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Credit managers see 7% salary growth

Credit managers see 7% salary growth

 

Average credit manager salaries rise 7% in 2011 – three times faster than the average than the rest of the accounting industry

50% of credit managers confident of maintaining company cash flow as a result of the recommended regulatory changes in credit management

87% of credit managers support the current regulatory reforms

Credit managers are seeing their salaries rise more than three times faster than the other accountants.

According to research by accountancy and finance recruiter Marks Sattin, credit managers have seen salaries rise by an average of 7% over 2011. Competition for experienced credit managers has also increased and in a few cases those taking a new role have received pay increases of up to 20%.

According to the latest figures release by the ONS, accountants in the UK received an average salary increase of 2% this year. However, accountants are faring better than some other professions – for instance, lawyers’ salaries rose only 1.2%.

Mark Thomas, director at Marks Sattin said: “The strong performance of credit managers’ remuneration is a clear indication of their enhanced significance in their organisations. Since the credit crisis, companies have been anxious to keep a tight control over cash flow and this has meant greater prominence and responsibility for credit managers as their employers begin to focus on growth during the next year”.

PROMINENCE

Credit managers are also recognising other professional benefits. Almost two thirds of managers felt their profiles had been raised within the organisation over the last twelve months, while 50% had improved their skill set and experience due to changes and additions to their job description. According to 55% of credit managers, this growing prominence has made their jobs more stressful.

Mark Thomas concludes: “The credit manager’s job profile has evolved. Just a decade ago, credit managers were hidden in the back office, now, meeting clients is an integral part of the job. Implementing new systems and credit checks also involves developing a combination of sophisticated interpersonal, IT and analytical skills.”

CASHFLOW

Marks Sattin’s research, which surveyed 500 credit managers, also shows 50% of are confident that their companies’ cash flows will either improve or be maintained in the next six months. Only 7% expected their employers cash positions to worsen. The research showed there were three main reasons for this confidence. Credit managers stated the biggest improvements made in the last two years were the development of new systems and processes, building closer working relationships with customers and introducing more through credit checks. 

Mark Thomas continues: “The optimism of credit managers is significant because they are placed at a crucial operational level to develop an understanding of both the business and their clients. They are thus a good barometer for the financial health of companies and their confidence is a very good sign that private sector organisations can look forward to a healthy financial performance in 2012”.

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