The “Credit Manager 2030” – 9 Theses

Digital, data-savvy, international, communicative – the job description of a credit manager is undergoing a transformation. One of the people actively involved in this change is Prof. Andreas Del Re, who is developing the training content at the German Federal Association of Credit Management (BVCM). We asked him which job requirements will be in demand in the future. The most important theses on the “Credit Manager 2030”.

Thesis 1: Digitization in credit management

The job description of a credit manager will not be completely transformed by 2030, but it will certainly have changed. The topics of digitization and the use of alternative data sources are already shaping the profession. The tendency is for decisions in the small-volume area to be automated. Credit managers working in this field will tend to work in the areas of design and process optimization. In the large-volume area, the expertise of the experienced credit manager will continue to be in demand.

Thesis 2: Professional training

Credit managers’ resumes can take very different paths. Sometimes the basis is a university degree, in other cases a commercial apprenticeship. At the end, there is further training to become a Certified Credit Manager (CCM), where relevant specialized knowledge is acquired. This will continue to be the case. However, further training to become a CCM and also a CCC (Certified Credit Controller) will increasingly take place online. Initial attempts have been very well received.

Credit managers need not fear for their jobs. There will certainly be more automation in the small-scale business in the future, but the experience and communication skills of a credit manager will still be difficult to replace.

Thesis 3: Training content

The topic of data science will gain in importance. The spectrum of available data will become broader. Credit managers must learn to harness alternative data for their own purposes. In South America, for example, it is already common practice to use social media data for granting consumer loans. Another important trend is internationalization. The world is acting more and more globally. The fact that the international context is increasingly in focus is also clear from the course participants’ questions about CCM. For this reason, the topic of international debt collection was recently included in the continuing education program.

Thesis 4: Career paths

On the one hand, there will be operational credit managers who are more likely to work in the large-volume area. There, it is a matter of making individual decisions. Soft factors in particular play a major role, and an intensive exchange with sales is necessary. It is also a matter of weighing up processes that a machine could never do for the credit manager. On the other hand, there is the data-driven credit manager who focuses on process optimization (see Data Science). In this context, it can be helpful to understand the basic logic of programming languages and, for example, to have coded a small project yourself.

Thesis 5: Career prospects

Credit managers do not have to fear for their jobs. There will certainly be more automation in the small-scale business in the future, but the experience and communication skills of a credit manager will still be difficult to replace. Automated processes must also be controlled by experts who understand the technical logic behind them. In terms of the economy as a whole, credit management and the demand for credit managers will become more important. We are currently heading into a recession. The task of a credit manager, for example, is to recognize the danger posed by so-called zombie companies, which are currently only being kept alive by government bailout money.

Thesis 6: Character traits

The classic character traits of a credit manager will remain valid in the future: integrity, seriousness, straightforwardness. Communication skills are also extremely important, both within the organization itself, but also vis-à-vis customers and suppliers. Because it is also essential that credit managers communicate properly in a crisis. In difficult debt collection situations, both empathy and straightforwardness are required. That’s not easy, and you have to be the type to do it.

Thesis 7: Credit Management and Corona

At present, we are in a difficult exceptional situation in the economy as a whole. It is hardly possible to make a forecast for 2030 on this basis. Credit management is currently particularly in demand in industries whose customers operate in the crisis-ridden sector. Breweries, for example, are an indirectly affected industry, as they have hotels and restaurants in their customer portfolio. Another example is suppliers of aircraft parts who work with airlines.

Thesis 8: Salary development

According to industry publications, current salaries range between €45,000 and €70,000. Against the backdrop of the overall economic situation, credit management is becoming increasingly important. It is difficult to say whether this will ultimately be reflected in the salary structure, but cautious optimism is indicated.

Thesis 9: Gender equality

Women also earn significantly less than men in credit management. The gender pay gap is around €17,000. There is reason to believe that this discrepancy will be increasingly eliminated in the future.

Prof. Andreas Del Re

About the person

Prof. Andreas Del Re is a member of the board of the Bundesverband Credit Management (BVCM), where he is responsible for qualification and thus for the further development of the profession. At the Northern Business School he holds a professorship in the field of accounting. Prof. Andreas Del Re is also a founding partner of the management consultancy VeriTrust GmbH.

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