Credit Manager
What's it like to be a Credit Manager?
Credit Managers work in banks or companies focused on loans. They assess clients and determine if they qualify for the company’s lending programs. Credit Managers can use risk projections, customer profiles, and other factors to approve or decline a customer for a loan application. Based on what company or team they are working in, they can review individuals or businesses applying for loans. A Credit Manager’s decisions to approve loans help the company minimize loan-related losses.
Tasks and duties
- Assessing and reviewing client qualifications for loans.
- Building and updating credit scoring models to predict risks.
- Approving or declining client loan requests.
- Determining interest rates for clients.
- Discussing and negotiating loan terms and payment plans with clients.
- Keeping track of loan records and payments.
- Ensuring that the company’s loan policies are compliant with local regulations.
How to become a Credit Manager
To become a Credit Manager, you’ll need a degree related to business or finance.
Graduate with a bachelor degree in accountancy, business administration, mathematics, or finance. Credit Managers are expected to be savvy with numbers.
Apply for entry-level positions. Credit Managers usually begin as associates or analysts. Gain experience handling clients or accounts and managing credit applications and portfolios.
Move up the career ladder. Use your early work experience to get promoted to mid-level positions.
Apply for Credit Manager openings. Credit Managers are usually required to have 5-7 years of work experience.
Skills and experience employers are looking for
