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Credit Counsellor, Debt Counsellor, Debt Management Consultant, Money Coach, Money Mentor
In Canada, the federal government groups and organizes occupations based on a National Occupational Classification (NOC) system. This alis occupation may not reflect the entire NOC group it is part of. Data for the NOC group can apply across multiple occupations.
The NOC system is updated every 5 years to reflect changes in the labour market. Government forms and labour market data may group and refer to an occupation differently, depending on the system used. Here is how this occupation has been classified over time:
In Alberta, this occupation is part of 1 or more 2006 National Occupational Classification (NOC) groups. If there are multiple related NOC groups, select a NOC heading to learn about each one.
Interest in obtaining information from clients such as bank account records, pension plan and other employee benefit-package information, tax records, insurance policies and related documentation; may also arrange for sale of financial products and investments depending on licence held, and monitor portfolios to ensure quality and profitability
Interest in analyzing clients' financial records to set goals and develop financial strategies
Interest in consulting with clients concerning cash management, finances, insurance coverage, investments, retirement and estate planning and taxes and legal matters; and in helping to expand business and attract new clients
To identify or change your interest codes, complete the Interests Exercise in CAREERinsite.
The interest code helps you figure out if you’d like to work in a particular occupation.
It’s based on the Canadian Work Preference Inventory (CWPI), which measures 5 occupational interests: Directive, Innovative, Methodical, Objective, and Social.
Each set of 3 interest codes for this NOC group is listed in order of importance.
A code in capital letters means it’s a strong fit for the occupation.
A code in all lowercase letters means the fit is weaker.
To fill in or change the values for your abilities, complete the Abilities Exercise in CAREERinsite.
A Quick Guide
You are born with abilities that help you process certain types of information and turn it into action. These abilities influence which skills you can learn more easily.
The abilities or aptitudes shown for this NOC group come from the General Aptitude Test Battery (GATB). The GATB measures 9 aptitudes. It groups them into 3 categories: mental, visual, and physical.
The abilities scores range from 1 to 5, with 5 being stronger.
In general, credit / debt counsellors:
Credit / debt counsellors may also hold one-on-one sessions, group sessions, or seminars to provide training on how to use money and credit wisely.
Credit / debt counsellors may work on their own or as part of a team. They may be self-employed or work for a large corporation or not-for-profit organization. They may work regular office hours with some evenings and weekends, or they may work shifts. They may work in call centres, where shift work is common.
Credit / debt counsellors sometimes encounter clients who are anxious or irate. Training programs offer instruction for dealing with difficult clients. Most counsellors develop effective skills through experience. Those just starting out may find a corporate setting better for learning and support than a smaller organization or self-employment.
Credit / debt counsellors need:
They should enjoy teaching, helping people, and keeping up with industry developments.
Educational requirements for this occupation vary. Some employers provide on-the-job training. However, most prefer to hire individuals with an undergraduate degree in a related field. This could be a “numbers” subject such as accounting, finance, or economics. Or it could be a social science such as psychology, social work, human ecology, or counselling.
Knowledge of consumer issues and community resources is an asset.
The following schools offer programs or courses that are related to this occupation but are not required to enter the field.
To expand or narrow your search for programs related to this occupation, visit Post-Secondary Programs.
Completing a program does not guarantee entrance into an occupation. Before enrolling in an education program, prospective students should look into various sources for education options and employment possibilities. For example, contact associations and employers in this field.
Certification is not required, as there is currently no legislation regulating this occupation.
However, completing a voluntary accreditation program can show that a person has the integrity, training, knowledge, and unique skills that credit / debt counsellors require to do their jobs well. Taking part in voluntary certification may enhance employment and advancement opportunities.
Some designations for credit / debt counsellors include:
The Canadian Association of Credit Counselling Services (CACCS) and the Ontario Association of Credit Counselling Services (OACCS) jointly offer the AFCC designation. It is considered the highest professional designation available to credit / debt counsellors in Canada.
To become a registered BIA Insolvency Counsellor candidates must complete the Practical Course in Insolvency Counselling (PCIC). Canada’s Bankruptcy and Insolvency Act requires aspiring insolvency and bankruptcy counsellors to take this course.
The PCIC is offered as a stand-alone program through the Canadian Association of Insolvency and Restructuring Professionals (CAIRP). It is also a prerequisite for candidates wishing to go on to earn their designation as a Chartered Insolvency and Restructuring Professional (CIRP).
Each of these designations requires continuous education to maintain certification.
Most credit / debt counsellors work for not-for-profit credit counselling or debt management organizations. Others may be self-employed or employed by:
Credit / debt counsellors work closely with people and with confidential financial information. Employers may require a criminal record check as a condition of employment.
Experienced credit / debt counsellors who work at financial institutions may become credit managers. Those who work for credit counselling organizations may advance to director or manager roles.
This section shows the industries where the majority of people in this occupation work. The data is based on the 2016 Census.
In Alberta, this occupation is part of 1 or more 2016 National Occupational Classification (NOC) groups.
In the 1114: Other financial officers occupational group, 82.9% of people work in:
Employment outlook is influenced by a wide variety of factors including:
In Alberta, the 1114: Other financial officers occupational group is expected to have a below-average annual growth of 1.6% from 2019 to 2023. In addition to job openings created by employment turnover, 233 new positions are forecasted to be created within this occupational group each year.
Note
NOC groups often include several related occupations. Although there is labour market data for the larger NOC group, this occupation makes up only a part of that group. It means data for this occupation may be different than the data shown. For example, only some of the new positions to be created will be for this occupation. It also applies to other data for the NOC group such as number of people employed.
Employment turnover is expected to increase as members of the baby boom generation retire over the next few years. Turnover is often higher in major cities. It may also increase during periods of economic downturn.
Salaries for credit / debt counsellors vary greatly. Factors include level of education, experience, degree of accreditation, and location.
In Alberta, this occupation is part of 1 or more 2016 National Occupational Classification (NOC) groups. If there are multiple related NOC groups, select a NOC heading to learn about each one.
Unless otherwise noted, the data shown here is for all industries and all regions in Alberta.
All wage estimates are hourly except where otherwise indicated. Wages and salaries do not include overtime hours, tips, benefits, profit shares, bonuses (unrelated to production), and other forms of compensation.
To see the full survey data for this NOC group, visit the wage profile.
Other wage sources
To make an informed wage and salary decision, research other wage sources [pdf] to supplement this data.
Good Reliability, represents a CV of between 6.01% and 15.00% and/or fewer than 30 survey observations and/or if survey observations represent less than 50% of all estimated employment for the occupation.
| Wages* | Low (5th percentile) | High (95th percentile) | Average | Median |
|---|---|---|---|---|
| Starting | $19.23 | $45.69 | $28.96 | $25.48 |
| Overall | $21.92 | $63.19 | $38.94 | $37.75 |
| Top | $23.90 | $100.96 | $53.83 | $51.37 |
Swipe left and right to view all data. Scroll left and right to view all data.
* All wage estimates are hourly except where otherwise indicated. Wages and salaries do not include overtime hours, tips, benefits, profit shares, bonuses (unrelated to production) and other forms of compensation.
Pay brackets for hourly wages
| Retail Trade | $81,524 |
|---|---|
| Public Administration | $80,944 |
| ALL INDUSTRIES | $75,834 |
| Educational Services | $74,898 |
| Finance, Insurance, Real Estate, Leasing | $72,406 |
Association for Financial Counseling and Planning Education website: www.afcpe.org
Canadian Association of Credit Counselling Services (CACCS) and Ontario Association of Credit Counselling Services (OACCS) website: financialfitness.ca
Credit Counselling Canada website: creditcounsellingcanada.ca
Get information and referrals about career, education, and employment options from Alberta Supports.
Updated Mar 31, 2022. The information contained in this profile is current as of the dates shown. Salary, employment outlook, and educational program information may change without notice. It is advised that you confirm this information before making any career decisions.
