Job Responsibilities
Extending credit and collection of accounts receiveable
This would include doing the investigation of new customer
applications. Obtaining 3rd party credit reports.
Setting credit lines, approving shipments or orders.
Selecting Collection agencies and placing accounts with same when
necessary.
Managing a staff of 1-40 people depending on the size and
complexity of the dept.
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Job Requirements
I have a degree in Eduction. When I left teaching 30 years ago
any degree was acceptable for entery into Credit & Collections.
Today many companies want a degreee in Finance.
I have taken courses in accounting, financial analysis, business
law, marketing, industrial psychology, and credit and collection
since entering the business world. All of these courses were
usefull in understanding the companies I worked for and our
customers.
For a management position 5 years in an analyst or assistant
manager position is usually required.
Depending upon the size and complexity of the dept most companies
are looking for some prior management experience.
I did one year as a collector, two years as a supervisor before
getting my first management position with a staff of 5.
I have had staff as large as 26 in the past 15 years.
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Uppers
Credit and Collections are part of the Finance Dept.
If the company does not collect their money in a timely manner they will have
problems continueing their operations.
It is a highly visable position.
There is great satisfaction when a difficult deal came be put together and even
more when it is paid off on time.
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Downers
This can be the most hated dept in the company.
Sales may see you as the enemy because you may have to turn down
or otherwise cutail the sale that they thought was a sure thing.
You will be lied to by your own fellow employees and by
customers.
You may receive verbal abuse from you co workers or customers.
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Lifestyle
Work hours will be 45 hours or more per week.
Travel will ususally be limited and then to locations that are not desirable.
I have visited coal mines, manufacturing plants of various types, service shops
in port cities.
Rust belt cities in January and southern ports in July.
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Compensation
Base salary will vary with the size of the company and number of
employees in the dept and the region you are located in, how many
years experience you have. Range would be about $50,000 on the
low end to $100,000 for the largest of the fortune 500
companies. National average is about $70,000
Bonuses are rare unless it is a company wide bonus.
Stock options are very rare.
Benifits will vary with the size of the company.
Two weeks vacation, medical, dental, 401K with some small match,
life insurance equal to your salary would be typical.
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Advice to Jobseekers
Companies will always need credit managers because you can not
automate completely the decission makeing process needed to do
this job and someone has to call the customer who does not pay
his bill.
If you are good with details, and have a thick skin when it comes
to sour attitudes from sales then give credit a try.
If you want to be appreciated and praised for a job well done
don't go into credit.
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