Check clients’ credit references.
- Supervise a team of people who are working on credit issues for their department.
Commercial credit managers, on the other hand, work in larger financial institutions and often deal with loans worth thousands or millions of dollars. As part of their daily tasks, they:
- Make decisions about the credit worthiness of large and small businesses.
- Research a client firm’s credit history.
- Decide whether the financial institution can lend them money to start or grow their business.
Credit Manager Salary
For their knowledge of legal and business issues that affect the economy, both locally and globally, credit managers are paid well. According to the U.S. Bureau of Labor and Statistics, the median salary for a financial manager is $ 101,190. Because they are found in every industry, credit manager jobs are expected to grow 13 percent between now and 2016.
