Credit managers control and protect the debts owed to their businesses by customers. 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:
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:
A credit manager usually works 9am to 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 and 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.
As a credit manager, you should:
Even though there are no set requirements to become a credit manager, most people in this job already have experience and the qualifications needed to work as credit controllers, sales administrators and debt collection agents.
It's advantageous if you have a business related qualification. This could be a diploma or degree. Alternatively you can also work towards other professional qualifications that can help your job search. The Chartered Institute of Credi Management (CICM) is usually a good place to gain these qualifications.
There are good prospects all over the UK, particularly 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 also opportunities for self-employment as consultants, advising businesses on credit systems.
If you would like to learn more about becoming a credit manager that does not appear on Hotcourses, further information can be found below.
Financial Services Skills Council
51 Gresham Street
Tel: 020 7216 7366
Institute of Credit Management
The Water Mill
Tel: 01780 722900