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Become A Credit Officer

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Working As A Credit Officer

  • 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

  • $117,500

    Average Salary

What Does A Credit Officer 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 A Credit Officer

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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Credit Officer jobs

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Credit Officer Career Paths

Credit Officer
Business Development Officer Vice President And Manager Controller
Accounting Officer
7 Yearsyrs
Credit Manager Accounts Receivable Specialist Finance Analyst
Assistant Vice President
7 Yearsyrs
Chief Operating Officer Managing Partner Controller
Chief Finance And Operating Officer
14 Yearsyrs
Credit Manager Office Manager Controller
Corporate Controller
12 Yearsyrs
Risk Manager Senior Manager Controller
Finance Controller
9 Yearsyrs
Chief Operating Officer President/Chief Executive Officer Finance Advisor
Finance Vice President
9 Yearsyrs
Operations Manager Account Executive Sales Manager
General Sales Manager
8 Yearsyrs
Vice President And Manager Finance Advisor Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Underwriter Quality Control Operations Manager
Marketing Director
7 Yearsyrs
Vice President And Manager Executive Vice President Managing Partner
Operations Director
9 Yearsyrs
Managing Director Chief Executive Officer Property Manager
Portfolio Manager
7 Yearsyrs
Risk Manager Safety Manager General Manager
Regional Vice President
11 Yearsyrs
Credit Director Collections/Accounts Receivable Finance Manager
Senior Director Of Finance
14 Yearsyrs
Vice President And Portfolio Manager Investment Advisor Assistant Vice President
Senior Relationship Manager
10 Yearsyrs
Portfolio Manager Senior Project Manager President Of Operations
Senior Vice President-Operations
13 Yearsyrs
Portfolio Manager Assistant Vice President
Vice President & Sales Manager
9 Yearsyrs
Underwriter Assistant Vice President
Vice President And Manager
10 Yearsyrs
Operations Manager Branch Manager Assistant Vice President
Vice President Operation Manager
9 Yearsyrs
Managing Director President/Chief Executive Officer Business Developer
Vice President, Business Development
13 Yearsyrs
Vice President And Portfolio Manager Investment Officer Assistant Vice President
Vice President, Product Manager
9 Yearsyrs
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Credit Officer Demographics

Gender

Male

60.5%

Female

35.6%

Unknown

3.9%
Ethnicity

White

71.1%

Hispanic or Latino

11.9%

Asian

11.0%

Unknown

3.6%

Black or African American

2.3%
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Languages Spoken

Spanish

33.0%

French

13.4%

Chinese

7.1%

Mandarin

6.3%

Italian

5.4%

Japanese

5.4%

Arabic

5.4%

Russian

4.5%

Portuguese

3.6%

Cantonese

3.6%

German

2.7%

Hindi

1.8%

Indonesian

1.8%

Swahili

0.9%

Vietnamese

0.9%

Dutch

0.9%

Hokkien

0.9%

Catalan

0.9%

Urdu

0.9%

Nepali

0.9%
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Credit Officer Education

Schools

University of Phoenix

14.0%

New York University

10.9%

Texas Tech University

7.0%

Fordham University

5.4%

University of North Carolina at Charlotte

5.4%

University of California - Los Angeles

4.7%

Florida International University

4.7%

Saint Joseph's University

4.7%

Wake Forest University

3.9%

Arizona State University

3.9%

Florida State University

3.9%

University of Florida

3.9%

University of Central Florida

3.9%

Columbia University

3.9%

Ashland University

3.9%

Central Michigan University

3.9%

University of North Texas

3.1%

Virginia Wesleyan College

3.1%

Northwestern University

3.1%

Fairleigh Dickinson University

3.1%
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Majors

Business

33.2%

Finance

26.3%

Accounting

11.6%

Economics

6.3%

Management

5.0%

Marketing

3.6%

Education

1.5%

Political Science

1.5%

Human Resources Management

1.2%

Real Estate

1.2%

Law

1.1%

Liberal Arts

1.0%

Business/Commerce

1.0%

Psychology

1.0%

Computer Science

0.8%

English

0.8%

Agricultural Business

0.8%

International Business

0.7%

Business Economics

0.7%

History

0.7%
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Degrees

Masters

38.1%

Bachelors

37.6%

Other

14.3%

Associate

2.8%

Certificate

2.6%

Diploma

2.3%

Doctorate

1.8%

License

0.4%
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Real Credit Officer Salaries

Job Title Company Location Start Date Salary
Cheif Credit Officer Westpac Banking Corporation New York, NY Sep 15, 2012 $277,887
Global Credit Risk Officer & Worldwide Treasurer TBWA Worldwide, Inc. New York, NY Jun 24, 2016 $227,178
Worldwide Treasurer and Credit Risk Officer TBWA Worldwide Inc. New York, NY Jun 13, 2015 $220,813
Global Credit Risk Officer & Worldwide Treasurer TBWA Worldwide Inc. New York, NY Sep 03, 2015 $220,813
Worldwide Treasurer and Credit Risk Officer TBWA Worldwide, Inc. New York, NY Jun 13, 2012 $200,000
Senior Credit Officer Westpac Banking Corporation New York, NY Jan 02, 2016 $188,244
Regional Credit Officer-Latin America Division Aiu Insurance Company Miami, FL Oct 01, 2012 $180,000
Regional Credit Officer-Latin America Division Chartis Global Services, Inc. Miami, FL Sep 28, 2012 $180,000
Senior Credit Officer Westpac Banking Corporation New York, NY Jan 03, 2014 $180,000
Chief Credit Officer Greensky Trade Credit LLC. Atlanta, GA Mar 15, 2013 $180,000
Senior Credit Officer Westpac Banking Corporation New York, NY Feb 21, 2011 $155,000
Director, Credit Officer UBS Services LLC New York, NY Aug 01, 2014 $154,000 -
$170,000
Credit Officer JP Morgan Chase & Co New York, NY Apr 10, 2016 $149,136
Credit Officer Industrial and Commercial Bank of China Limited New York, NY Jul 15, 2016 $149,136
Senior Credit Officer BNP Paribas North America, Inc. New York, NY Oct 01, 2010 $130,000
Credit Risk Officer Santander Bank, N.A. New York, NY Jan 02, 2015 $130,000 -
$150,000
Director, Credit Risk Officer UBS Services LLC Stamford, CT Aug 26, 2016 $130,000 -
$165,000
Senior Credit Risk & Research Officer SVB Financial Group San Francisco, CA Sep 22, 2016 $128,000 -
$192,000
Senior Credit Officer (VP) Sumitomo Mitsui Banking Corporation New York, NY Aug 08, 2016 $126,691
Credit Officer Societe Generale New York, NY Sep 17, 2011 $126,000
Credit Officer Citibank, N.A. San Francisco, CA Oct 24, 2012 $110,300
Associate Credit Officer Commerzbank AG-New York Branch New York, NY Jan 10, 2016 $100,776
Credit Officer Earnest Inc. San Francisco, CA Oct 09, 2016 $100,000
Credit Officer Jpmorgan Chase and Co. New York, NY Sep 30, 2016 $100,000
Credit Officer Jpmorgan Chase and Co. New York, NY Sep 20, 2016 $100,000
Associate Credit Officer Commerzbank AG-New York Branch New York, NY Oct 01, 2013 $98,800
Associate Credit Officer Commerzbank AG New York, NY Nov 19, 2014 $98,800

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Top Skills for A Credit Officer

LoanPortfolioEnsureComplianceAssetQualityCreditPolicyRealEstateCreditAnalysisCreditRelationshipsRiskManagementLoanApplicationsDueDiligenceLossCreditCommitteeCreditQualityCustomerServiceCreditApplicationsCreditApprovalCreditCardFinancialStatementAnalysisLoanCommitteeCreditWorthiness

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Top Credit Officer Skills

  1. Loan Portfolio
  2. Ensure Compliance
  3. Asset Quality
You can check out examples of real life uses of top skills on resumes here:
  • Determined financial viability and projections for new and existing commercial loan portfolio.
  • Instituted global training programs to ensure compliance with revised policies and procedures for capital markets, treasury, and credit.
  • Worked with lenders and credit staff to achieve needed improvements in asset quality, documentation, operating systems and regulatory issues.
  • Participated in the formulation of credit policy.
  • Traveled throughout the US to numerous real estate markets, keeping current on market conditions for all property types.

Top Credit Officer Employers

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