Credit/Loans Manager
Credit/loans managers gather and analyze financial information about loan applications and business conditions, and approve or reject credit applications.
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Avg. Salary $94,926.00
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Avg. Wage $49.11
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Minimum Education Varies
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Outlook below avg
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Employed 1,900
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In Demand Lower
Also Known As
Bank Manager, Banker, Loans Manager, Personal Financial Services Specialist, Risk Manager
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: Credit Managers (0122.2)
- 2006 NOC-S: Banking, Credit and Other Investment Managers (A302)
- 2011 NOC: Banking, credit and other investment managers (0122)
Skills Shortage
Employers that Recruited in the Last 2 Years
25%
25%
Average Wage
Starting
Overall
Top
Average Wage
| Starting | $35.81 |
|---|---|
| Overall | $49.11 |
| Top | $67.74 |
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Certification Not Regulated
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Strength Required Lift up to 5 kg
Interest Codes
The Credit/Loans Manager is part of the following larger National Occupational Classification (NOC).
Credit Managers
- DIRECTIVE
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Interest in co-ordinating information to direct, control and evaluate the activities of credit departments in industrial and commercial organizations; and in approving and rejecting credit applications, and in recruiting personnel and identifying their training needs
- METHODICAL
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Interest in administering corporate, commercial and personal loan accounts, in ensuring that credit policies and procedures are followed according to established guidelines and applicable legislation, and in ensuring the collection of overdue and delinquent accounts
- SOCIAL
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Interest in negotiating with other managers and staff to arrive at decisions, and with customers to determine repayment plans and schedules in accordance with authorized limits; and in advising customers on the commercial and personal financial services corresponding to their needs
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 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.
Duties
Updated Mar 31, 2017
Many organizations offer loans and credit services to individuals (consumer credit) and businesses (commercial credit). Credit/loans managers ensure that those who want to borrow money are a safe financial risk to the organization.
In smaller firms, credit/loans 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
- checking 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/loans 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/loans managers may be responsible for each department.
Working Conditions
Updated Mar 31, 2017
Credit/loans 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/loans managers may travel to firms or plants to interview prospective borrowers and assess business operations.
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Strength Required Lift up to 5 kg
Skills & Abilities
Updated Mar 31, 2017
Credit/loans managers need:
- integrity and honesty
- persuasiveness and persistence
- accuracy and precision in dealing with figures
- an aptitude for analyzing financial details and understanding financial reports
- good negotiation skills
- good oral and written communication skills
- strong problem-solving skills
- the ability to make good independent decisions organizational ability.
They should enjoy supervising and co-ordinating the work of others, having clear rules and methods to guide their activities, and working with people.
Educational Requirements
Updated Mar 31, 2017
Employers generally prefer to hire credit/loans managers who have related post-secondary education in fields such as finance, business, accounting, economics or agriculture. Suitable programs are offered by schools located throughout Alberta.
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
Athabasca University
Bow Valley College
Burman University
Concordia University of Edmonton
Medicine Hat College
Northern Alberta Institute of Technology
Southern Alberta Institute of Technology
University of Alberta
University of Calgary
For a broad list of programs and courses that may be related to this occupation try searching using keywords.
Certification Requirements
Updated Mar 31, 2017
The Canadian Credit Union Association (CCUA) and Credit Institute of Canada (CIC) offer voluntary certification.
The CCUA offers 3 accreditation programs and 2 designations for employees of credit unions and affiliated organizations.
The CIC awards its Certified Credit Professional (CCP) designation to members who have completed the institute’s 8-course Credit Management program and have 5 years of practical experience in a credit position.
Employment & Advancement
Updated Mar 31, 2017
Credit/loans 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.
Employers often have in-house training programs to help those in junior positions develop the skills needed to become credit/loans managers. Trainees may work closely with experienced credit/loans managers while working through the program.
Depending on their qualifications, experienced credit/loans 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 (PDF) industry.
The employment outlook (PDF) 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 )
- size of the occupation.
In Alberta, the A302: Banking, Credit and Other Investment Managers occupational group is expected to have a below-average annual growth of 1.3% from 2016 to 2020. In addition to job openings created by employment turnover, 59 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.
Wage & Salary
Updated Mar 31, 2017
Credit/loans managers’ salaries vary widely depending on the size and nature of the employer and the training and responsibilities of the employee. Credit/loans managers in commercial credit tend to earn higher salaries than those in consumer credit organizations.
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 | $20.56 | $58.65 | $35.81 | $32.97 |
| Overall | $24.67 | $79.15 | $49.11 | $49.12 |
| Top | $28.57 | $104.40 | $67.74 | $76.92 |
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.
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.
Industry Information
| Retail Trade | $102,813 |
|---|---|
| ALL INDUSTRIES | $94,926 |
| Finance, Insurance, Real Estate, Leasing | $94,035 |
| Wholesale Trade | $90,758 |
Skills Shortage
Employers that Recruited in the Last 2 Years
51%
51%
Recruiting Employers that Experienced Hiring Difficulties
25%
25%
Employers with Unfilled Vacancies of over 4 Months
N/A
Vacancy Rate
N/A
Other Sources of Information
Updated Mar 31, 2017
Canadian Credit Union Association (CCUA) website: www.ccua.com
Canadian Securities Institute (CSI) website: www.csi.ca
Credit Institute of Canada (CIC) website: creditinstitute.org
For more information on career planning, education and jobs call the Alberta Supports Contact Centre toll-free at 1-877-644-9992 or 780-644-9992 in Edmonton, or visit an Alberta Supports Centre near you.
Updated Mar 31, 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.
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