Credit manager salaries: Credit Manager Salary | Salary.com

Assistant Credit Manager Salary in Houston, TX

Assistant Credit Manager Job Description

Candidates for assistant credit manager positions need strong analytical, communication, negotiation and interpersonal skills. Companies generally look for at least four years of experience in credit risk management or accounts receivable management. Many employers seek applicants who have earned a bachelor’s degree in accounting or a related area.

Typical assistant credit manager duties:

Looking for an assistant credit manager or an assistant credit manager job?

Robert Half can assist you with assistant credit manager staffing or jobs in Houston.

Submit your resume or request talent now and our expert recruiters will be with you shortly.

Salary Range
$60,500 – $82,225

Midpoint Salary

$70,125
per year

National midpoint

$63,750

Assistant Credit Manager salary in Houston, TX , is 10% higher than the national midpoint.

Explore 2023 Salary Guide

Projected salaries for related positions

Role Category

See all Finance and Accounting Salaries

Explore Open Jobs

Hiring? Start here.

Access millions of skilled contract and permanent candidates at every level from support roles to C-suite, and quickly match with our industry-leading AI.

Find Your Next Hire

Credit Manager Salary (June 2023)

Rank	State	Avg. Salary	Hourly Rate	Job Count
1	Washington	$93,161	$44.79	749
2	California	$93,963	$45. 17	3,131
3	Oregon	$98,777	$47.49	297
4	New York	$86,450	$41.56	1,280
5	Delaware	$80,674	$38.79	108
6	Massachusetts	$79,897	$38.41	763
7	Nevada	$88,786	$42. 69	129
8	Virginia	$80,566	$38.73	683
9	Connecticut	$78,703	$37.84	285
10	Alaska	$91,840	$44.15	40
11	Arizona	$72,799	$35.00	504
12	Rhode Island	$76,747	$36. 90	76
13	District of Columbia	$75,133	$36.12	224
14	New Jersey	$76,245	$36.66	564
15	Maryland	$72,982	$35.09	528
16	Pennsylvania	$69,026	$33.19	746
17	Illinois	$68,925	$33. 14	1,169
18	Utah	$67,068	$32.24	230
19	Louisiana	$71,011	$34.14	150
20	Michigan	$67,477	$32.44	461
21	Texas	$66,189	$31.82	1,400
22	Idaho	$70,055	$33. 68	76
23	Indiana	$66,084	$31.77	360
24	Montana	$66,419	$31.93	70
25	West Virginia	$66,530	$31.99	49
26	Kentucky	$65,500	$31.49	184
27	New Hampshire	$69,978	$33. 64	76
28	Hawaii	$70,830	$34.05	66
29	Tennessee	$64,163	$30.85	287
30	South Carolina	$66,283	$31.87	199
31	New Mexico	$66,414	$31.93	61
32	Minnesota	$60,304	$28. 99	445
33	North Carolina	$57,425	$27.61	657
34	Ohio	$59,381	$28.55	606
35	Georgia	$56,130	$26.99	727
36	Arkansas	$56,883	$27.35	146
37	Missouri	$54,636	$26. 27	407
38	Colorado	$53,973	$25.95	484
39	Wyoming	$59,890	$28.79	19
40	Kansas	$53,937	$25.93	151
41	Wisconsin	$54,903	$26.40	297
42	Florida	$52,754	$25. 36	1,011
43	Maine	$57,009	$27.41	55
44	North Dakota	$54,975	$26.43	28
45	South Dakota	$53,705	$25.82	33
46	Iowa	$49,890	$23.99	209
47	Alabama	$52,039	$25. 02	196
48	Mississippi	$52,691	$25.33	70
49	Vermont	$53,568	$25.75	34
50	Oklahoma	$51,806	$24.91	108
51	Nebraska	$49,007	$23.56	94

What does a credit manager do? (Plus requirements to become one)

The fields of finance and banking offer many interesting job opportunities for analytical personalities. If you enjoy combining mathematical analysis with people-centric decision making, you might consider becoming a credit manager. Loan managers work as part of a team and are responsible for making loan decisions in a company or bank. In this article, we will explain what a loan officer does, list the requirements to become a loan officer, and discuss potential salary and job prospects for a loan officer.

What does a credit manager do?

A loan officer is responsible for evaluating and overseeing the loan process for a company, bank or other lending institution. They may use credit scores, risk projections, or other factors to determine whether a potential client should take out a loan. Credit officers may screen individuals, businesses, or current clients to determine their creditworthiness. The overall goal is to reduce credit-related losses and increase the company’s profits.

The loan manager can also communicate with senior management and supervise the staff in his department. While they may interact and communicate with potential clients, their primary responsibility is to review, approve or reject loan applications. This distinguishes loan officers from loan officers, who work more frequently with potential clients to improve their loan applications.

