Credit/Loans Manager

Credit managers ensure that those who want to borrow money are a safe financial risk to the organization. Many organizations offer loans and/or credit services to individuals (consumer credit) and businesses (commercial credit).

In smaller firms, credit managers may be responsible for cash management, profitability and portfolio growth as well as:

• accepting applications for credit
• checking credit ratings with credit bureaus and reporting agencies, and payment experiences with other suppliers
• granting or refusing credit
• setting up repayment schedules
• advising customers and clients
• handling complaints
• collecting past-due accounts.

In larger firms, credit managers may:

• supervise a staff of credit personnel
• interview, hire and train employees
• help senior managers set credit policies, credit lines, procedures and standards.

Many larger organizations have credit operations in which the department that authorizes credit for higher level accounts is separate from the department that collects outstanding accounts. Different credit managers may be responsible for each department.

Credit managers usually work in an office environment and may work long hours. They are constantly dealing with people including staff members, people in business and industry, and the public. Commercial credit managers may travel to firms or plants to interview prospective borrowers and assess business operations.

Credit managers need the following characteristics:

• integrity and honesty
• the ability to make independent decisions
• good negotiation skills
• organizational ability
• an aptitude for analyzing financial details and understanding financial reports
• accuracy and precision in dealing with figures
• persuasive persistence
• good oral and written communication skills
• problem-solving skills.

They should enjoy supervising and co-ordinating the work of others, having clear rules and methods to guide their activities and working with people.

Below-average occupational growth is expected in Alberta for 2016 to 2020. Job openings are a result of employment turnover and newly created positions.

Credit managers are employed by organizations such as:

• industrial corporations and wholesalers
• large retail stores and retail chains
• commercial lending institutions
• banks, credit unions and trust companies
• finance companies
• reporting agencies and credit bureaus
• government treasury departments.

Depending on their qualifications, experienced credit managers may advance to senior positions in management, marketing or administration.

Credit/loans managers are part of the larger 2011 National Occupational Classification 0122: Banking, credit and other investment managers. In Alberta, 90% of people employed in this classification work in the Finance, Insurance, Real Estate and Leasing industry.

The employment outlook in this occupation will be influenced by a wide variety of factors including:

• trends and events affecting overall employment (especially in the Finance, Insurance, Real Estate and Leasing industry)
• location in Alberta
• employment turnover (work opportunities generated by people leaving existing positions)
• occupational growth (work opportunities resulting from the creation of new positions that never existed before)
• size of the occupation.

Over 4,500 Albertans are employed in the Banking, credit and other investment managers occupational group. This group is expected to have a below-average annual growth of 1.3% from 2016 to 2020. As a result, 59 new positions are forecast to be created each year, in addition to job openings created by employment turnover. Note: As credit/loans managers form only a part of this larger occupational group, only some of these newly created positions will be for credit/loans managers.

Employment turnover is expected to increase as members of the baby boom generation retire over the next few years.

Canadian Securities Institute website: www.csi.ca

Credit Institute of Canada website: www.creditedu.org

Credit Union Institute of Canada website: www.umanitoba.ca/extended/mpcp/cuic/index.html

For more information on career planning, education and jobs, visit the Alberta Learning Information Service (ALIS) website, call the Alberta Career Information Hotline toll-free at 1-800-661-3753 or 780-422-4266 in Edmonton, or visit an Alberta Works Centre near you.