Types of Degrees Credit Management Majors Are Getting
The following table lists how many credit management graduations there were in 2020-2021 for each degree level.
|Education Level||Number of Grads|
What Credit Management Majors Need to Know
People with careers related to credit management were asked what knowledge areas, skills, and abilities were important for their jobs. They weighted these areas on a scale of 1 to 5 with 5 being the highest.
Knowledge Areas for Credit Management Majors
Credit Management majors often go into careers in which the following knowledge areas are important:
- 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
When studying credit management, you’ll learn many skills that will help you be successful in a wide range of jobs - even those that do not require a degree in the field. The following is a list of some of the most common skills needed for careers associated with this major:
- 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
As a credit management major, you will find yourself needing the following abilities:
- 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?
People with a credit management degree often go into the following careers:
|Job Title||Job Growth Rate||Median Salary|
|Financial Managers, Branch or Department||18.7%||$127,990|
How Much Do Credit Management Majors Make?
Salaries According to BLS
Credit Management majors often go into careers where salaries can range from $49,820 to $82,300 (25th to 75th percentile). This range includes all degree levels, so you may expect those with a more advanced degree to make more while those with less advanced degrees will typically make less.
To put that into context, according to BLS data from the first quarter of 2020, the typical high school graduate makes between $30,000 and $57,900 a year (25th through 75th percentile). The average person with a bachelor’s degree (any field) makes between $45,600 and $99,000. Advanced degree holders make the most with salaries between $55,600 and $125,400.
Amount of Education Required for Careers Related to Credit Management
Some degrees associated with credit management may require an advanced degree, while others may not even require a bachelor’s in the field. 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.
Find out what the typical degree level is for credit management careers below.
|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%|
|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%|
|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
In the 2020-2021 academic year, 3 schools offered some type of credit management program. 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)||0||0|
|Certificate (2-4 Years)||0||0|
|Doctor’s Degree (Research)||0||0|
|Doctor’s Degree (Professional Practice)||0||0|
|Doctor’s Degree (Other)||0||0|
Is a Degree in Credit Management Worth It?
The median salary for a credit management grad is $76,270 per year. This is based on the weighted average of the most common careers associated with the major.
This is 91% more than the average salary for an individual holding a high school degree. This adds up to a gain of about $727,400 after 20 years!
Explore Major by State
District of Columbia
Majors Related to Credit Management
You may also be interested in one of the following majors related to credit management.
|Major||Number of Grads|
|Financial Planning & Services||4,087|
|Banking and Financial Support Services||1,022|
|Other Finance and Financial Management Services||362|
|Investments and Securities||346|
|Financial Risk Management||1|
*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.
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