Credit Specialist Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of a credit specialist. Feel free to use our credit specialist job description template to produce your own. We also provide you with information about the salary you can earn as a credit specialist.
Who is a Credit Specialist?
It is pertinent to note that Credit Specialist as a compound word is a fusion of two independent words namely Credit and specialist. The meaning of each word varies, depending on the context in which it is used. Credit in business and financial usage is a privilege of delayed payment guaranteed to a buyer or borrower by the seller or lender with the belief that what is given will be repaid. In the same vein specialist means someone who is an expert in, or devoted to, some specific branch of study or research.
Generally, a Credit specialist is an experienced personality who executes extensive analyses of customers’ financial backgrounds, histories, and records to confirm whether such entities qualify for loans or lines of credit and on the other hand assist in the recovery of debt. She/he ought to be a researcher who crosschecks the risk involved in extending credit to applicants for the well-being of his/her organization. Credit specialists ensure that all credit applications conform to the criteria set by lenders or financial organizations.
A credit specialist must be educated, with strong mathematics and communication skills and proper knowledge of all governing rules and regulations. They must have a good capacity to arbitrate credit barriers and repayment alternatives. Interpersonal skills are also required to discuss billing issues and pass due accounts with customers. Written and communication skills are needed to prepare credit approval packages and renew existing credit accounts.
Is Credit Specialist the best Career for me?
Nowadays people frequently ask, what is the best career? There are defining factors that make a particular career the best. These factors range from, the formal and material objects of the profession, qualifications required, leisure it ensures, et cetera. All these factors put in place, Credit Specialist is considered one of the best careers one can choose at this age.
Notwithstanding how political this assertion sounds; it is not untrue considering the role Credit Specialists play in our contemporary business world. Thus, Credit Specialists are sine qua non in any monetary organization. Be it companies, industries, schools, banks, churches, et cetera. For example, in industries and firms, they study and analyze the credit and monetary accounts of clients to verify whether he/she qualifies for a line of credit. In banks, they review customers’ financial records and economic background to determine whether or not she/he qualifies for a loan. In schools and Churches financial specialists assist in the recovery of unpaid debts and ensure payment of dues.
Basically, there’s no organization in our world today which can function effectively and efficiently without involvement with finance. In the same vein, to maintain a healthy financial, cum influx, and efflux of finance in any organization, the work of a credit specialist is of paramount importance.
Credit Specialist Job Description
Below are the credit specialist job description examples you can use to develop your resume or write a credit specialist job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
The work of a Credit Specialist involves so many tasks and the nature varies from one employer to another. Notwithstanding this fact, the shortlist below describes best the work of a Credit Specialist.
- Cooperate with clients to identify their needs.
- Retrieve and update information related to credit applications.
- Discern the creditworthiness of the applicants to ascertain whether they are creditworthy or not.
- Establish the amount of risk involved in giving credit by analyzing the financial history and background of applicants.
- Ensure that all applications are in agreement with the criteria given by the company or organization before they are endorsed.
- Respond to inquiries from lenders by informing clients about the outcomes of their credit applications.
- Negotiate interest rates and payment plans to avoid potential risks.
- Superintend the repayment of funds.
- Contact defaulters to tend to their accounts with urgency.
- Grant more financial support to eligible and steadfast clients upon request.
- Compile a database of regular defaulters and report them to the relevant bodies, as appropriate.
- Help with company and client audits
- Work to maintain and advance the financial status of our institution.
In addition, a credit specialist is responsible for working with customers and clients to establish credit terms, review and approve credit applications, and maintain customer credit files. They will also work alongside sales personnel to point out and mitigate risks associated with lengthening credit to clients. This position is developed to help the sales board by fighting the risk attributed to lengthening credit to clients. The perfect candidate will possess excellent communication skills, be able to maintain stability when dealing with difficult customers or clients, and have some college coursework in business, marketing, or economics.
A career as a credit specialist requires some formal qualifications (education) as well as informal qualifications (practice). These qualifications include
- Five credits or above in SSSCE or WASSCE plus successful completion of a recognized college.
- Three GCE A-levels or an International Baccalaureate (for international students).
- ND (Upper Credit) or HND (Upper Credit).
- A bachelor’s degree in finance, economics, accounting, or a related field.
- 2 – 3 years of work experience.
- Impeccable mathematical, and accounting skills, strong communication skills, and computer literacy.
- Professional Credit Specialist (PCS).
Finally, it takes 4-6 years after O’level depending on which degree you pursue and if you can take a full-time or part-time course load. There are quickened programs available, as well as options that permit you to study at your speed, especially if your lifestyle has more demands on your time. Non-formal qualifications on the other hand take 2-3years depending on the efficiency of the apprentice.
