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Credit Manager

Career Overview

The position of a credit manager is an accountable one in the financial industry as it has the prime responsibility of granting credit or assessing the creditworthiness of its potential customers. Credit managers are usually employed by banks, financial institutions & credit card companies and they play a significant role in optimizing the revenues while keeping a check on the bad debts & losses. There are mainly two types of credit managers, namely, commercial credit manager who deal with business customers and consumer credit managers associated with credit of public members. Apart from having the required qualifications to become a credit manager, some of the attributes required for this position are being highly analytical, a good negotiator with a strong sense of integrity. Credit managers need to deal with customers and complaints frequently. This necessitates a good command over communication skills to efficiently and amicably appease customer complaints as well as to ensure payment collections in given deadlines. You must be a good deal maker in crafting a credit decision that best accomplishes the company objectives. In large organizations a credit manager may lead a team of credit controllers who perform most of the administrative tasks whereas in smaller set ups they undertake most of the responsibilities personally.There are three main areas of work responsibility for a credit manager:

  • Risk assessment: credit risk assessment involves the assessment process to gauge the risk appetite of a customer by gathering all financial information and risk scoring measures before offering further credit.
  • Debt collection: debt recovery or collections involves sitting face to face with a customer and apprising them of current debt status. Credit managers are responsible for advising such customers on ways of repayment, or initiating legal action on failure to recovery.
  • Insolvency proceedings: insolvency work includes company liquidation process where credit managers may be involved with proceedings, meeting creditors or arranging for a liquidator when the company is on the verge of winding up.

Salaries and Job Outlook*

Median Annual Pay
Number of Jobs
Projected Growth Rate

Virtually every organization that grants credit to customers relies on credit managers to assess credit risk and maintain accurate credit records. As a credit manager you may find job opportunities in many sectors including banking & financial services, retail & manufacturing or services industries. Leading NBFCs (non banking financial company) like Fullerton India also hire credit managers in their expanding branches across India. The job outlook is bright for credit managers as opportunities for self employment or working as consultants to businesses are equally high.Salaries may vary with the size of company employing credit managers as well as educational qualifications. The average salary of a credit manager ranges between INR 5.0 lacs p.a to 5.3 lacs p.a.

Education and Training

Degrees Required:
Bachelor's Degree (Finance, Accounting, Business Administration) M.B.A. (Finance)

Credit managers are expected to have a minimum of a bachelor's degree in finance, business management or business administration to secure the entry level positions in organizations. Additionally, an associate degree in credit management or obtaining a master's degree in the related field is advantageous for employment opportunities. If you are armed with an MBA degree in finance, chances for career progression is optimal. Most employers also seek a prior experience in the field as a prerequisite for this position.

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Valued Traits & Abilities

Communication Skills
Decision-Making Skills
Quantitative Abilities
Analytical Skills
Detail Oriented
Leadership Skills

Career Opportunities

Career options for credit managers are multiple in the areas of management or leadership positions in the finance field. Those with an interest in the finance domain may find enticing opportunities as credit specialists, collections specialists, loan officers or even as personal bankers in leading multinational banks. Within an organization, qualified credit managers on gaining experience can be promoted to positions like a "treasurer" or senior management positions like a "chief financial officer". There are also plenty of opportunities in both full-time and part-time basis in accountancy firms or as independent consultants advising companies on credit systems.Some of the popular career options for credit managers are:

Credit Analyst

Credit analysts also known as financial analysts play a very crucial role in assessing the creditworthiness of an individual as a loan applicant or in commercial credit analyze the credit of a company. On the basis of their recommendations, banks and lending institutions are able to extend credit to such individuals and organizations.

Personal Banker

They are the representatives of a financial institution like a bank or credit unions who advise and service clients who bank with them. They help build relationships with prospective clients and offer solutions when consulted on financial needs.

Loan Officer

Loan officers work for banks and financial institutions that provide assistance to customers in acquiring loans and funds. They may specialize in commercial, consumer or mortgage loans. They evaluate, advise and authorize loans to customers and business by making the process easier and faster.

Top Companies

  • Capital First Limited
  • Fullerton India Credit Company Ltd.
  • HDFC Bank Ltd.
  • Citibank N.A
  • Barclays Shared Services Pvt. Ltd.
  • IDFC Ltd.
  • JP Morgan Chase