Pursuing a career as a Credit Manager
Are you looking for employment in the financial sector? Why not become a credit manager? If you are good at negotiating and you are self-confident, this may be the right career choice for you. As this is a senior level position you will need to work hard to be eligible for positions in credit management. While this career choice isn’t for everyone, credit manager jobs do offer you many opportunities.
What is a Credit Manager?
At the core of credit manager jobs is the collection of money that is owed to a company. A credit manager collects the outstanding fees that are due for products or services offered by the company they work for.
Credit management involves monitoring these payments and the job may require that you meet with clients to collect the outstanding money. When necessary they are also required to take legal action against customers who don’t pay their outstanding bills. To fulfil their duties, these professionals in the financial industry liaises with accounting staff as well as financial institutes. They also work with credit agencies.
The duties and responsibilities of a Credit Manager
A credit manager is responsible for monitoring clients’ payment records. They also issue statements. Professionals working in credit management contact clients with outstanding bills and negotiate payment.
Employees in this role are required to carry out collections. They collaborate with legal consultants. When legal action needs to be taken the credit manager prepares the necessary documentation to send to the consultants. They are required to attend meetings.
At the core of this role is the responsibility of protecting the company from credit risks. With this in mind professionals in this career carry out research to find out if new customers are a liability.
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Credit Management Skills and Qualifications
To excel at credit management you need superior interpersonal and communication skills. You will also need to be an excellent negotiator. Self-confidence and resilience are required for this role. In order to be successful in credit manager jobs you must be good at decision-making.
Excellent mathematical skills are also vital. To excel in this role you will need to be detail-orientated and persistent.
The pathway to becoming a credit manager involves completing an accounting qualification as well as work experience. As this is a senior level position, extensive experience in finances is a prerequisite.
Typically credit managers begin their careers in an entry-level accounting role and then progress towards a managerial position as their knowledge and capabilities develop. Once you have established yourself, you can advance your career by studying further and developing your skills. If you do your job well you may be eligible for a promotion to financial manager.
If you decide that credit management is the right career for you, there are many educational institutes which offer relevant qualifications. You can obtain a degree in credit management at the Durban University of Technology, University of Johannesburg or UNISA.
Other options are to complete a Diploma or a BTech in Credit Management. To be illegible for a degree or diploma, you will need a National Senior Certificate. In addition to this requirement each educational institute has their own entrance criteria.
Working Conditions of a Credit Manager
A credit manager works in an office environment. While employees in this role spend most of their time in an office they may be required to travel to clients. Trips to court may also be necessary. They typically work 40 hours a week on average.
While they generally work during regular office hours, employees in this position may be required to work overtime. The busy period for credit managers is at the end of the financial year. Employment management positions are available in financial institutes. The finance and insurance industries also provide employment opportunities.
Positions can be found in the manufacturing and government industries. According to PayScale the average remuneration for employees in this position is R391 786 per annum.
If you want to work in finance but becoming a credit manager is not for you, you can also consider becoming a debtor’s clerk or bookkeeper. Read “Your path to becoming a bookkeeper in SA” for more info on this career choice.
Ready to start applying for new opportunities in the financial industry? Find credit manager jobs on Job Mail now!