Credit Management

Types of Degrees Credit Management Majors Are Getting

The following table lists how many credit management graduations there were for each degree level during the last year for which data was available.

Education Level	Number of Grads
Basic Certificate	2

What Credit Management Majors Need to Know

In an O*NET survey, credit management majors were asked to rate what knowledge areas, skills, and abilities were important in their occupations. These answers were weighted on a scale of 1 to 5 with 5 being the most important.

Knowledge Areas for Credit Management Majors

According to O*NET survey takers, a major in credit management should prepare you for careers in which you will need to be knowledgeable in the following areas:

• Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
• English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
• Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
• Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
• Clerical - Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.

Skills for Credit Management Majors

A major in credit management prepares you for careers in which the following skill-sets are crucial:

• Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
• Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
• Speaking - Talking to others to convey information effectively.
• Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
• Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.

Abilities for Credit Management Majors

Credit Management majors often go into careers where the following abilities are vital:

• Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
• Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
• Written Comprehension - The ability to read and understand information and ideas presented in writing.
• Problem Sensitivity - The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
• Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.

What Can You Do With a Credit Management Major?

Below is a list of occupations associated with credit management:

Job Title	Job Growth Rate	Median Salary
Credit Analysts	8.3%	$71,520
Credit Counselors	13.8%	$45,180
Financial Managers, Branch or Department	18.7%	$127,990
Loan Officers	11.4%	$63,040

Amount of Education Required for Careers Related to Credit Management

Some careers associated with credit management require an advanced degree while some may not even require a bachelor’s. In general, the more advanced your degree the more career options will open up to you. However, there is significant time and money that needs to be invested into your education so weigh the pros and cons.

How much schooling do you really need to compete in today’s job market? People currently working in careers related to credit management have obtained the following education levels.

Education Level	Percentage of Workers
Less than a High School Diploma	1.9%
High School Diploma - or the equivalent (for example, GED)	15.8%
Post-Secondary Certificate - awarded for training completed after high school (for example, in agriculture or natural resources, computer services, personal or culinary services, engineering technologies, healthcare, construction trades, mechanic and repair technologies, or precision production)	6.4%
Some College Courses	11.1%
Associate’s Degree (or other 2-year degree)	15.3%
Bachelor’s Degree	42.7%
Post-Baccalaureate Certificate - awarded for completion of an organized program of study; designed for people who have completed a Baccalaureate degree but do not meet the requirements of academic degrees carrying the title of Master.	2.9%
Master’s Degree	3.2%
First Professional Degree - awarded for completion of a program that: requires at least 2 years of college work before entrance into the program, includes a total of at least 6 academic years of work to complete, and provides all remaining academic requirements to begin practice in a profession.	0.1%

Online Credit Management Programs

The following table lists the number of programs by degree level, along with how many schools offered online courses in the field.

Degree Level	Colleges Offering Programs	Colleges Offering Online Classes
Certificate (Less Than 1 Year)	0	0
Certificate (1-2 years)	1	1
Certificate (2-4 Years)	0	0
Associate’s Degree	0	0
Bachelor’s Degree	1	0
Post-Baccalaureate	0	0
Master’s Degree	0	0
Post-Master’s	0	0
Doctor’s Degree (Research)	0	0
Doctor’s Degree (Professional Practice)	0	0
Doctor’s Degree (Other)	0	0

Majors Related to Credit Management

You may also be interested in one of the following majors related to credit management.

Major	Number of Grads
Finance	50,972
Financial Planning & Services	5,054
Banking and Financial Support Services	1,048
Other Finance and Financial Management Services	395
Investments and Securities	374
International Finance	141
Public Finance	25
Financial Risk Management	2

References

*The racial-ethnic minorities count is calculated by taking the total number of students and subtracting white students, international students, and students whose race/ethnicity was unknown. This number is then divided by the total number of students at the school to obtain the racial-ethnic minorities percentage.

• College Factual
• College Scorecard
• National Center for Education Statistics
• O*NET Online
• U.S. Bureau of Labor Statistics
• Usual Weekly Earnings of Wage and Salary Workers First Quarter 2020
• Image Credit: By Dave Dugdale under License

More about our data sources and methodologies.