Director of credit and collections

Last updated

A director ofcredit and collections is a senior-level employee in an organization's credit department. Job responsibilities may include:

Contents

Education and background

Employees holding the director of credit and collections position typically have a bachelor's degree or higher, 15–20 years of credit experience, global experience and a Certified Credit Executive designation from the National Association of Credit Management (NACM). [1]

Employment

As of June 2016, the median salary for a director of credit and collections is $105,282. They typical salary is between $90,419 and $125,160. [2]

Professional organizations

Credit analysts in the United States can obtain memberships, continuing education and certification through NACM. Certification levels include Credit Business Associate, Certified Credit and Risk Analyst, Credit Business Fellow, Certified Credit Executive, Certified International Credit Professional and International Certified Credit Executive. [3]

See also

Related Research Articles

Professional certification, trade certification, or professional designation, often called simply certification or qualification, is a designation earned by a person to assure qualification to perform a job or task. Not all certifications that use post-nominal letters are an acknowledgement of educational achievement, or an agency appointed to safeguard the public interest.

A Master of Business Administration is a graduate degree focusing on business administration and investment management. The core courses in an MBA program cover various areas of business administration such as accounting, applied statistics, human resources, business communication, business ethics, business law, strategic management, business strategy, finance, managerial economics, management, entrepreneurship, marketing, supply-chain management, and operations management in a manner most relevant to management analysis and strategy. It originated in the United States in the early 20th century when the country industrialized and companies sought scientific management.

Certified Management Accountant

Certified Management Accountant (CMA) is a professional certification credential in the management accounting and financial management fields. The certification signifies that the person possesses knowledge in the areas of financial planning, analysis, control, decision support, and professional ethics. There are many professional bodies globally that have management accounting professional qualifications. The main bodies that offer the CMA certification are:

  1. Institute of Management Accountants USA;
  2. Institute of Certified Management Accountants (Australia); and
  3. Certified Management Accountants of Canada.

Facility management, or facilities management, (FM) is a professional management discipline focused on the efficient and effective delivery of logistics and other support services related to real property, it encompasses multiple disciplines to ensure functionality, comfort, safety and efficiency of the built environment by integrating people, place, process and technology, as defined by the International Organization for Standardization (ISO). The profession is certified through Global Facility Management Association member organizations.

CISSP is an independent information security certification granted by the International Information System Security Certification Consortium, also known as (ISC)².

A financial analyst is a professional, undertaking financial analysis for external or internal clients as a core feature of the job. The role may specifically be titled securities analyst, research analyst, equity analyst, investment analyst, or ratings analyst. The job title is a broad one: in banking, and industry more generally, various other analyst-roles cover financial management and (credit) risk management, as opposed to focusing on investments and valuation; these are also discussed in this article. The term “financial analyst” is not usually taken to include quantitative analysts, or “quants”.

The Chartered Financial Analyst (CFA) program is a postgraduate professional certification offered internationally by the American-based CFA Institute to investment and financial professionals.

Institute of Management Accountants

The Institute of Management Accountants (IMA), formerly known as the National Association of Cost Accountants (NACA), is a professional organization of accountants.

Association of Chartered Certified Accountants Global professional organization

Founded in 1904, the Association of Chartered Certified Accountants(ACCA) is the global professional accounting body offering the Chartered Certified Accountant qualification (ACCA). It has 233,000 members and 536,000 future members worldwide. ACCA's headquarters are in London with principal administrative office in Glasgow. ACCA works through a network of over 110 offices and centres in 51 countries - with 346 Approved Learning Partners (ALP) and more than 7,600 Approved Employers worldwide, who provide employee development. The ACCA also works in India, China and Pakistan.

Credit management is the process of granting credit, setting the terms on which it is granted, recovering this credit when it is due, and ensuring compliance with company credit policy, among other credit related functions. The goal within a bank or company in controlling credit is to improve revenues and profit by facilitating sales and reducing financial risks.

Business analysis is a professional discipline of identifying business needs and determining solutions to business problems. Solutions often include a software-systems development component, but may also consist of process improvements, organizational change or strategic planning and policy development. The person who carries out this task is called a business analyst or BA.

Society for Human Resource Management

The Society for Human Resource Management (SHRM) is a professional human resources membership association headquartered in Alexandria, Virginia. SHRM promotes the role of HR as a profession and provides education, certification, and networking to its members, while lobbying Congress on issues pertinent to labor management.

The Chief Privacy Officer (CPO) is a senior level executive within a growing number of global corporations, public agencies and other organizations, responsible for managing risks related to information privacy laws and regulations. Variations on the role often carry titles such as "Privacy Officer," "Privacy Leader," and "Privacy Counsel." However, the role of CPO differs significantly from another similarly-titled role, the Data Protection Officer (DPO), a role mandated for some organizations under the GDPR, and the two roles should not be confused or conflated.

A hotel manager, hotelier, or lodging manager is a person who manages the operation of a hotel, motel, resort, or other lodging-related establishment. Management of a hotel operation includes, but is not limited to management of hotel staff, business management, upkeep and sanitary standards of hotel facilities, guest satisfaction and customer service, marketing management, sales management, revenue management, financial accounting, purchasing, and other functions. The title "hotel manager" or "hotelier" often refers to the hotel's General Manager who serves as a hotel's head executive, though their duties and responsibilities vary depending on the hotel's size, purpose, and expectations from ownership. The hotel's General Manager is often supported by subordinate department managers that are responsible for individual departments and key functions of the hotel operation.

Following is a partial list of professional certifications in financial services, with an overview of the educational and continuing requirements for each; see Professional certification § Accountancy, auditing and finance and Category:Professional certification in finance for all articles. As the field of finance has increased in complexity in recent years, the number of available designations has grown, and, correspondingly, some will have more recognition than others. Note that in the US, many state securities and insurance regulators do not allow financial professionals to use a designation — in particular a "senior" designation — unless it has been accredited by either the American National Standards Institute or the National Commission for Certifying Agencies.

The National Association of Credit Management (NACM) is a non-profit organization based in Columbia, Maryland that promotes standards for the business-to-business credit profession. Founded in 1896, NACM has more than 15,000 members, primarily of credit and financial executives representing manufacturers, wholesalers, financial institutions, and service organizations. The trade association specializes in education for its membership, advancement of credit industry practices as well as business credit and accounts receivable management products and services.

McAfee Institute LLC., is a professional certification body which administers several board certifications for the intelligence and investigative sectors. Topics available for training include cryptocurrency investigations, cyber intelligence and investigations, counterintelligence, human trafficking, workplace violence, active shooter, organized retail crime, leadership, incident response, digital forensics, fraud, deception detection and more.

A credit analyst is a person employed by an organization to analyze the credit worthiness of customers and potential customers, and to assist in the ongoing management and modeling of credit risk thereafter. See Credit analysis § Role and Financial analyst § Corporate and other for discussion. In May 2015, the U.S. Bureau of Labor Statistics reported 70,840 people employed as credit analysts. The salary for this position ranged from $40,250 to $134,080 with a mean average wage of $79,720.

A credit assistant is a person employed by an organization to provide support services to credit managers, credit analysts and other members of the credit department. This position is often entry level. Job responsibilities may include:

References

  1. 1 2 "Careers in Credit - NACM North Central". www.nacmnc.org. Retrieved 2017-11-28.
  2. Salary.com, Site built by. "Credit and Collections Director Salaries and how key factors impact Credit and Collections Director Salaries - Salary.com". www1.salary.com. Retrieved 2016-07-13.
  3. NACM. "The National Association of Credit Management: Certification Programs". nacm.org. Retrieved 2016-07-13.