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The differences between credit managers and finance 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 credit manager and a finance manager. Additionally, a finance manager has an average salary of $101,374, 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 finance manager are financial analysis, CPA, and customer service.
| Credit Manager | Finance Manager | |
| Yearly salary | $68,583 | $101,374 |
| Hourly rate | $32.97 | $48.74 |
| Growth rate | 17% | 17% |
| Number of jobs | 63,898 | 125,345 |
| Job satisfaction | - | 5 |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 66% |
| Average age | 46 | 46 |
| Years of experience | 8 | 8 |
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 finance manager is responsible for monitoring the financial system of a company. Their tasks include handling their organization's financial status, generating cost estimates and budget goals, identifying business opportunities to increase revenues and profitability, improving financial strategies, reducing costs, analyzing account statements, processing invoice as needed, analyzing market trends, searching potential partnerships, and presenting reports. A finance manager must have excellent analytical skills and knowledge of the accounting and financial industry. They are responsible for providing the best recommendations for the organization's growth.
Credit managers and finance managers have different pay scales, as shown below.
| Credit Manager | Finance Manager | |
| Average salary | $68,583 | $101,374 |
| Salary range | Between $39,000 And $119,000 | Between $71,000 And $144,000 |
| Highest paying City | San Francisco, CA | New York, NY |
| Highest paying state | Oregon | New York |
| Best paying company | Microsoft | Barclays |
| Best paying industry | Finance | Finance |
There are a few differences between a credit manager and a finance manager in terms of educational background:
| Credit Manager | Finance Manager | |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between credit managers' and finance managers' demographics:
| Credit Manager | Finance Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 53.9% Female, 46.1% | Male, 60.0% Female, 40.0% |
| 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, 7.6% Unknown, 4.1% Hispanic or Latino, 14.6% Asian, 10.2% White, 63.2% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |