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Become A Senior Credit Manager

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Working As A Senior Credit Manager

  • 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

  • $138,414

    Average Salary

What Does A Senior Credit Manager 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 Senior Credit Manager

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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Senior Credit Manager Demographics

Gender

Male

61.4%

Female

36.8%

Unknown

1.8%
Ethnicity

White

58.9%

Hispanic or Latino

17.5%

Black or African American

11.2%

Asian

8.4%

Unknown

4.1%
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Foreign Languages Spoken

Spanish

54.2%

Portuguese

8.3%

Russian

4.2%

Bulgarian

4.2%

Dutch

4.2%

French

4.2%

Malayalam

4.2%

Carrier

4.2%

Dakota

4.2%

Polish

4.2%

Italian

4.2%
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Senior Credit Manager Education

Schools

University of Phoenix

15.6%

Western Michigan University

6.7%

University of Delaware

6.7%

University of Colorado at Boulder

5.6%

University of California - Los Angeles

5.6%

Jacksonville State University

4.4%

University of Wisconsin - Eau Claire

4.4%

Indiana University Bloomington

4.4%

Troy University

4.4%

Robert Morris University

4.4%

Regis University

4.4%

Auburn University

4.4%

Florida Atlantic University

4.4%

Kent State University

4.4%

Marshall University

3.3%

University of Alabama

3.3%

University of Memphis

3.3%

University of Washington

3.3%

Temple University

3.3%

University of Wisconsin Extension

3.3%
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Majors

Business

40.0%

Finance

17.9%

Accounting

9.7%

Marketing

6.2%

Management

4.5%

Communication

3.7%

Economics

3.0%

Psychology

1.7%

Political Science

1.2%

Business Economics

1.2%

Public Relations

1.2%

Criminal Justice

1.2%

Real Estate

1.2%

International Business

1.0%

Mathematics

1.0%

Nursing

1.0%

Elementary Education

1.0%

Human Resources Management

1.0%

Business Communications

1.0%

English

1.0%
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Degrees

Bachelors

53.4%

Masters

25.3%

Other

13.4%

Associate

3.6%

Certificate

2.4%

Doctorate

0.8%

Diploma

0.6%

License

0.4%
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Real Senior Credit Manager Salaries

Job Title Company Location Start Date Salary
Director, Senior Credit Analytics & Modeling Manager MUFG Union Bank, N.A. New York, NY Jan 12, 2015 $235,000
Fsrm Advisory Senior Manager-Credit Risk Ernst & Young U.S. LLP Pittsburgh, PA May 09, 2012 $221,300
Global Credit Card Strategy Senior Manager Citibank, N.A. Islandia, NY Jul 29, 2013 $190,000
FSO-SE-Credit Risk Senior Manager Ernst & Young U.S. LLP New York, NY Nov 29, 2016 $186,506 -
$210,000
Consumer Credit Manager Senior The PNC Financial Services Group Cleveland, OH Jun 15, 2016 $172,500
Consumer Credit Manager Senior The PNC Financial Services Group, Inc. Cleveland, OH Jan 11, 2016 $172,500
Senior Credit Risk Manager Lendingclub Corporation San Francisco, CA Apr 25, 2016 $150,000
Senior Manager, Seller Credit and Risk Policy Paypal, Inc. San Jose, CA Jul 05, 2010 $146,000
Senior Credit Risk Manager Lendingclub Corporation San Francisco, CA Apr 04, 2016 $145,000
Senior Credit Strategy Manager, Credit Risk Barclays Bank PLC Islandia, NY Aug 20, 2012 $142,000 -
$165,000
Credit Risk Senior Manager Citibank, N.A. Tampa, FL Jan 10, 2016 $140,000
Senior Manager, Credit Risk Management T-Mobile USA, Inc. Bellevue, WA Dec 21, 2016 $140,000
Senior Manager Credit Policy & Risk HSBC Bank USA, N.A. Mettawa, IL May 31, 2011 $132,000
Senior Manager Credit Policy Risk HSBC Bank USA, N.A. Mettawa, IL Dec 27, 2010 $132,000
Senior Credit Risk Manager Lendingclub Corporation San Francisco, CA Mar 09, 2015 $130,811
Senior Manager Credit Policy & Risk HSBC Bank USA, N.A. Salinas, CA Aug 06, 2010 $127,404
Senior Manager Credit Policy and Risk HSBC Bank USA, N.A. Salinas, CA Jun 10, 2010 $126,594
Senior Manager Credit Policy & Risk HSBC Bank USA, N.A. Mettawa, IL Jul 13, 2011 $125,000
SR. Manager Credit Policy & Risk HSBC Bank USA, N.A. Mettawa, IL Apr 25, 2011 $124,000
Credit Risk Senior Manager Citibank, N.A. New York, NY Oct 01, 2012 $123,900
Senior Credit Risk Manager Lendingclub Corporation San Francisco, CA Jun 27, 2016 $120,000
SR MGR Credit Policy & Risk HSBC Bank USA, N.A. Mettawa, IL Mar 02, 2011 $120,000
Fsrm Senior Manager-Credit Risk Ernst & Young LLP New York, NY Jan 15, 2010 $119,600 -
$375,000
FSO Senior Manager-Fsrm-Credit Risk Ernst & Young LLP New York, NY Mar 18, 2010 $119,600 -
$375,000
Senior Manager Retail Credit RBS Citizens Financial Group, Inc. Boston, MA Sep 28, 2012 $119,000 -
$195,000
Senior Manager Credit Policy Risk HSBC Bank USA, N.A. Mettawa, IL Feb 11, 2010 $118,700
Senior Manager Credit Policy & Risk HSBC Bank USA N.A. Salinas, CA Aug 16, 2010 $118,330
Senior Manager Credit Policy and Risk HSBC Bank USA, N.A. Mettawa, IL Dec 18, 2009 $117,875

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Top Skills for A Senior Credit Manager

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  1. Loan Applications
  2. Risk Management
  3. Credit Card
You can check out examples of real life uses of top skills on resumes here:
  • Analyzed applicants creditworthiness and processed loan applications from the initial fact gathering stage through closing
  • Developed risk management solution strategies to maintain risk and improve profitability.
  • Managed branch cross-selling programs to existing customers including unsecured loans, credit cards, auto and real estate loans.
  • Reviewed requisition packages for adequacy, consistency, and compliance with administrative, regulatory, and procedural requirements.
  • Authored and implemented credit policy and risk rating criteria.

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Top 10 Best States for Senior Credit Managers

  1. New York
  2. Delaware
  3. Connecticut
  4. New Jersey
  5. North Carolina
  6. District of Columbia
  7. Colorado
  8. Rhode Island
  9. California
  10. Virginia
  • (980 jobs)
  • (76 jobs)
  • (242 jobs)
  • (446 jobs)
  • (552 jobs)
  • (126 jobs)
  • (318 jobs)
  • (62 jobs)
  • (2,339 jobs)
  • (493 jobs)

Top Senior Credit Manager Employers

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