Are you interested in good money management? Would you like to help people become savvier about their finances? You might consider a career in debt and credit management. Read on to learn more about this field and the education needed to become a professional.
A variety of career options can be found in the debt and credit management field. As a credit counselor, you'd help clients by reviewing their finances and providing loan advice, budget assistance and debt management. If you were a credit analyst, you'd assess the risks of loaning money to individuals and organizations. Another option is credit manager, for which you'd create guidelines for issuing credit to customers, as well as overseeing debt collection. Debt and credit management work requires excellent communication skills, along with creativity and financial knowledge. Debt and credit managers work in an office setting and may work more than 40 hours in a week.
According to the U.S. Bureau of Labor Statistics (BLS), financial managers were expected to experience an eight percent increase in job opportunities from 2008-2018, which is about the same as the average for all occupations. The BLS also reported that in 2010, credit counselors earned a median annual income of $38,140, credit analysts took home $58,850, and financial managers made $103,910.
You might be able to find some entry-level positions in debt and credit management without postsecondary education, but most employers require a bachelor's degree in business. Studying business economics can be a good option if you want to become a credit manager, while a program in finance would offer courses in managerial accounting, operations management and portfolio analysis.
After completing an undergraduate degree program, you could pursue a master's degree in finance, which provides training for jobs involving credit analysis, financial consulting and financial risk assessment. Other courses might include corporate finance, negotiation and financial reporting.
Certifications may lead to better job prospects and advancement opportunities in the financial industry. The National Association of Credit Management offers certifications for workers at all experience levels. The Credit Business Associate designation requires no work experience so is an option for new college graduates. The Certified Credit Executive designation is for seasoned veterans who have at least ten years of experience in debt and credit management.