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Credit Management Major

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Credit Management

$76,270 Median Salary

Types of Degrees Credit Management Majors Are Getting

The following table lists how many credit management graduations there were in 2018-2019 for each degree level.

Education Level Number of Grads
Basic Certificate 7

What Credit Management Majors Need to Know

O*NET surveyed people in occupations related to credit management and asked them what knowledge areas, skills, and abilities were important for their jobs. The responses were rated on a scale of 1 to 5 with 5 being most important.

Knowledge Areas for Credit Management Majors

This major prepares you for careers in which these knowledge areas are important:

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  • 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:

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  • 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:

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  • 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
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

How Much Do Credit Management Majors Make?

Salaries According to BLS

Average salaries range from $49,820 to $82,300 (25th to 75th percentile) for careers related to credit management. 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.

Median Salary for a Credit Management Major  ( 49820 to 82300 )
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250K
Median Salary for a High School Graduate  ( 30000 to 57900 )
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250K
Median Salary for a Bachelor's Degree Holder  ( 45600 to 99000 )
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250K
Median Salary for an Advanced Degree Holder  ( 55600 to 125400 )
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250K

Some careers associated with credit management require an advanced degree while some may not even require a bachelor’s. Whatever the case may be, pursuing more education usually means that more career options will be available to you.

Find out what the typical degree level is for credit management careers below.

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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

In the 2018-2019 academic year, 4 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) 2 1
Certificate (1-2 years) 1 0
Certificate (2-4 Years) 0 0
Associate’s Degree 2 0
Bachelor’s Degree 0 0
Post-Baccalaureate 2 1
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

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!

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

Major Number of Grads
Finance 51,049
Financial Planning & Services 3,238
Banking and Financial Support Services 1,157
Other Finance and Financial Management Services 403
Investments and Securities 229
International Finance 53
Public Finance 50

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.

More about our data sources and methodologies.

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