The work

A credit manager is responsible for controlling debts owed by customers to the business they work for. They may be involved with different types of customers, either private individuals or corporate customers, companies and other organisations.

Businesses give credit to customers, allowing them to pay over an agreed period of time for goods or services supplied straight away. The credit managers role will differ according to the type of organisation they work for,
but they usually:

• Assess each customers ability to pay their debts. This involves collecting information on their credit worthiness from various sources, eg their bank, business accounts or credit reference agencies.
• Analyse the information and decide whether to offer credit to the customer. The credit manager may have to visit the customer at this stage, especially if a large sum of money is involved.
• Collect debts, including those not paid on time. This might involve visiting the customer, giving advice and setting up systems for payment. Sometimes they have to instigate legal action if debts still cannot be collected. They liaise with solicitors, debt collectors or attend court if necessary.
• If a customer does not have any means at all to pay their debts and becomes insolvent, the credit manager might be involved in meetings, recovery of goods or liaison with liquidators to sell off the customers assets.

Hours and Environment

A credit manager usually works Monday to Friday, 9am to 5-5.30pm. They may need to work outside these hours when visiting corporate customers or dealing with customers and businesses unable to pay their debts.

Part-time work as a credit manager may be available for small companies.

Skills and Interests

A credit manager should:

• be business-focused
• have a good knowledge of the local area
• be accurate, methodical and organised
• be able to analyse and investigate, to research customer information
• be a good communicator, with tact and an appreciation of confidentiality
• be able to deal effectively with a wide range of customers and business colleagues
• be able to motivate staff to work as a team
• have good numeracy and IT skills
• have management experience, ideally within the finance industry

Entry

There are no stated upper age limits to become a credit manager. Most entrants are adults with relevant work experience.

• There are no set entry qualifications to become a credit manager, but usually four Olevels/S grades (A-C/1-3) are required, including English and maths.
• Most people become credit managers through experience and promotion from a credit controller job in a company, or working in a different financial organisation, eg bank or building society.
• For a credit manager job, it is very helpful to have an Institute of Credit Management (ICM) professional qualification.

• Certificate in Credit Management, open to people registered as students with ICM. The course covers credit management, accounting, business law and environment and leads to Associate Membership of ICM and using the letters AICM (Cert) after their name.
• Diploma in Credit Management, open to people who have gained the Certificate in Credit Management. The course covers advanced and practical credit management, credit management law, legal proceedings and insolvency, and leads to Membership of ICM and using the letters MICM (Grad) after their name.
• Study for these qualifications is through evening classes at a local college, distance learning or correspondence course and usually take two to three years each. Full details are available from ICM.

Training

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 up with international regulations and legislation.

Opportunities

Credit managers are employed by companies that sell goods or services, or by organisations such as hire purchase companies or Banks. There are good employment opportunities in a large range of these companies and there are often more jobs available than applicants for them.

Annual Income

Further information

Institute of Credit Management
http://www.icm.org.uk