Top 11 Credit Administrator Certifications
This article covers the best certifications for credit administrators, providing an overview of each one and advice on how to choose the right certification.
Published 18 min read
Certifications for a credit administrator are important in the job market as they demonstrate an individual’s knowledge and expertise in the field. Credit administrators with certifications have a higher chance of being hired due to their specialized knowledge and experience. Additionally, certifications often provide access to exclusive resources, such as research reports or industry specific events, which can help credit administrators stay current on trends and developments in the industry. Certifications also give employers peace of mind that their employees have met certain standards in order to be certified. Lastly, certifications provide recognition within the industry which helps build credibility and trustworthiness among colleagues and potential clients.
This article reviews some of the top certifications for Credit Administrators and explains how they can help to advance a credit administrator's career.
What are Credit Administrator Certifications?
Credit Administrator Certification is a professional designation awarded to individuals who have demonstrated the knowledge, skills, and abilities necessary to effectively manage credit processes within an organization. This certification provides recognition for those who are seeking to further their career in the field of credit administration.
Having this certification can help individuals stand out from other applicants when applying for positions or promotions within their current organization. It also shows potential employers that the individual has a strong understanding of credit processes and how they impact the business. Additionally, it can help provide credibility for those looking to move into a position where they will be responsible for managing risk associated with lending activities.
By obtaining Credit Administrator Certification, individuals demonstrate their commitment to staying up-to-date on industry trends and best practices related to credit management. This can improve their overall job performance and lead to greater success in their chosen profession.
Pro Tip: Become certified in credit administration to demonstrate your expertise and knowledge of the field. Certification will provide you with a competitive edge and help you stay current with industry trends and best practices.
Related: What does a Credit Administrator do?
Top 11 Credit Administrator Certifications
Here’s our list of the best certifications available to Credit Administrators today.
1. Certified Credit Administrator (CCA)
A Certified Credit Administrator (CCA) is a professional designation that recognizes individuals who have demonstrated a high level of knowledge and proficiency in the credit management field. CCA certification is offered by the National Association of Credit Management (NACM).
It typically takes one to two years to complete the program and obtain the certification. The program consists of three parts: an online course, an exam, and a portfolio review. The online course covers topics such as credit analysis, financial statement analysis, credit risk management, collections, and legal aspects of credit. The exam tests knowledge of these topics and requires applicants to pass with a score of at least 70%. The portfolio review assesses applicants’ experience in the field.
The cost for obtaining CCA certification is $595 for NACM members and $795 for non-members. This fee includes access to the online course materials, the exam fee, and the portfolio review fee.
2. Certified Credit Professional (CCP)
Certified Credit Professional (CCP) is a professional certification program offered by the National Association of Credit Management (NACM). It is designed to recognize individuals who have achieved a high level of proficiency in the field of credit management. The CCP designation is recognized as a mark of excellence in the credit industry and demonstrates an individual’s commitment to professional development and mastery of credit-related topics.
It typically takes between six months and one year to complete the certification process, depending on the individual's prior experience and educational background. To become certified, applicants must meet certain eligibility requirements, including having at least three years of professional experience in credit management or related fields, passing an exam administered by NACM, and completing continuing education courses every two years.
The cost for becoming certified varies depending on whether you are an NACM member or non-member. For members, it costs $495 for the exam fee and $150 for each course taken. For non-members, it costs $695 for the exam fee and $200 for each course taken.
3. Certified Credit Executive (CCE)
Certified Credit Executive (CCE) is a professional designation offered by the National Association of Credit Management (NACM). It is designed to recognize and promote the highest standards of credit management and financial analysis. The CCE designation is recognized as a mark of excellence in the field of credit management.
To obtain the CCE credential, candidates must meet certain educational and experience requirements, pass an exam, and agree to abide by NACM’s Code of Ethics. To be eligible for the CCE credential, applicants must have at least five years of credit management experience or a combination of credit management experience and college-level coursework in business administration or finance.
The exam consists of two parts: a written portion that covers topics such as credit law, financial analysis, risk assessment, collection techniques, and ethics; and a practical portion that tests problem-solving skills related to credit management. Candidates must pass both portions to receive their CCE credential.
The cost for taking the exam is $400 for NACM members and $500 for non-members. The exam can be taken at any Prometric testing center in the United States. It takes approximately four hours to complete both parts of the exam.
4. Certified Credit Risk Manager (CRM)
Certified Credit Risk Manager (CRM) is a professional certification program that provides individuals with the necessary knowledge and skills to effectively manage credit risk. The CRM credential is designed to help professionals develop an understanding of credit risk management, its principles and practices, and how it can be applied in various financial environments.
The Certified Credit Risk Manager (CRM) program is offered by the Global Association of Risk Professionals (GARP). It is a self-study program that consists of four courses: Introduction to Credit Risk Management, Advanced Credit Risk Management, Credit Portfolio Management, and Regulatory Environment for Credit Risk Management. Each course requires approximately 40 hours of study time.
