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The differences between credit managers and credit officers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-8 years to become a credit manager, becoming a credit officer takes usually requires 1-2 years. Additionally, a credit officer has an average salary of $129,478, which is higher than the $68,583 average annual salary of a credit manager.
The top three skills for a credit manager include customer service, financial statements and credit card. The most important skills for a credit officer are risk management, credit risk, and credit analysis.
| Credit Manager | Credit Officer | |
| Yearly salary | $68,583 | $129,478 |
| Hourly rate | $32.97 | $62.25 |
| Growth rate | 17% | 17% |
| Number of jobs | 63,898 | 60,323 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 69% |
| Average age | 46 | 39 |
| Years of experience | 8 | 2 |
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.
A credit officer is responsible for evaluating financial documents and account statements to determine the eligibility of an applicant for a loan option. Credit officers communicate with the applicant to discuss the loan process, explain the terms of service, and provide them alternative options that would fit their payment ability and loan needs. They create financial reports and recommend the qualified applicant to the manager for approval. A credit officer should have excellent communication and analytical skills, ensuring that the loan policies adhere to the federal and state regulations.
Credit managers and credit officers have different pay scales, as shown below.
| Credit Manager | Credit Officer | |
| Average salary | $68,583 | $129,478 |
| Salary range | Between $39,000 And $119,000 | Between $85,000 And $196,000 |
| Highest paying City | San Francisco, CA | New York, NY |
| Highest paying state | Oregon | New York |
| Best paying company | Microsoft | Farm Credit System |
| Best paying industry | Finance | Finance |
There are a few differences between a credit manager and a credit officer in terms of educational background:
| Credit Manager | Credit Officer | |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 69% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between credit managers' and credit officers' demographics:
| Credit Manager | Credit Officer | |
| Average age | 46 | 39 |
| Gender ratio | Male, 53.9% Female, 46.1% | Male, 64.4% Female, 35.6% |
| Race ratio | 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% | Black or African American, 8.0% Unknown, 2.7% Hispanic or Latino, 9.7% Asian, 10.7% White, 68.6% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |