Skip to the main content
This website uses cookies to give you a better online experience. By using this website or closing this message, you are agreeing to our cookie policy. More information
Alberta Supports Contact Centre

Toll Free 1-877-644-9992

Alert

The COVID-19 pandemic has impacted legislation and services. Information on this website may not reflect the current situation in Alberta. Please visit alberta.ca for up-to-date information about these impacts.

Updated

Credit/Debt Counsellor

Credit / debt counsellors provide advice on personal money management, offer mentorship on how to use credit wisely, and help individuals recover from financial crises such as out-of-control debt, or significant changes in employment or income.

Also Known As

Credit Counsellor, Debt Counsellor, Debt Management Consultant, Money Coach, Money Mentor

NOC Codes

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:

  • 2006 NOC: Financial Planners (1114.1) 
  • 2006 NOC-S: Other Financial Officers (B014) 
  • 2011 NOC: Other financial officers (1114) 
  • 2016 NOC: Other financial officers (1114) 
Interests & Abilities

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.

Financial Planners
2006 NOC : 1114.1

Interest Codes

Interest Codes for This NOC Group

METHODICAL

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

INNOVATIVE

Interest in analyzing clients' financial records to set goals and develop financial strategies

DIRECTIVE

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

Your Interest Codes

To identify or change your interest codes, complete the Interests Exercise in CAREERinsite.

Reading Interest Codes
A Quick Guide

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.

Learn About Interests

Abilities

Typical ability expectations for this NOC group
Your abilities

To fill in or change the values for your abilities, complete the Abilities Exercise in CAREERinsite.

Mental Abilities

General Learning Ability

Verbal Ability

Numerical Ability

Visual Abilities

Spatial Perception

Form Perception

Clerical Perception

Physical Abilities

Motor Coordination

Finger Dexterity

Manual Dexterity

Understanding Abilities

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.

Learn About Abilities

Duties
Updated Apr 07, 2022

In general, credit / debt counsellors:

  • Meet with clients to learn about their overall financial situation by examining income sources and expenditures
  • Review clients’ debt records to identify creditors, terms and securities, and interest
  • Help clients set monthly budgets
  • Explore pros and cons of various options
  • Manage client expectations and overcome client objections
  • Help clients prioritize their debt loads and create debt repayment plans
  • Negotiate with creditors and courts on their clients’ behalf
  • Provide education and resources on personal or family finances, including budgeting habits and financial literacy skills
  • Keep clients’ information confidential

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.

Working Conditions
Updated Apr 07, 2022
  • Strength Required Lift up to 5 kg

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.

Traits & Skills
Updated Apr 07, 2022

Credit / debt counsellors need:

  • A genuine interest in helping people
  • A positive attitude
  • Excellent communication skills, especially in active listening and negotiation
  • Respect for client confidentiality
  • Empathy and patience
  • The ability to put clients at ease
  • The ability to remain calm and objective in difficult situations
  • Maturity and emotional stability
  • The ability to be objective and nonjudgmental
  • The ability to gather and analyze information
  • Mathematical skills
  • Computer skills
  • Problem-solving skills

They should enjoy teaching, helping people, and keeping up with industry developments.

Educational Requirements
Updated Apr 07, 2022
  • Minimum Education Varies

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.


Related Education

The following schools offer programs or courses that are related to this occupation but are not required to enter the field.

Ambrose University

Grande Prairie Regional College

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 Requirements
Updated Apr 07, 2022
  • Certification Not Regulated

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.

Employment & Advancement
Updated Apr 07, 2022

Most credit / debt counsellors work for not-for-profit credit counselling or debt management organizations. Others may be self-employed or employed by:

  • For-profit credit counselling agencies
  • Financial institutions including banks and credit unions
  • Loan brokerages

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.

Industry Concentration

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

Employment outlook is influenced by a wide variety of factors including:

  • Time of year (for seasonal jobs)
  • Location in Alberta
  • Employment turnover (when people leave existing positions)
  • Occupational growth (when new positions are created)
  • Size of the occupation
  • Trends and events that affect overall employment, especially in the industry or industries from the previous list

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.

Source: Alberta Regional Occupational Demand Outlook

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.

Wage & Salary
Updated Apr 07, 2022

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.

Other financial officers

2016 NOC : 1114
Average Wage
$38.94
Per Hour
Average Salary
$75,834.00
Per Year
Average Hours
37.5
Per Week
Average Months on Payroll
12
Survey Methodology Survey Analysis

Source
2019 Alberta Wage and Salary Survey

NOC 1114 Wage Profile

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.

B: Good Reliability
Data Reliability Code Definition

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.


Hourly Wage
For full-time and part-time employees
  • Low
  • High
  • Average
  • Median
Starting
Overall
Top
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

  • Starting pay: average pay offered for entry-level positions
  • Overall pay: average pay across all employees in this occupation
  • Top pay: average pay offered to top-paid employees

Industry Information
Retail Trade
Public Administration
ALL INDUSTRIES
Educational Services
Finance, Insurance, Real Estate, Leasing

Skills Shortage

Employers that Recruited in the Last 2 Years

43%
43%)

Recruiting Employers that Experienced Hiring Difficulties

30%
30%

Employers with Unfilled Vacancies of over 4 Months

5%
5%

Vacancy Rate

2%
Related Post-Secondary Field of Study
  • Business, Management and Administrative Studies
  • Computer and Information Technology
  • Mathematics
  • Social Sciences, Law and Religious Studies
  • Social, Community and Protective Services
Other Sources of Information
Updated Apr 07, 2022

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.

Was this page useful?
Top