Credit Manager Career

credit managerCareer Overview

Consumer credit managers are responsible to direct and manage the running of retail stores and credit bureaus. Depending on the size of the business, the credit manager’s duties will change. Smaller offices are usually located in car dealerships or retail stores. In these locations, credit managers will assist customers in filling out their credit application when they purchase a new automobile or make a large retail purchase requiring credit. Credit managers will check references and credit history to decide if credit should be granted to a customer or not. They are also responsible to hire credit checkers and other workers in their department.

A commercial credit manager is responsible to make decisions that affect the credit of businesses and other organizations. They do detailed research on the credit history of a business and make their decisions based on their analysis.  Commercial credit managers make decisions regarding business credit situations that can involve thousand and millions of dollars. They contact credit bureaus that do reports on businesses seeking extra credit for business ventures.

Education Requirements

Associate’s Degree in Business, Accounting, or Finance for Consumer Credit Managers
Bachelor’s Degree in Accounting or Financial Field for Commercial Credit Managers

The educational requirements for credit managers depend on where they wish to work. Consumer credit managers working in small business locations may only need some post-secondary classes in finance and accounting. However, commercial credit managers, especially those working for large credit agencies, need at least a bachelor’s degree in accounting or some other business or accounting related field.

Coursework

Accounting
Financing
Business Credit
Commercial Credit
Accounting Reporting & Analysis

Licensing Requirements

Some credit managers, especially those working in the commercial credit industry may need a CPA license, Certified Public Accountant. To obtain a CPA license, individuals must have an accounting master’s degree and pass a state CPA exam that is quite rigorous.

Employment Trends

Job Availability as of May 2008: 539,300
Projected Employment in 2018: 580,500
Average Annual Salary for Financial Officers in U.S. in 2008: $72,030

Top Colleges

Capella University
University of Phoenix
Strayer University
Walden University
Kaplan University

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Article Reference: Bureau of Labor Statistics

 

 

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