Developing the skills of a credit specialist requires proficiency in risk management, finance, and economics. Potential candidates for a credit specialist position are required to possess a variety of skills that can help them perform their roles effectively. Credit specialists can acquire the skills by undergoing formal training or by learning on the job while working under a credit specialist. Some of the essential credit analyst skills include;
- Customer service skills
- Computer skills.
- Multi-tasking skills.
- Communication skills.
- Logical reasoning
- Interpersonal skills.
- Accounting skills.
- Problem-solving skills.
- Documentation skill.
- Organization skills.
- Investigative skills.
- Quantitative analysis skills.
The above skills are essential because a credit specialist can’t do without them. With the skill of customer service, she/he can work with clients who have complaints, orders or require information about products/services purchased from the organization. They also provide solutions that fit those individualized situations and prioritize the customers’ needs at each step of the process. While doing this, she/he would employ his/her interpersonal skills, commutative skills, and logical reasoning skills in interacting with the client and at the same time deciphering the veracity of the client’s problem.
Furthermore, computer skills are very important in this computer age. As technology becomes more and more ubiquitous, employers are increasingly looking to hire workers with computer skills—regardless of what job they’re being hired to do. No matter what industry or set up you work in, you likely need computer skills such as Office suits, presentation tools, spreadsheets, communication tools, et cetera, to complete your task. Thus with computer skills, she/he can multitask, thereby making use of his/her multitasking skills. Also with a computer, documentation becomes easier as well an investigation.
In sum, credit specialists will need to have extensive general skills in order to function in any workplace. They should be detail-oriented. Which would help them to effectively identify incorrect or missing information on financial statements and credit reports. They should also be well-organized in order to judiciously keep track of necessary documents and data.
How to Become a Credit Specialist
The road to becoming a professional in any particular career field is not easy. Thus it requires a long career path. Invariably all careers have their path to tread. These paths can be formal or informal as the case may be. Thus no matter which means one chooses, be it through formal or informal means, he or she will succeed in becoming a credit specialist following these basic steps below.
- Choose a career path.
- Enroll in an adequate degree programme.
- Serve an internship programme.
- Acquire 2 – 3 work experience.
- Apply for a job.
In order to become a professional credit specialist, these five steps are paramount. Firstly one should choose a career path that would lead him/her to his desired goal. Regardless of what you plan to do as a credit specialist, you’ll need to first earn your Bachelor of Science in Accounting, Banking, and finance, economics, or related courses. A bachelor’s degree is the first step in preparing you to sit for the PCS (professional credit specialist) exam or seek entry-level employment as a credit specialist. After completing your degree programme with a high grade, working at a paid or unpaid internship can provide valuable experience that can pay off in higher wages and increase job opportunities after graduation.
With your degree in hand, you’ll be ready to seek and obtain an entry-level position in the credit specialist-related field. This process starts with writing job applications by the job seekers and ends with the final selection of the candidate by the employer. Through the job application, the job seeker offers to sell his or her labour and service for a wage in return. Therefore, the application for employment serves as a personal advertisement.
Where to Work as a Credit Specialist
As stated earlier, every organization needs a credit specialist. Suffice it to say then, that a credit specialist can work in any field of life. Credit specialists are do-without, in social, political, economic, academic, and even religious organizations. However, their works may vary depending on the organization in which they find themselves. Furthermore, below are some of the establishments where credit specialists could operate.
- Central banks, retail and commercial banks, online banks, credit companies, loans corporations, investment banks, investment firms, brokerage firms, insurance companies, and mortgage companies.
- Airlines, construction companies, freight hauling companies, manufacturers, publishing companies, restaurants, retail stores, railway stations, shipping companies et cetera.
Credit Specialist Salary Scale
Most times, the salary scale is the most considered factor before choosing a career. No matter how inordinate it may seem, it is very rational. However, in terms of the salary scale, there is no stipulated salary rate for credit specialists. Thus, the salary paid to credit specialists varies from place to place. As many factors are considered; like the qualifications, the nature of his/her work, time or hours at work, et cetera. Notwithstanding all these factors, researchers have confirmed that credit specialist earns more than average salaries in different parts of the world.
The average Credit Specialist salary in the United States is $39,793 as of October 2021, however, the salary range typically falls between $34,529 – $45,755 per annum, and it falls between $67,650 – $91,500 in Denver & Colorado, $76,300-$103,200 in Los Angeles & California, $63,600 – $86,000 in Washington, $77,450 – $104,800 in Miami & Florida, $63,300 – $85,650 in Texas, et cetera. In Nigeria however, it ranges from ₦480,000 – ₦2,400,000. Other work bonuses, such as house insurance, Company car, Scholarships, and others also apply.