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What does a credit manager do?

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If you are interested in a career that combines finance, customer service, and risk management, you might want to consider becoming a credit manager. A credit manager is responsible for overseeing the credit policies and procedures of a company, ensuring that it maintains a healthy cash flow and minimizes bad debts. In this article, you will learn more about what a credit manager does, what skills and qualifications are required, and what challenges and opportunities are involved in this role.

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Perpetual Badejo (ACA, ACTI, FMVA?)

Bsc. Accounting(1st Class Hons??) | Tax Expert | Financial Analyst - Fintech | Linkedin Visibility Coach - Helped over…
Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting & Modelling |

1 Credit manager duties

A credit manager's main duty is to manage the credit process of a company, from setting the credit terms and limits for customers, to approving or rejecting credit applications, to collecting payments and resolving disputes. A credit manager also monitors the credit performance and financial health of the customers, using various tools and metrics, such as credit reports, credit scores, aging reports, and debt ratios. Additionally, a credit manager is responsible for ensuring compliance with the relevant laws and regulations, such as the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, and the Sarbanes-Oxley Act.

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Perpetual Badejo (ACA, ACTI, FMVA?)

Bsc. Accounting(1st Class Hons??) | Tax Expert | Financial Analyst - Fintech | Linkedin Visibility Coach - Helped over 1k people | Tutor | Emerging Finance Leader 2024?? | #6 Top 10 Nigeria Linkedin Female - Favikon
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A credit manager must be vase in all of the compliance matters related to his role. While trying to deploy methods to improve the credit policy of the company, the credit manager must ensure that the various activities are in line with the law. The credit manager must be someone who pays attention to changes and trends in the industry, he must know how to draft strategies that align with the current trend in the industry.

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Emmanuel Adeleke

Finance | Management | Strategy | Consultant
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A credit manager aside measuring the quantitative aspect of a risk or liability using different tools and techniques, should also understand the qualitative measuring skills. Credit rating should consider environmental factors, simulation of undesirable outcome and the likes. A credit manager should be emotionally intelligent and always thrive to make the best decision in the interest of the company.

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GBENGA OMOLERE

FINANCE MANAGER
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The duties of a credit manager include developing credit scoring models, negotiating loan terms, and calculating interest rates. You should have a degree in accounting or finance, as well as expertise processing loan applications, to be successful in this position. Previous banking experience is a plus.

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2 Credit manager skills

To be a successful credit manager, you need to have a combination of hard and soft skills. Some of the hard skills include accounting, finance, credit analysis, risk management, and data analysis. You need to be proficient in using various software and systems, such as spreadsheets, databases, accounting software, and credit management software. Some of the soft skills include communication, negotiation, problem-solving, decision-making, and customer service. You need to be able to communicate effectively with different stakeholders, such as customers, sales staff, senior management, and external agencies. You also need to be able to negotiate favorable terms and conditions, resolve conflicts and issues, and make sound judgments based on data and facts.

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting & Modelling |
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You must have the skills to Set credit limits and terms: Determine the maximum amount of credit a customer can receive and establish repayment terms based on their risk profile.

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3 Credit manager qualifications

To become a credit manager, you typically need to have a bachelor's degree in accounting, finance, business administration, or a related field. Some employers may prefer candidates with a master's degree or a professional certification, such as the Certified Credit Executive (CCE), the Certified Credit and Risk Analyst (CCRA), or the Certified Public Accountant (CPA). You also need to have relevant work experience in credit management or a related field, such as credit analysis, collections, or accounts receivable. The amount of experience required may vary depending on the size and complexity of the company and the industry.

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4 Credit manager challenges

A credit manager faces several challenges in their role, such as managing credit risk, maintaining customer relationships, and adapting to changing market conditions. A credit manager has to balance the trade-off between granting credit to increase sales and revenue, and minimizing the exposure to default and loss. A credit manager also has to deal with difficult and delinquent customers, who may delay or avoid paying their dues, or dispute their charges. A credit manager has to use various strategies and tactics, such as incentives, reminders, penalties, or legal actions, to recover the outstanding debts. Moreover, a credit manager has to keep up with the changing market conditions, such as the economic cycles, the industry trends, and the customer preferences, and adjust the credit policies and procedures accordingly.

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Edward Pacey FCICM

Credit Management, Consulting.
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Biggest challenge is being hum-strung by restrictive job specifications and its reporting structure within finance. Escape these two brakes and there is no end to the contribution a Credit Manager can make.

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5 Credit manager opportunities

A credit manager also has several opportunities in their role, such as enhancing cash flow, improving customer loyalty, and advancing their career. A credit manager can contribute to the financial performance and stability of the company by improving the cash flow and reducing the bad debts. A credit manager can also improve the customer loyalty and satisfaction by offering flexible and customized credit solutions, and by providing excellent customer service and support. Furthermore, a credit manager can advance their career by gaining more skills and knowledge, taking on more responsibilities and challenges, and pursuing higher education or certification. A credit manager can also explore different career paths, such as becoming a credit director, a credit consultant, or a credit educator.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Ahmed Ellahi Khan FCCA

ACCA Lecturer |Finance & Accounting Expert | IFRS Wizard | Motivational Speaker | Accounting Systems Expert | Podcaster | Lifelong Learner
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Credit managers dont only need to consider which companies can or cannot pay on time. In my past experience all they want is bank statements, passports, ID , secuity chques which sends a clear signal that the company only cares about Money money money. Credit management is about managing clients based on their level and scale of operations. Setting payment deadlines which the client can pay comfortably without allowing too much margin. Its also about assessing when even though a company might delay payments but should still be kept in relation as there is nothing better than a prolonged partnership.

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What does a credit manager do?

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1 Credit manager duties

2 Credit manager skills

3 Credit manager qualifications

4 Credit manager challenges

5 Credit manager opportunities

6 Here’s what else to consider

Corporate Accounting

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