Nowadays it’s hard to be good with money, especially with the banks offering credit cards and overdrafts.
But if your good decision making means you’re always smugly advising your cash-strapped friends on where they’re going wrong, maybe it’s time to consider a career as a credit controller.
You’ll be deciding whether to loan money to a creditor as well as managing the debts of existing creditors.
You can work either in commercial credit (loaning to businesses) or consumer credit (loaning to the public).
Most businesses and organisations – from banks to charities – need credit control. Whatever kind of organisation you choose to work in you’ll be performing the following tasks:
It will also be your responsibility to review debt recovery procedures and stop the supply of goods and services – or even start the serious process of legal action – if a client has paid late or missed multiple payments. It’s not the nicest part of the job, but someone’s got to do it.
The starting salary for a credit controller can range between £16k and £25k per year but this can rise to £50k plus if you move up the ladder to become a credit control manager.
If university was never your thing, don’t worry, there are no minimum qualifications to become a credit controller, but many employers will look for a good standard of education (at least five GCSEs, grades A-C) while a BTEC or HND in business or finance will give you a good head start in this career.
If you’ve started out as a junior credit controller then you can give your career a boost by studying for a diploma from the Institute of Credit Management.
If you haven’t got time to study full-time, or want to learn at your own pace, you can also study for the diploma part-time or by distance learning. There are three levels:
If you’re good at number crunching and you’re more interested in pursuing a career in accounting you could also consider enrolling with the Association of Accounting Technicians to take their Level 1 qualification (roughly equivalent to GCSE grades A-C), which includes training in: