Credit Manager Salary
Job Description for Credit Manager
A credit manager primarily focuses on collecting money owed to their company, whether it be for some type of service or a particular product. When someone fails to pay the money that is owed, these professionals initiate legal action and potentially take part in the collection process. Further, a credit manager also plays a major role in negotiating payment options, which could include re-structuring payment plans to make them more manageable based on a party's financial capabilities. The credit manager is also responsible for tracking certain accounts and keeping a close eye on those that have gone unpaid for an extended period of time. A credit manager may have different duties depending on the size of the company in which they are employed.Read More...
A credit manager must also be able to communicate in a precise way, as a good majority of the job involves dealing with the company leaders, independent clients, and the public. In addition, a person working in this career must keep thorough, organized financial records that can be used at legal proceedings and other stages of the collection process.
Credit Manager Tasks
- Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money.
- Prepare reports with this credit information for use in decision-making.
Common Career Paths for Credit Manager
Credit Manager Job Listings
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Popular Skills for Credit Manager
Survey results imply that Credit Managers deploy a substantial tool kit of skills at work. Most notably, facility with Financial Reporting, Financial Analysis, and People Management are correlated to pay that is significantly above average, leading to increases of 30 percent, 16 percent, and 15 percent, respectively. Those listing Accounts Payable as a skill should be prepared for drastically lower pay. Accounting and Collections also typically command lower compensation. Most people experienced in Accounts Receivable also know Credit Control.
Pay by Experience Level for Credit Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Credit Managers do not generally earn higher incomes from more experience in the field. Workers in their first five years can expect to earn $49K, but people who have been around for five to 10 years earn a noticeably bigger sum of $58K. Credit Managers bring in $65K after working for 10 to 20 years. Individuals who have achieved more than 20 years of experience don't seem to earn much more than people who have 10 to 20 years under their belts; the more senior group reports an average income of $67K.
Pay Difference by Location
For Credit Managers, busy San Jose offers a higher-than-average pay rate, 36 percent above the national average. Credit Managers will also find cushy salaries in Dallas (+34 percent), New York (+29 percent), Houston (+22 percent), and Philadelphia (+18 percent). In Orlando, salaries are 10 percent below the national average and represent the lowest-paying market.