What does a person in this occupation do?
In extending credit to businesses, a credit manager analyses detailed financial reports, interviews the representatives of the various companies, and reviews credit agency reports to determine the debt repayment records of such firms. When extending credit to individuals, credit managers rely on personal interviews, credit bureaux and banks, together with trade reference checking.
In large organisations, credit managers may be responsible for establishing a credit policy. Many establish office procedure and supervise credit department employees. They may contact customers who do not repay their debts punctually and ultimately can refer such accounts to debt collection agencies or attorneys. The Credit Manager is accountable for the entire credit granting process, including the consistent application of a credit policy, periodic credit reviews of existing customers, and the assessment of the creditworthiness of potential customers. It is a fast-paced office environment with frequent travel requirements, often on short notice to conduct urgent negotiations. Occasional overtime may be necessary.
Individuals are not technically regulated, however the institutions they work for are regulated as follows:
- The FSB is an independent institution, established by statute to oversee the South African non-banking financial services industry in the public interest, and fully funded by fees and levies imposed on this industry.
- The National Credit Regulator (NCR) is responsible for the regulation of the South African credit industry. The NCR is tasked with registering credit providers, credit bureaux and debt counsellors.
- The Micro Finance Regulatory Council is a private, non-profit body originally set up to regulate the micro-lending industry and protect the interests of consumers. Many of its functions and responsibilities now fall under the National Credit Regulator (see above)
- Someone who can deal firmly but courteously with defaulting customers
- Being a good judge of character
- A propensity for figures and what they mean
- Able to maintain a pleasant demeanour under pressure
- Strong administrative and evaluation abilities
- Being able to say ‘No’ when necessary
- The ability to make insightful decisions
For entry into the learning pathways for this occupation you need a National Senior Certificate – Diploma Entrance with the following as recommended subjects:
- Business Studies
The first pathway entails a Diploma in Credit Management.
The second pathway entails a Diploma in Credit Management which is followed by a Bachelor of Technology in Credit Management.
- Various Businesses
- Banks and Building societies
- Finance houses
- Departmental Stores
- Retail Companies
- Home Loans Financing Companies