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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:
| Starting | $28.96 |
|---|---|
| Overall | $38.94 |
| Top | $53.83 |
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
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 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.
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 in the future.
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 non-profit organization. They may work regular office hours with some evenings and weekends, or they may work in shifts. Shift work is more typical for those who work in call centres.
Credit/debt counsellors sometimes encounter clients who are anxious or irate. While training programs may offer instruction for dealing with difficult clients, counsellors typically develop their most effective skills through experience. For counsellors at the beginning of their careers, a corporate environment may provide a better learning environment and greater support than a smaller organization or self-employment would.
Credit/debt counsellors need to possess:
They should enjoy teaching and helping people and be willing to keep up with industry developments.
Educational requirements for this occupation vary. Some employers provide on-the-job training. However, most prefer to hire individuals who have an undergraduate degree in a related field of study such as accounting, finance, economics, 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.
For a broad list of programs and courses that may be related to this occupation try searching using keywords.
Certification is not required, as there is currently no legislation regulating this occupation.
Some accreditation programs recognize the integrity, training, knowledge and unique skills of credit/debt counsellors in the areas of personal finance, consumer credit, money management and counselling. Therefore, participating in a voluntary certification program may enhance employment and advancement opportunities.
Examples of available designations for credit/debt counsellors include:
The Canadian Association of Credit Counselling Services (CACCS) endorses the CCC designation for registered members of the Ontario Association of Credit Counselling Services (OACCS).The CCC program includes both AFCC and ICQC training and also includes extensive work experience. Originally developed by OACCS for credit/debt counsellors employed by non-profit organizations, it is now considered the highest professional designation available to credit/debt counsellors in Canada.
The AFCC designation was developed earlier by the OACCS and it remains available as a stand-alone designation administered by OACCS for the Association for Financial Counseling and Planning Education. Although not as highly valued as the CCC designation, the AFCC designation does not require OACCS membership.
To become a registered Insolvency Counsellor candidates must complete the Insolvency Counsellor's Qualification Course (ICQC). This course is required under Canada's Bankruptcy and Insolvency Act for insolvency and bankruptcy professionals. It is offered as a stand-alone program through the Canadian Association of Insolvency and Restructuring Professionals (CAIRP).
Each of these designations requires continuous education in order to maintain certification.
Most credit/debt counsellors are employed by not-for-profit credit counselling or debt management organizations. Others may be self-employed or employed by:
Because 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 working at financial institutions may become credit managers. Those who work for credit counselling organizations may advance to director or manager roles.
Credit/debt counsellors are part of the larger 2011 National Occupational Classification 1114: Other financial officers. In Alberta, 87% of people employed in this classification work in the Finance, Insurance, Real Estate and Leasing [pdf] industry.
The employment outlook [pdf] in this occupation will be influenced by a wide variety of factors including:
In Alberta, the B014: Other Financial Officers occupational group is expected to have a below-average annual growth of 1.1% from 2016 to 2020. In addition to job openings created by employment turnover, 123 new positions are forecasted to be created within this occupational group each year.
Employment turnover is expected to increase as members of the baby boom generation retire over the next few years. Turnover is also typically higher in major cities, and often increases during periods of economic downturn.
Salaries for credit/debt counsellors vary greatly depending on their level of education, experience, accreditation and location.
| 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 |
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* 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.
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.
| 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
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Updated Apr 28, 2017. 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.