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Credit manager

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Credit managers control the amount of credit offered by a company and manage the debts it is owed.

Salary, a pound sign Salary: £27,000 to £50,000 average per year
Hours, a clock face Hours: 35 to 40 per week

1. Entry requirements

There are no set requirements, but most credit managers have already gained experience and qualifications as credit controllers, sales administrators or debt collection agents.

You could also move from other financial areas like accountancy or banking.

Having a business-related diploma, foundation or degree, or studying for professional qualifications like those from the Chartered Institute of Credit Management (CICM), may also help your job prospects.

2. Skills required

You'll need:

  • the ability to lead and motivate a team
  • decision-making ability
  • good business sense and commercial awareness
  • excellent maths and IT skills

3. What you'll do

You may work for a finance company or any organisation that sells goods or services on credit.

There are 2 main areas of work:

  • commercial credit - dealing with business customers
  • consumer credit - dealing with private customers

Your day-to-day tasks may include:

  • checking customer credit ratings with banks and credit reference agencies
  • deciding whether to offer credit
  • setting up terms of credit and making sure the customer pays on time
  • managing a team of credit controllers or accounting technicians
  • negotiating repayment plans
  • stopping supplies of goods to late-paying business customers
  • starting legal action to recover debts if necessary
  • liaising with other creditors, arranging for goods to be recovered by bailiffs or dealing with liquidators if a company's assets are to be sold off

In a small company you might also carry out general accounting and administrative work.

4. Salary

Starter: £27,000

Experienced: £30,000 to £40,000

Highly Experienced: £40,000 to £50,000

These figures are a guide.

5. Working hours, patterns and environment

In a full-time job you'll work 35 to 40 hours a week, Monday to Friday. Overtime may be necessary at busy times, like the end of the financial year.

You'll be based in an office, but you may also visit customers or attend court.

6. Career path and progression

With experience, you could progress into senior management or move to a larger company.

Alternatively, you could move into insolvency work with an accountancy firm or become a self-employed consultant, advising businesses on credit systems.

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Last updated: 13 September 2018