Credit Manager Job Description: Top Duties and Requirements

A Credit Manager, or Collections Manager, protects a company’s assets and oversees the credit granting process. Their main duties include assessing potential customers’ creditworthiness, conducting reviews of existing customers and optimizing company sales.

Build a Job Description

Credit Manager duties and responsibilities

Credit Managers have various duties and responsibilities that typically fit into two categories: management or credit operations tasks. Some of their main management and credit operations duties and responsibilities include:

  • Evaluate potential customers’ creditworthiness 
  • Maintain detailed records of company loans 
  • Approve or reject loan requests from customers 
  • Calculate and set loan interest rates 
  • Negotiate loan terms with new customers 
  • Monitor customers’ loan payments 
  • Review and update the company’s credit policy when necessary 
  • Create a credit scoring model to assess risks

What does a Credit Manager do?

A Credit Manager oversees the credit granting process at their company by assessing current and potential customers. They assess customers’ creditworthiness to ensure they are not lending to customers that may be a liability. Credit Managers also ensure that existing customers are in good standing by conducting periodic reviews. Credit Managers optimize sales and ensure the department meets set objectives and goals. A Credit Manager may build and maintain relationships with collection agencies, credit reporting agencies, and insurance providers.

Credit Manager skills and qualifications

Credit Managers must be able to do what’s best for the company while still building and maintaining strong relationships with customers. They can do so with prerequisite skills and qualifications including:

  • Strong negotiation skills 
  • Ability to work under pressure 
  • Excellent analytical skills 
  • Advanced mathematical ability 
  • Solid interpersonal skills 
  • Attention to detail 
  • Great written and verbal communication skills 
  • Understanding of loans and lending procedures

Credit Manager experience requirements

As a Credit Manager is a managerial position, candidates should have prior experience as a Credit Analyst or in a similar position. A Credit Analyst works under a Credit Manager and assesses potential customers’ creditworthiness to determine their potential risk. So, experience as a Credit Analyst prepares candidates for a managerial role in the same industry. Instead of prior experience as a Credit Analyst or Credit Manager, you may also accept experience in related fields, such as accounting, business administration, or banking. In this case, look for candidates with experience in a leadership role.

Credit Manager education and training requirements

Educational requirements for Credit Managers vary depending on your financial institution. If you have a smaller company, candidates should have a bachelor’s degree or college diploma in finance, accounting, business administration, or economics. However, if your company is bigger and handles large-scale contracts, candidates need a master’s degree in business administration, finance, or management science. You may also establish your own on-the-job training program for successful candidates. This helps candidates become familiar with the company-specific responsibilities and excel in the role.

Job salary expectations

According to Indeed Salaries, the average salary for a Credit Manager in Canada is $57,633 per year. This salary varies and is dependent on experience, location and the company that is hiring.

Job description samples for similar positions

Some other job description samples available if this is not quite what you’re looking for, include:

Credit Manager job description FAQs

Where do Credit Managers work?

Credit Managers typically work in banks, trust companies, and credit unions. They can also work in credit departments for industrial or commercial organizations, such as utility companies, car dealerships, department stores, and insurance companies. Finally, financial establishments, such as credit card companies, mutual fund investment firms, and mortgage investment firms, may also employ Credit Managers.

What other job titles fit the Credit Manager position?

A Credit Manager may have a different job title depending on the company for which they work. Similar job titles you can use for your job description include:

  • Credit Union Manager
  • Credit Controller 
  • Banking Operations Manager
  • Credit Card Centre Manager 
  • Credit Counsellor
  • Credit Specialist 
  • Collections Manager
  • Collection Centre Manager

The job titles vary slightly and often depend on how the role fits in with other positions within the business. However, the core duties and responsibilities are the same among these positions. They require the same education, manage the same teams, and handle the same financial aspects of a company.

What are the working conditions of a Credit Manager?

Credit Managers typically work normal office hours, Monday to Friday, 40 hours a week in an office setting. They work in a fast-paced environment and must complete their duties on time. Many companies also require Credit Managers to travel within their city or even to other countries to meet with new and existing clients.

Who does a Credit Manager work with?

A Credit Manager is typically the most superior member of their team. Credit Managers manage a team of Credit Analysts. The number of Credit Analysts a company has depends on the size of the company’s portfolio. 

Job Description Examples

    *Indeed provides this information as a courtesy to users of this site. Please note that we are not your career or legal advisor, and none of the information provided herein guarantees a job offer.