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Become An Assistant Credit Manager

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Working As An Assistant Credit Manager

  • Interacting With Computers
  • Communicating with Supervisors, Peers, or Subordinates
  • Guiding, Directing, and Motivating Subordinates
  • Coaching and Developing Others
  • Establishing and Maintaining Interpersonal Relationships
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Make Decisions

  • $89,000

    Average Salary

What Does An Assistant Credit Manager Do

Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization.

Duties

Financial managers typically do the following:

  • Prepare financial statements, business activity reports, and forecasts
  • Monitor financial details to ensure that legal requirements are met
  • Supervise employees who do financial reporting and budgeting
  • Review company financial reports and seek ways to reduce costs
  • Analyze market trends to maximize profits and find expansion opportunities
  • Help management make financial decisions

The role of the financial manager, particularly in business, is changing in response to technological advances that have substantially reduced the amount of time it takes to produce financial reports. Financial managers’ main responsibility used to be monitoring a company’s finances, but they now do more data analysis and advise senior managers on ways to maximize profits. They often work on teams, acting as business advisors to top executives.

Financial managers also do tasks that are specific to their organization or industry. For example, government financial managers must be experts on government appropriations and budgeting processes, and healthcare financial managers must know about topics in healthcare finance. Moreover, financial managers must be knowledgeable about special tax laws and regulations that affect their industry.

The following are examples of types of financial managers:

Chief financial officers (CFOs) are accountable for the accuracy of a company’s or organization’s financial reporting, especially among publicly traded companies. As head of a company’s entire financial department, they manage the lower level financial managers. They oversee the company’s financial goals, objectives, and budgets.

Controllers direct the preparation of financial reports that summarize and forecast the organization’s financial position, such as income statements, balance sheets, and analyses of future earnings or expenses. Controllers also are in charge of preparing special reports required by governmental agencies that regulate businesses. Often, controllers oversee the accounting, audit, and budget departments of their organization.

Treasurers and finance officers direct their organization’s budgets to meet its financial goals. They oversee the investment of funds and carry out strategies to raise capital (such as issuing stocks or bonds) to support the firm’s expansion. They also develop financial plans for mergers (two companies joining together) and acquisitions (one company buying another).

Credit managers oversee their firm’s credit business. They set credit-rating criteria, determine credit ceilings, and monitor the collections of past-due accounts.

Cash managers monitor and control the flow of cash that comes in and goes out of the company to meet the company’s business and investment needs. For example, they must project cash flow (amounts coming in and going out) to determine whether the company will have a shortage or surplus of cash. 

Risk managers control financial risk by using strategies to limit or offset the probability of a financial loss or a company’s exposure to financial uncertainty. Among the risks they try to limit are those that stem from currency or commodity price changes.

Insurance managers decide how best to limit a company’s losses by obtaining insurance against risks, such as the need to make disability payments for an employee who gets hurt on the job or the costs imposed by a lawsuit against the company.

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How To Become An Assistant Credit Manager

Financial managers typically have a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as an accountant, securities sales agent, or financial analyst.

Education

A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. However, many employers now seek candidates with a master’s degree, preferably in business administration, finance, or economics. These academic programs help students develop analytical skills and learn financial analysis methods and software.

Licenses, Certifications, and Registrations

Professional certification is not required, but some financial managers still get it to demonstrate a level of competence. The CFA Institute confers the Chartered Financial Analyst (CFA) certification to investment professionals who have at least a bachelor’s degree, 4 years of work experience, and pass three exams. The Association for Financial Professionals confers the Certified Treasury Professional credential to those who pass an exam and have a minimum of 2 years of relevant experience.

Work Experience in a Related Occupation

Financial managers usually have experience in another business or financial occupation. For example, they may have worked as a loan officer, accountant, securities sales agent, or financial analyst. 

In some cases, companies provide formal management training programs to help prepare highly motivated and skilled financial workers to become financial managers.

Important Qualities

Analytical skills. Financial managers increasingly are assisting executives in making decisions that affect their organization, a task which requires analytical ability.