To obtain the CRM designation, candidates must successfully complete all four courses and pass the CRM examination administered by GARP. The exam consists of multiple-choice questions covering topics such as credit risk assessment, portfolio management, capital markets, derivatives pricing models, regulatory environment for credit risk management, and more. Candidates must achieve a passing score on the exam in order to receive their certification.
The cost of obtaining the Certified Credit Risk Manager designation varies depending on where you take the courses and exams. Generally speaking, it will cost around $2,000-$3,000 USD for all four courses and exam fees.
5. Certified Financial Services Auditor (CFSA)
Certified Financial Services Auditor (CFSA) is a professional designation offered by the Institute of Internal Auditors (IIA). It is designed to recognize individuals who have demonstrated expertise in auditing and financial services. The CFSA credential requires candidates to possess knowledge and experience in financial services auditing, as well as the ability to apply that knowledge in practice.
It typically takes about two years of study and preparation to obtain the CFSA certification. Candidates must meet certain eligibility requirements, including having at least three years of experience in financial services auditing or related fields. Additionally, they must pass an exam administered by the IIA which covers topics such as risk assessment, internal controls, audit planning, and data analysis.
The cost for obtaining the CFSA credential varies depending on the country where you are taking the exam. In the United States, it typically costs around $1,000 USD for the application fee and exam fees.
In order to maintain your CFSA certification, you must complete 80 hours of continuing professional education every two years. This includes courses related to financial services auditing or other relevant topics such as accounting or finance.
6. Chartered Financial Analyst (CFA)
Chartered Financial Analyst (CFA) is a professional designation given by the CFA Institute that measures the competence and integrity of financial analysts. It is one of the most respected and recognized investment credentials in the world.
The CFA Program consists of three levels, each taking an average of 12-18 months to complete. To be eligible for the CFA Program, candidates must have a bachelor’s degree from an accredited college or university, four years of qualified work experience in an investment decision-making role, or a combination of both.
To become a CFA charterholder, candidates must pass all three levels of the CFA Program exam within four years. They must also adhere to a code of ethics and standards of professional conduct set by the CFA Institute.
The cost to take all three levels of the CFA Program exam is approximately $3,000 USD plus additional fees for membership and registration with the CFA Institute.
7. Chartered Financial Consultant (ChFC)
A Chartered Financial Consultant (ChFC) is a professional designation awarded by the American College of Financial Services. The ChFC designation is designed to provide financial advisors with the knowledge and skills necessary to help clients plan for their financial future.
The ChFC program consists of nine courses, covering topics such as estate planning, retirement planning, risk management, investments, and taxation. To earn the ChFC designation, you must complete all nine courses and pass a comprehensive exam. The program typically takes three to four years to complete.
To get started on your path to becoming a ChFC, you will need to register with the American College of Financial Services and pay an enrollment fee. You can then begin taking the required courses online or in person at your local college or university. Once you have completed all nine courses and passed the comprehensive exam, you will receive your official ChFC designation from the American College of Financial Services.
The cost of obtaining a ChFC designation varies depending on where you take the classes and whether or not you are eligible for any discounts or scholarships. Generally speaking, it can cost anywhere from $2,000-$10,000 USD to become a ChFC.
8. Chartered Investment Counselor (CIC)
A Chartered Investment Counselor (CIC) is a professional designation that recognizes an individual’s expertise in the field of investment counseling. CICs are qualified to provide advice on investments, asset allocation, and portfolio management. They have extensive knowledge of financial markets, securities, and investment strategies.
To become a CIC, individuals must complete a rigorous program of study and pass an examination administered by the Investment Counsel Association of America (ICA). The program consists of five courses: Investment Theory and Practice; Portfolio Management; Security Analysis; Financial Markets and Instruments; and Professional Ethics. The courses can be taken online or through local universities or colleges that offer them.
The exam is offered twice a year in April and October. It consists of two parts: a written portion and an oral portion. Candidates must pass both portions in order to receive their CIC designation. The cost for the exam varies depending on where it is taken but typically ranges from $500-$1,000.
Once an individual has passed the exam, they will need to submit an application for certification with the ICA. This includes providing proof of completion of the coursework as well as proof of passing the exam. Once approved, candidates will receive their official CIC designation certificate from the ICA.
Overall, becoming a CIC requires significant effort and dedication but provides professionals with a valuable credential that can help them stand out in the competitive field of investment counseling.
9. Chartered Retirement Planning Counselor (CRPC)
Chartered Retirement Planning Counselor (CRPC) is a professional designation offered by the College for Financial Planning. It is designed to provide financial advisors with specialized knowledge and skills in retirement planning. The CRPC program focuses on helping clients build and manage their retirement portfolios, as well as providing advice on tax-efficient strategies to maximize their retirement income.
To become a CRPC, individuals must first complete an approved college-level course of study from the College for Financial Planning. This includes a minimum of 30 credit hours of coursework, which can be completed online or in person. After completing the coursework, individuals must pass a comprehensive exam administered by the College for Financial Planning.
