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The differences between credit managers and risk 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 risk manager. Additionally, a risk manager has an average salary of $116,072, 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 risk manager are oversight, risk assessments, and project management.
| Credit Manager | Risk Manager | |
| Yearly salary | $68,583 | $116,072 |
| Hourly rate | $32.97 | $55.80 |
| Growth rate | 17% | 17% |
| Number of jobs | 63,898 | 75,795 |
| Job satisfaction | - | - |
| 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 risk manager is responsible for analyzing potential risks that may affect the organization's operations, reputation, and market credibility. Risk managers identify risk controls and discuss business contingency plans for unforeseen circumstances to prevent delays in operational services. They also develop compliance training and programs for all the employees to provide them the awareness of the safety and security regulations within the company premises. A risk manager must have excellent communication and leadership skills, especially on handling and investigating cases that might compromise the business stability and financial status.
Credit managers and risk managers have different pay scales, as shown below.
| Credit Manager | Risk Manager | |
| Average salary | $68,583 | $116,072 |
| Salary range | Between $39,000 And $119,000 | Between $84,000 And $160,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | Oregon | California |
| Best paying company | Microsoft | Credit Karma |
| Best paying industry | Finance | Technology |
There are a few differences between a credit manager and a risk manager in terms of educational background:
| Credit Manager | Risk 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 risk managers' demographics:
| Credit Manager | Risk Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 53.9% Female, 46.1% | Male, 59.3% Female, 40.7% |
| 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, 7.5% Unknown, 4.1% Hispanic or Latino, 14.4% Asian, 10.1% White, 63.5% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |