Credit managers work for organisations that lend money or sell goods or services on credit. They determine if individuals or businesses will be able to pay back any money they owe, manage their credit account and make sure the money is paid back as agreed.
The Work
There are two main types of credit manager:
consumer credit managers - managing credit offered to private individuals, such as credit card accounts or loans
commercial credit managers - managing credit offered to businesses and other organisations.
You could be:
gathering information from credit agencies or banks to assess whether a new customer can pay a proposed debt
using this information to assess the level of risk involved in offering credit
making the decision to offer credit and agreeing the terms and conditions
arranging payments and drawing up a contract suitable to both parties
monitoring payments to make sure they are paid on time, and taking action over late payments
producing reports to work from and for senior management, such as aged debt analysis and debt report reconciliations
taking legal action to recover the debt or giving evidence in civil court cases
in cases of insolvency, working with organisations selling off the customer's assets to claim a proper share
managing a team of credit controllers and setting daily collection targets.
Pay
The figures below are only a guide. Actual pay rates may vary, depending on:
where you work
the size of the company or organisation you work for
the demand for the job.
A credit controller earns around £28,000 to £35,000 a year.
Credit managers earn between £36,000 and £60,000 a year.
Conditions
You work mainly in an office, at a computer or on the telephone.
You may sometimes have to visit customers or attend court.
You work normal Monday to Friday office hours, but you may work extra hours at the end of the financial year.
Many credit managers start out as credit controllers, credit control assistants or debt collection agents. Some will have worked in other finance related jobs, in insurance, banking or accounting.
There are no set entry requirements for credit controller posts, but most employers prefer a good group of subjects at National 5, including English and Maths. You may need one or more Highers.
You may be able to get in by completing a Modern Apprenticeship in Accounting or Providing Financial Services.
It may be helpful to have a HNC (SCQF Level 7), HND (SCQF Level 8) or a degree (SCQF Level 9-10) in a finance or business subject.
Experience in financial work, such as banking, is useful.
Most employers expect you to take the professional qualifications of the Chartered Institute of Credit Management (CICM).
You will require a satisfactory criminal record check from Disclosure Scotland to show that you are suitable for this type of work. Contact Disclosure Scotland for details on the type you would need.
Jobs are with credit card companies, hire purchase companies, banks, building societies and mail order companies. Look for vacancies on the CICM website or elsewhere on the internet, Find a job website and in your local Jobcentre Plus offices.
handle negotiations in a calm and diplomatic manner.
Training
Training is mostly on the job.
You can join CICM as a studying member whilst studying for your qualifications.
The CICM offers professional qualifications leading to Associate (ACICM), Member (MCICM), then Fellow (FCICM). Membership depends on relevant experience.
The CICM offers qualifications in three areas: Credit and Collections, Money and Debt Advice, and Enforcement. The courses are available at different levels and can take between 6 months to two years for each.
Getting On
If you start as a credit controller, you should be able to progress to become a credit manager.
You might move to the same post in a larger organisation.
You could perhaps move on to a more senior post such as financial director.
You could set up as a self-employed consultant, advising companies how to setting up credit systems.
2025