Requirements to become a loan officer

Employers may have different requirements when hiring credit managers. Here are some general criteria:

Education

Educational requirements for credit managers often include a bachelor’s degree in mathematics, accounting, business, economics, or a related field. A master’s degree in business management can help you qualify for senior management positions, especially in large corporations or international companies where the work is likely to be complex and voluminous. However, many banks usually look for candidates with extensive work experience, rather than education.

Certification

Earning a certification in credit management can demonstrate your dedication to the field and desire to learn more. Some companies may even require certain certifications when applying for a job. The National Credit Management Association offers various certifications for professionals in this field. These certificates include six official certificates and three specialist certificates:

• Business Loan Associate: This introductory certificate consists of three courses (Principles of Business Lending, Fundamentals of Financial Accounting and Analysis of Financial Statements I) and a final exam. There are no prerequisites for participation in the CBA program.

• Certified Credit and Risk Analyst: This option also has no prerequisites and focuses on financial statement interpretation and risk assessment. The program consists of three courses: Fundamentals of Financial Accounting, Analysis of Financial Statements 1 and Analysis of Financial Statements 2: Credit and Risk Assessment.

• Credit Business Fellow: This designation requires the completion of two courses: Business Law and Credit Law, then candidates earn points related to career achievement and pass an exam. To participate in the CBF program, you must already have a CBA certification.

• Certified Loan Officer: This is the highest degree offered by NACM for those who have already completed the CBA and CBF programs. Instead of taking special courses, candidates earn points related to career achievement before taking the final exam for the CCE title.

• Certified International Credit Officer: This option focuses on the rules and procedures of international credit management and may be useful for those who intend to work globally or those who are interested in rising to an elite level of knowledge in the field of credit management. The 13-week online course has no prerequisites and is designed for beginners and experts alike.

• International Certified Loan Officer: Individuals already certified by the CICP are eligible to participate in this high-level certification for executives and leaders in international credit management. To become ICCE certified, candidates earn points for study and participation over a two-year period.

• Commercial Collections Specialist: This specialist’s certification focuses on the cost of credit, reasons why clients may be unable to repay a loan, credit policy laws, and the importance of documentation. The course is intended for entry-level credit managers and analysts with no more than three years of experience in this field.

• Commercial Construction Lending Specialist: This specialization option is for loan officers seeking to increase their knowledge of building loan terms, contracts, and costs. Individuals who complete this certification may also learn about payment bonds, commercial codes, and dispute negotiation.

• Commercial Bankruptcy Loan Officer: This special certification offered by NACM is designed to provide insight into the bankruptcy process as it relates to managing loans. Course specifics include bankruptcy chapters, creditor rights and foreclosure, privileged claims, and how to manage a current bankruptcy filing client.

Please note that none of the organizations mentioned in this article are affiliated with Indeed.

Work experience

Credit manager is a middle management position. This means that while work experience requirements may vary from employer to employer, most expect a certain level of proven credit management or credit analyst experience. One path to this position is to start as a loan assistant, then move on to a credit analyst position, and then become a credit manager. A summer internship in a bank or other financial department can also be a good starting point for aspiring loan managers.

Previous management experience may also be helpful in applying for a credit manager position. This may indicate a willingness to help manage other employees below you in departments, in addition to the skills needed to perform your own duties. When applying for this position, some employers may look for experience in leadership, teamwork, or management.

Skills

Most credit manager positions use skills related to mathematics and analytics. In particular, familiarity with accounting software and the creation of credit scoring models can be helpful. Credit managers also interact with potential clients, so it is useful for them to have communication skills, as well as management and teamwork skills. Other specific skills and knowledge that a loan manager may have include lending procedures, credit policy and legislation, negotiation and spreadsheet work. Loan managers are also often detail-oriented and able to handle stressful situations with confidence.

Loan officer salary and job prospects

The average salary for a loan officer in the country is $60,719 per year. General benefits for loan officers include paid sick time, 401(k), work-from-home options, dental insurance, and equity plans. The level of experience and the employer can influence the salaries and benefits of loan officers. The highest paying cities for loan officers are Los Angeles, Miami, New York and Houston.

According to the Bureau of Labor Statistics, the demand for financial managers, which includes credit managers, will increase by 17% from 2020 to 2030. This is much faster than the average for all jobs.

Loan specialist, manager, inspector, expert: job

04/27/2015 7,707 4 Reading time: 12 min.

Rating:

Today you will learn about what loan officer does (aka loan manager, loan officer, loan officer ), what is his job, how interesting and promising it is in terms of earnings, development, career growth. I think that it will be useful to know this not only for those who are looking for a job in the banking and financial sector, but also for everyone else for general development.