The cost to obtain the CRPC designation depends on whether you choose to take the courses online or in person. The fees range from $2,500 to $3,000 depending on your choice of learning format.
In addition to completing the coursework and passing the exam, applicants must also meet certain experience requirements before becoming certified as a CRPC. These include at least three years of full-time experience in financial services or related areas such as accounting or law; two years of which must be specifically related to retirement planning activities.
Overall, it typically takes between six months and one year to become certified as a Chartered Retirement Planning Counselor (CRPC).
10. Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is a professional accountant who has met the educational, experience and examination requirements established by their state's Board of Accountancy. CPAs are licensed to provide a variety of accounting services, including auditing financial statements, preparing tax returns, providing consulting services and offering financial advice.
It typically takes four years to become a CPA. This includes completing an undergraduate degree in accounting or a related field, passing the Uniform CPA Examination and meeting any other requirements set by the state board of accountancy where you plan to practice.
To get certified as a CPA, you must meet the education requirements set by your state’s board of accountancy. This typically includes completing an undergraduate degree in accounting or a related field with 150 credit hours from an accredited college or university. You must also pass the Uniform CPA Examination administered by the American Institute of Certified Public Accountants (AICPA). In addition, many states require applicants to have some practical experience working in public accounting before they can be certified as CPAs.
The cost for becoming a CPA varies depending on your state’s specific requirements and fees associated with taking the exam. Generally speaking, you should expect to pay anywhere from $1,000-$2,000 in total costs for taking the exam and meeting all other requirements necessary for certification.
11. Certified Management Accountant (CMA)
Certified Management Accountant (CMA) is a professional certification awarded by the Institute of Management Accountants (IMA). It is designed to demonstrate an individual’s knowledge and expertise in management accounting, financial management, and strategic management. The CMA credential is highly respected in the business world as it shows that an individual has a mastery of the skills needed to be a successful manager.
To earn the CMA designation, applicants must pass two exams and meet certain educational requirements. The two exams cover topics such as financial planning, analysis, control, decision support, and information technology. Each exam consists of 100 multiple-choice questions and takes four hours to complete.
The educational requirements for the CMA include either a bachelor's degree or higher from an accredited college or university or equivalent work experience. Applicants must also have at least two years of professional experience in management accounting or financial management within the past five years.
The cost of becoming a Certified Management Accountant varies depending on which country you are taking the exam in. In the United States, it typically costs around $1,000 for both exams plus additional fees for study materials and registration.
Overall, it can take up to one year to become a Certified Management Accountant depending on how quickly you can prepare for and pass both exams.
Do You Really Need a Credit Administrator Certificate?
When it comes to deciding whether or not you need a Credit Administrator Certificate, the answer depends on your specific career goals. If you are looking for a job in the field of credit administration, having a Credit Administrator Certificate can be beneficial. It is an important credential that shows employers you have knowledge and experience in this area of finance.
The certificate demonstrates to employers that you have a solid understanding of credit administration processes and procedures, as well as the ability to manage financial data and interpret financial statements. A person with this certification will also have the necessary skills to research and analyze credit information, assist with loan applications, and help customers understand their options when it comes to financing their purchases.
Having a Credit Administrator Certificate can also open up additional job opportunities because many employers prefer to hire people who have specialized training in this field. Furthermore, having this certification may qualify you for higher salaries than those without such credentials.
Ultimately, whether or not you need a Credit Administrator Certificate depends on your individual career goals and ambitions. If you are serious about working in the field of credit administration, then obtaining this certification can be extremely beneficial and even essential for long-term success in your chosen career path.
Related: Credit Administrator Resume Examples
FAQs About Credit Administrator Certifications
1. What is a Credit Administrator Certification?
Answer: A Credit Administrator Certification is a professional certification that demonstrates an individual's knowledge and experience in managing credit risk, assessing creditworthiness, and understanding the legal and regulatory aspects of the field.
2. How do I become certified as a Credit Administrator?
Answer: To become certified as a Credit Administrator, you must complete an approved educational program, such as an accredited college or university degree program in finance, accounting or business administration with a focus on credit management. Additionally, you must pass the Certified Credit Administrator Exam administered by the National Association of Credit Management (NACM).
3. What is the difference between a Certified Credit Professional and a Certified Credit Administrator?
Answer: A Certified Credit Professional (CCP) is designed for experienced professionals who are responsible for evaluating the creditworthiness of customers and customers’ accounts. A Certified Credit Administrator (CCA) is designed for those who manage the day-to-day operations of credit departments including policy creation and implementation, collections, customer service, reporting etc.
4. What are the benefits of becoming a Certified Credit Administrator?
Answer: Becoming a Certified Credit Administrator will demonstrate to employers that you have the necessary skills and knowledge to effectively manage credit departments in any organization. Additionally, having this certification will help you stand out from other applicants when applying for jobs within the field of credit management.
5. How long does it take to become certified as a Credit Administrator?
Answer: It typically takes between 6 months to 1 year to complete all of the requirements necessary to become certified as a Credit Administrator depending on your educational background and experience level in the field.