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Credit/Loans Manager

Credit managers gather and analyze financial information about loan applications and business conditions, and approve or reject credit applications.

  • Avg. Salary $94,926.00
  • Avg. Wage $49.11
  • Minimum Education Varies
  • Outlook below avg
  • Employed 1,900
  • 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

Average Wage
  • Certification Not Regulated
  • 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

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


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


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.

Learn More

Updated Mar 07, 2017

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.

Working Conditions
Updated Mar 07, 2017

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.

  • Strength Required Lift up to 5 kg
Skills & Abilities
Updated Mar 07, 2017

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.

Educational Requirements
Updated Mar 07, 2017

Employers generally prefer to hire credit managers who have related post-secondary education in fields such as finance, business, accounting, economics or agriculture. Suitable programs are offered by institutions 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.

Athabasca University

Concordia University of Edmonton

Northern Alberta Institute of Technology

University of Alberta

For a broad list of programs and courses that may be related to this occupation try searching using keywords.

The Credit Institute of Canada awards its Certified Credit Professional (CCP) designation to members who have completed the Institute's eight course Credit Management program and have five years of practical experience in a credit position.

The Credit Union Institute of Canada offers three professional designation programs for employees of credit unions and affiliated organizations.

Employers often have in-house training programs to help those in junior positions develop the skills needed to become credit managers. Trainees may work closely with experienced credit managers while working through the program.

Certification Requirements
Updated Mar 07, 2017

Certification is not required, as there is currently no legislation regulating this occupation.

Employment & Advancement
Updated Mar 07, 2017

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 (PDF) 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.

Wage & Salary
Updated Mar 07, 2017

Credit managers' salaries vary widely depending on the size and nature of the employing organization and the training and responsibilities of the employee. Credit managers in commercial credit tend to earn higher salaries than managers in consumer credit organizations.

Banking, credit and other investment managers

Survey Methodology

Survey Analysis

Overall Wage Details
Average Wage
Average Salary
Hours Per Week

Hourly Wage
For full-time and part-time employees
  • Low
  • High
  • Average
  • Median
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
Finance, Insurance, Real Estate, Leasing
Wholesale Trade

Skills Shortage

Employers that Recruited in the Last 2 Years


Recruiting Employers that Experienced Hiring Difficulties


Employers with Unfilled Vacancies of over 4 Months


Vacancy Rate

Related Post-Secondary Field of Study
  • Agriculture and Related Technologies
  • Business, Management and Administrative Studies
Other Sources of Information
Updated Mar 07, 2017

Canadian Securities Institute website:

Credit Institute of Canada website:

Credit Union Institute of Canada website:

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 Jan 17, 2013. 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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