Communication skills. Excellent communication skills are essential because financial managers must explain and justify complex financial transactions.

Detail oriented. In preparing and analyzing reports such as balance sheets and income statements, financial managers must be precise and attentive to their work in order to avoid errors.

Math skills. Financial managers must be skilled in math, including algebra. An understanding of international finance and complex financial documents also is important.

Organizational skills. Financial managers deal with a range of information and documents and so they must stay organized to do their jobs effectively.

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Average Length of Employment
Credit Director 5.3 years
Credit Manager 4.5 years
Credit Supervisor 4.3 years
Credit Officer 3.6 years
Credit Analyst 2.9 years
Credit Assistant 2.8 years
Top Careers Before Assistant Credit Manager
Cashier 5.4%
Manager 3.7%
Collector 3.4%
Supervisor 2.5%
Top Careers After Assistant Credit Manager
Owner 3.3%
Bookkeeper 3.2%
Cashier 3.2%
Controller 2.9%
Accountant 2.6%

Do you work as an Assistant Credit Manager?

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Top Skills for An Assistant Credit Manager

  1. Financial Statements
  2. Phone Calls
  3. Credit Card
You can check out examples of real life uses of top skills on resumes here:
  • Analyzed financial statements of individuals/corporations to evaluate credit quality for commercial and real estate lending.
  • Provided thoughtful service to corporate customers by face-to-face communication and phone calls.
  • Reviewed in house accounts needed for additional credit card authorizations and administered counteractive procedures to the Front Office Manager.
  • Established credit status of accounts and negotiated payment arrangements.
  • Maintain accurate records of customer account activity, to include current and past due accounts.

Assistant Credit Manager Demographics

Gender

Female

50.7%

Male

40.2%

Unknown

9.2%
Ethnicity

White

61.0%

Hispanic or Latino

15.6%

Black or African American

12.2%

Asian

7.1%

Unknown

4.1%
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Foreign Languages Spoken

Spanish

53.6%

French

10.7%

Portuguese

5.4%

Chinese

5.4%

Italian

5.4%

Carrier

3.6%

Arabic

3.6%

Czech

1.8%

German

1.8%

Hindi

1.8%

Tagalog

1.8%

Urdu

1.8%

Thai

1.8%

Cebuano

1.8%
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Assistant Credit Manager Education

Schools

University of Phoenix

24.3%

Strayer University

6.8%

Pennsylvania State University

5.4%

Northeastern University

5.4%

University of South Florida

4.7%

Southern New Hampshire University

4.7%

University of North Texas

4.1%

Ashford University

4.1%

University of Maryland - University College

4.1%

University of Memphis

4.1%

Liberty University

4.1%

Florida International University

3.4%

State University of New York Buffalo

3.4%

Houston Community College

3.4%

Bergen Community College

3.4%

University of Houston

3.4%

Montclair State University

3.4%

University of Alabama

2.7%

Ohio University -

2.7%

California State University - Fullerton

2.7%
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Majors

Business

38.2%

Accounting

20.3%

Finance

12.0%

Management

5.7%

Criminal Justice

3.0%

Marketing

2.6%

Health Care Administration

1.9%

Computer Science

1.7%

Economics

1.6%

Communication

1.6%

Legal Support Services

1.5%

Education

1.4%

Human Resources Management

1.4%

Liberal Arts

1.2%

General Studies

1.1%

Nursing

1.0%

Political Science

1.0%

History

1.0%

Human Services

1.0%

Kinesiology

0.9%
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Degrees

Bachelors

39.1%

Other

25.0%

Masters

15.4%

Associate

14.2%

Certificate

4.0%

Diploma

1.6%

License

0.4%

Doctorate

0.3%
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Top Assistant Credit Manager Employers

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Jobs From Top Assistant Credit Manager Employers

Assistant Credit Manager Videos

Credit Analysis Manager, Career Video from drkit.org

Career Advice on becoming a Risk Manager by Martyn R (Highlights)

Occupational Video - Credit Manager

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