Credit Management Jobs

By: EconomyWatch   Date: 1 October 2009

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Finance students with a sound accounting background can consider credit management jobs. In a broad sense, credit management requires professionals to perform the inspection and administration of customers’ credit records. The aim of credit management is to assist consumers in their credit related queries. Sound judgment is crucial to be a member of a credit management team.

Credit management involves the following:

  • Trade credit: This involves the management of money that is due to be paid to the company against products and services provided to other businesses.
  • Consumer credit: It comprises the management of debts taken by individuals in the form of loans on a credit card or for a house.

Credit Management Jobs: Training

Companies prefer to hire credit managers who have gone through training or internship during college. Students holding a degree in management practices from a reputed business school stand apart.

 

Credit Management Jobs: Core Tasks

Following are the major tasks that a credit management team performs:

  • Designing and establishing the credit policy of the company and evaluating it at scheduled intervals or with changes in the economy.
  • Verifying the financial background of prospective customers by implementing credit checks.
  • Settling deals with customers.
  • Getting in touch with customers who exceed their payment due date and reminding them to adhere to company policies.
  • Taking legal action in case a customer breaches the payment contract.
  • Hiring, training and managing the credit team in a large organization.
  • Organizing the movement of payments and credits.
  • Efficiently handling promissory notes and conflicting payments.

Credit Management Jobs: Working Conditions

The working conditions of a credit manager can vary depending on the nature of business and the size of the firm. An average credit manager works forty eight hours a week. Commercial credit managers are required to arrange appointments with potential customers and meet them at their offices. They have to work long hours under pressure as their core activities influence the credit position of the firm. On the other hand, a consumer credit management team performs its duties in the office.

The salary structure of the members of a credit management team may vary depending upon the role and experience of each individual. In 2006, an average credit manager was paid $72,329 a year.


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