Loan officer is currently one of the most popular and demanded vacancies among those offered by banks and microfinance organizations. It is often possible to get a job as a loan officer even without work experience and financial education. What is the reason for such a large number of vacancies for loan officers, and why financial institutions are ready to take on them literally everyone in a row – more on that later.

First, let’s look at what this work is all about. A loan officer is a person involved in the promotion, processing and issuance of loans. As you know, banks and other financial institutions have a huge number of various lending programs: some of them are quite complex, requiring a detailed and in-depth analysis of the borrower, while others are overly simple, allowing you to go through the entire procedure in a matter of minutes or hours. Accordingly, the level of training of a credit manager, depending on what kind of credit products he sells, may be different.

All vacancies for loan officers that do not contain special requirements for candidates involve working as a loan officer in issuing the simplest loans and loans that do not require any special knowledge. Such work is carried out literally “on the machine”, the duties of a loan officer are as follows:

1. Find as many potential borrowers as possible for the loan program for which he is responsible.
2. Take from them a minimum package of documents and an application for a loan.
3. Enter these applications into credit scoring and receive an automatic decision on the possibility or impossibility of granting a loan.
4. If approved, print and sign ready-made forms of contracts and issue a loan.

It is clear that for such work a loan officer does not need any special knowledge: it is enough to know your algorithm of actions and repeat them many times.

Of course, there are loan officers who work with more complex forms of lending (for example, they consider and issue loans for business), but it is unlikely that you will be able to get a job without experience and specialized education.

Work as a credit manager, which lies in numerous vacancies, in the overwhelming majority of cases is focused on issuing various kinds of consumer loans and microloans, sometimes credit cards. In particular, the most common lending programs used by loan officers are as follows:

• loans for the purchase of goods: household appliances, furniture, computers, etc. ;
• fast payday loans;
• cash consumer loans without collateral;
• standard limit credit cards.

The work of a loan officer can be carried out directly at the bank’s office or at the so-called. “remote points” – in household appliances stores, supermarkets, shopping centers, etc. Predominantly free vacancies for credit specialists suggest precisely the second option for organizing a workplace.

Surely many are interested in the question: how much does a loan specialist earn? The salary of a credit manager almost always consists of two parts:

1. Salary is a fixed part of the salary, usually very small, close to the minimum wage.
2. Personal allowance – a variable part of the salary, which depends on how many loans the manager issues during the month.

Loan specialist’s personal allowance can be calculated in two ways:

1. Quantity – each issued loan is valued at a certain premium amount.
2. By amount – the amount of the premium is calculated based on the total amount of funds issued by the loan officer.

These parameters are usually selected so that the total salary of the lowest level loan officer with an average disbursement rate is in the region of the lowest salary in bank branches. However, if the loan officer issues loans more than the average, then his earnings will be higher.

In addition, a loan officer always has a personal plan: the number and/or amount of loans to be disbursed during the month. If this plan is significantly underfulfilled, the credit manager may be deemed inappropriate for the position held and dismissed.

In such circumstances, the work of a loan officer actually comes down to “sucking in” as many loans as possible for anyone, because his suitability for his position and direct earnings depend on this. Hence the current situation in the consumer lending market, when banks impose loans on almost everyone in a row, and microfinance organizations even more so.

Moreover, it would be fine if these loans, handed out right and left, were really profitable and had some positive impact on the financial condition of a person. But everything is exactly the opposite: the effective interest rate on consumer loans and credit cards issued by banks reaches 50% per annum or more, and on loans from microfinance organizations it is calculated in three-digit numbers.

With such lending conditions, borrowers with a low level of financial literacy (which, unfortunately, the majority) quickly find themselves in a financial hole. And the work of the loan officer, it turns out, comes down to driving them there. Therefore, we can say that this work is anti-social to a certain extent.

Before you get a job as a loan officer, think carefully: are you ready to drive other people into debt for your own earnings?

It should also be noted that the number of loans issued strongly depends, firstly, on the policy of the bank (how undemanding it is to borrowers), and secondly, on the consumer mood of people. Accordingly, the salary of a loan officer also depends on these same factors.

Let’s sum up some results: what are the most common promises of loan officer vacancies that you find while looking for a job.

1. Most often, loan specialists are required to work in remote outlets, and not in a bank.
2. The work of such a loan officer is routine and monotonous.
3. The salary of a loan officer is at the level of the lowest salaries in financial institutions.
4. In order to receive even such a salary, you will have to sell frankly unprofitable loan products to people.
5. If you do this especially well, you will be able to earn more.

I repeat that such rules apply to most of the vacancies of credit managers, but some options, of course, may be more interesting.

For example, it is worth considering separately the work of a loan officer in a car dealership. There, dealing with the design of car loans, which are issued in larger amounts, you can earn better. At the same time, you can become an agent of an insurance company and earn commissions from the sale of OSAGO and CASCO policies.