In this article we provide an overview of online credit management courses and job outlook related to finance and credit planning and management. Credit management includes processes which involve extension of credit to customers, monitoring reception and logging of payments, initiation of collection procedures, and resolution of disputes or queries regarding charges on a customer invoice. A credit manager would be hired to ensure a business’ finances are kept in order through the control of the facilities that are offered to consumers and clients. Any company involved with providing a service or product can have a demand for a professional with such financial skills. There are two basic areas of work in this field, profiles relating to commercial trade and roles that deal with consumers.
Credit Management Education and Training
Credit management includes processes which involve extension of credit to customers, monitoring reception and logging of payments, initiation of collection procedures, and resolution of disputes or queries regarding charges on a customer invoice. Credit is one of the essential components of the modern economy, if this is mismanaged, it can result in serious problems and hardship.
Most experts in this sector would have undertaken credit management courses that specializes in a subject such as economics, finance, or business. The program should involve core courses that relate to the world of employment, if this is a career that you would like to have. There is the option of associate, bachelor, and masters degrees in related topics that include personal finance, financial planning, financial management, and personal accounting. Other courses might include:
- Money management
- Consumer credit
- Corrections methods
- Portfolio management
- Credit law
- Bankruptcy law
- Business credit
- Insurance regulations
The majority of the opportunities available for experts with knowledge of debt and financial matters require some amount of experience. The task of controlling a company’s finances, as well as that of employees, clients, and customers, is an extremely important one.
Credit management courses that offers an internship would position students in a more desirable position upon graduation. There is also the option of progressing upwards from the role of a debt controller, which requires less formal qualifications. Additional financial training and related credit management courses are often given by the employer.
Licensing and Certification
The Bureau of Labor Statistic (BLS) reports that brokers and investment bankers are required to register as representatives of their firm with the Financial Industry Regulatory Authority (FINRA). To obtain the license, those who wish to become agents must pass several exams. Various licenses are available for selling different investment products and services.
Although not always a requirement, certification is an added advantage for those seeking employment or career advancement. Brokers, investment bankers, and financial services sales agents may earn the Chartered Financial Analyst (CFA) certification through by the CFA Institute.
For Financial Examiner working for the Federal Deposit Insurance Corporation (FDIC), they must have at least six semester hours in accounting.
Credit Management Careers
A credit manager would be hired to ensure a business’ finances are kept in order through the control of the facilities that are offered to consumers and clients. Any company involved with providing a service or product can have a demand for a professional with such financial skills. There are two basic areas of work in this field, profiles relating to commercial trade and roles that deal with consumers.
If you were to undertake a credit management degree program, upon completion of your study, you would be well placed to take up a role in a wide range of established businesses and organizations. Credit is one of the essential components of the modern economy, if this is mismanaged, it can result in serious problems and hardship.
Those people seeking employment in this sector would require not just excellent analytical and statistical skills, but also understand the concepts behind interpersonal communication in full. Most managers would be required to liaise directly with customers and employees. Knowing how to motivate and make yourself understood are essential.
Other important skills would include being confident and assertive, paying attention to detail, an ability to work under pressure and meet deadlines, commercial awareness, and knowing how to make the correct decisions based on tangible data.
The tasks that an individual with this profile can be called upon to carry out often involve delegating activities to other staff members, negotiating payment terms and conditions with lenders, understanding when to begin legal action in case of late payments, and being able to handle insolvency and bankruptcy cases without causing too great a financial loss. This area skills that are learned in credit management courses.
Estimated Income and Projected Career Outlook
There are openings for credit mangers in sectors such as retail, banking, insurance, manufacturing, and service industries. As the recession of 2008 forced more businesses and individuals into financial hardship, the demand for qualified professionals with an understanding of debt and financial management took on a greater importance. The Bureau of Labor Statistics (BLS) reports the following data for 2010:
The median annual wage of financial clerks was $33,710. The lowest 10% earned less than $22,920, and the top 10% earned more than $49,500. The employment of financial clerks is expected to grow by 11% from 2010 to 2010.
The median annual wage of securities, commodities, and financial services sales agents was $70,190. The lowest 10% earned less than $31,330, and the top 10% earned more than $166,400. The employment of securities, commodities, and financial services sales agents is expected to grow 15% from 2010 to 2020.
The median annual wage of financial examiners was $74,940. The lowest 10% earned less than $43,170, and the top 10% earned more than $134,820. The employment of financial examiners is projected to grow 27% from 2010 to 2020.
The median annual wage of financial analysts was $74,350. The lowest 10% earned less than $44,490, and the top 10% earned more than $141,700. The employment of financial analysts is expected to grow 23% from 2010 to 2020.
The median annual wage of financial managers was $103,910. The lowest 10% earned less than $56,120, and the top 10% earned more than $166,400. The employment among financial managers is expected to grow 9% from 2010 to 2020.
The median annual wage of personal financial advisors was $64,750. The lowest 10% earned less than $32,660, and the top 10% earned more than $166,400. Employment of personal financial advisors is projected to grow 32% from 2010 to 2020.
The median annual wage of budget analysts was $68,200. The lowest 10% earned less than $44,860, and the top 10% earned more than $101,660. The employment of budget analysts is expected to grow 10% from 2010 to 2020.
The United States Bureau of Labor Statistics, suggest that employment in this sector will grow at a rate faster than the national average for all occupations in the coming decade. Those individuals holding higher qualifications or those who have taken credit management courses would be able to take up the most desirable positions. With experience and the right qualifications, compensation of more than $100,000 per year is possible depending on training, experience, and place of employment.
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