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The differences between budget managers and credit managers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-8 years to become both a budget manager and a credit manager. Additionally, a budget manager has an average salary of $76,243, which is higher than the $68,583 average annual salary of a credit manager.
The top three skills for a budget manager include financial analysis, budget management and financial management. The most important skills for a credit manager are customer service, financial statements, and credit card.
| Budget Manager | Credit Manager | |
| Yearly salary | $76,243 | $68,583 |
| Hourly rate | $36.66 | $32.97 |
| Growth rate | 17% | 17% |
| Number of jobs | 68,816 | 63,898 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 67% |
| Average age | 46 | 46 |
| Years of experience | 8 | 8 |
Budget managers are financial professionals who are responsible for evaluating the financial needs of an organization by developing budget strategies to increase profitability. These managers are must observe the financial trends with the organization's expenditure while communicating budget issues with the different departments within the organization. They are required to formulate strategic business plans by analyzing previous budgets and financial developments that may impact their potential income. Budget managers must also produce expenditure reports for the upper management as well as informing department managers about the availability of funds.
A credit manager is an individual who supervises the credit granting process for a company by evaluating the creditworthiness of potential customers. Credit managers must maintain corporate credit policy to optimize company sales and reduce bad debt losses. They must manage the proper relationship with agencies such as the collection agency, credit insurance providers, and the sales department. Credit managers may work in different industries such as banks, accounting firms, or auto dealerships. They must also possess a bachelor's degree in financial management or related field.
Budget managers and credit managers have different pay scales, as shown below.
| Budget Manager | Credit Manager | |
| Average salary | $76,243 | $68,583 |
| Salary range | Between $52,000 And $110,000 | Between $39,000 And $119,000 |
| Highest paying City | Sacramento, CA | San Francisco, CA |
| Highest paying state | New York | Oregon |
| Best paying company | Apple | Microsoft |
| Best paying industry | Manufacturing | Finance |
There are a few differences between a budget manager and a credit manager in terms of educational background:
| Budget Manager | Credit Manager | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 67% |
| Most common major | Accounting | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between budget managers' and credit managers' demographics:
| Budget Manager | Credit Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 59.1% Female, 40.9% | Male, 53.9% Female, 46.1% |
| Race ratio | Black or African American, 7.8% Unknown, 4.1% Hispanic or Latino, 15.0% Asian, 9.0% White, 63.9% American Indian and Alaska Native, 0.3% | Black or African American, 7.9% Unknown, 4.1% Hispanic or Latino, 15.3% Asian, 7.8% White, 64.5% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |