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Credit Manager Profile

 
Introduction

This Section of the site details information that you might find useful if you are looking to secure employment or require further details regarding working as a Credit Manager. This page details the following Information:-

  • Finding Suitable Work as a Credit Manager
  • Working Duties Expected
  • Hours and Environment
  • Working Skills Required
  • Training Requirements
  • Salary Expectations
  • Trade Information
  • Other useful Credit Manager Work Information


Finding Suitable Work

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Working Duties Expected

Credit managers control and protect the debts owed by customers to their businesses. They are employed by companies that sell goods or services, or by organisations such as banks, building societies, hire purchase companies, and credit card companies. There are two types of credit manager:

commercial credit managers - involved with corporate customers
consumer credit managers - involved with customers who are private individuals.
In large organisations, credit managers may manage a team of credit controllers who carry out much of the daily administrative work, leaving the decision making and tasks that require specialised knowledge to the credit manager. In smaller organisations, the credit manager is likely to undertake most of the work personally.
There are three main areas of work:

Risk assessment - involves gathering financial information on the customers creditworthiness, analysing the information, and deciding whether to offer credit to the customer.
Debt collection - may include visiting the customer and offering advice, setting up systems for repayment of the debt, or instigating legal action if recovery proves difficult.
Insolvency work - credit managers may be involved in insolvency proceedings, including meeting with other creditors, recovering goods, or arranging for a liquidator to wind up a company and sell off its assets.

Hours and Environment

A credit manager usually works 9am - 5.30pm, Monday to Friday. Longer hours may be necessary at certain times of the month or financial year. In some organisations there may be opportunities for part-time work.

The work is mainly office-based, but time may be spent out of the office, visiting customers, other organisations or attending court proceedings. Credit managers may have to spend short periods of time away from home on business, and there may be some travel overseas.

Skills and Interests

As a credit manager, you should:

  • have management experience, ideally in the financial sector
  • be business focused, with a good knowledge of the local economy
  • possess a high level of numeracy and IT skills
  • be able to work accurately
  • possess good interpersonal and communication skills
  • be methodical and organised
  • be able to motivate staff
  • possess highly developed analytical and investigative skills.


Entry

There are no set minimum entry requirements, but most employers will expect at least four GCSEs (A-C)/S grades (1-3).The normal route to becoming a credit manager is to start as a credit controller and progress into a management role. It may be possible to become a credit manager with experience in a related field such as banking.

A growing number of employers require applicants to have the professional qualifications of the Institute of Credit Management (ICM) as well as extensive experience.

Training

There are two qualifications offered by ICM:

Certificate in Credit Management - there are no formal entry qualifications to register as a student with ICM and study for this qualification. The course covers credit management, accounting, business law and business environment. Associate Membership of ICM is conferred on completion.

Diploma in Credit Management - the entry requirement for this qualification is the Certificate in Credit Management. It covers advanced credit management, practical credit management, credit management law, legal proceedings and insolvency. On successful completion of this course, Membership of ICM is awarded, and the designation MICM (Grad) may be used.

These qualifications can be studied at college part-time or by distance learning, and usually take two to three years each. ICM may grant exemptions from parts of these courses to those holding examination passes of equivalent or higher level qualifications in relevant subjects.

Alternatively, ICM membership is possible via a vocational route for those with at least five years' credit management experience. This involves providing references and having experience assessed by ICM.

Graduate or vocational members with at least seven years' senior management experience can apply for Fellowship of the ICM.

Credit managers must keep up to date with current financial legislation and procedures, and they may be required to attend courses to update professional skills. Export credit managers must keep abreast of international regulations and legislation.

Opportunities

There are good prospects in London and the south-east, where there are often more vacancies than applicants.

Promotion is usually to credit manager of a larger organisation or group of companies, or to more senior general management positions within the same organisation, such as senior financial manager or director.

There may be opportunities to work within accountancy firms specialising in insolvency work. There are opportunities for self-employment as consultants, advising businesses on credit systems.

Annual Income

Figures are intended as a guideline only.

New credit managers may expect to earn upwards of £12,000.
Managers with experience may earn between £16,000 and £25,000.
Senior credit managers may earn up to £45,000 a year.

Further information

Institute of Credit Management
The Water Mill
Station Road
South Luffenham
Oakham
Leicestershire
LE15 8NB
Tel: 01780 722900
www.icm.org.uk

Other Useful Credit Manager Work Information

We have a section available at this site on Credit Manager job interview tips that you may find of interest should you wish to brush up your skills in this area and we also have number of career articles that may also be of use to you from within our guides and documents section.

Locations where we feature Jobs include:-
Aberdeen, Berkshire, Aberdeen, Bath, Bedfordshire, Berkshire, Birmingham, Bradford, Bristol, Cambridgeshire, Cardiff, Central London, Cheltenham, Cornwall, Coventry, Derby, Devon, Docklands, Dorset, Dundee, Durham, East Midlands, East Sussex, Edinburgh, Essex, Glasgow, Gloucester, Hampshire, Hertfordshire, Kent, Lancashire, Leeds, Leicester, Leicestershire, Lincolnshire, Liverpool, London, Manchester, Middlesbrough, Midlands and in various parts of the West Midlands

Details of other Credit Manager Jobs can also be found in other UK wide areas including:-
Milton Keynes, Newcastle, Newcastle Upon Tyne, Norfolk, North London, North Midlands, Northampton, Northamptonshire, Northern Ireland, Northumberland, Norwich, Nottingham, Nottinghamshire, Oxford, Oxfordshire, Plymouth, Salisbury, Scotland, Sheffield, Shropshire, Somerset, South East, South London, South Midlands, Southampton, Staffordshire Surrey, Swansea, Swindon, Telford, Wales, Warwickshire, West End, West London, West Midlands, Worcestershire, York and throughout Yorkshire.


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