Credit and Loans Officer
Note: Completion of a TAFE SA course does not guarantee an employment outcome. Formal requirements other than educational qualifications (eg licensing, professional registration), may apply to some occupations.
||Openings 5 years to 2016-17: 5 000 < 10 000
||Median weekly earnings: $801 to 950 (Source: DEEWR Australian Jobs 2012: www.deewr.gov.au/australian-jobs-publication)
||Being a credit and loans officer involves much more than processing loan applications. It is about customer service and assisting people to realise their dreams.
There are currently around 3,100 credit and loans officers employed in South Australia. Employment is largely full-time and most work in the finance and insurance industry. Over half of persons in this occupation are female and most are employed in the Adelaide metropolitan area. This occupation has a younger age profile with less than a third of those employed aged 45 years or older.
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Credit and loans officers process credit and loan applications. It is their responsibility to ensure that potential customers are not a financial hazard to the lending institution. Assessment of a prospective borrower, which may be either an individual or a business, involves a number of steps. Credit and loans officers review the application form, undertake a standard check of previous credit ratings, contact and verify referees, and usually interview the loan applicant.
Not quite the career you are looking for? Please try the related course profiles below:
You may complete a commerce degree majoring in banking and finance.
TAFE SA offers the following courses that may assist in finding employment in this occupation:
Certificate II and III in Financial Services
Flinders University offers a Bachelor of Commerce degree.
The University of Adelaide offers a Bachelor of Commerce, Bachelor of Economics and a Bachelor of Finance degrees.
The University of South Australia offers a Bachelor of Applied Science in Finance and a Bachelor of Applied Science in Commerce degrees.
Those new to the field earn about $25,000, while those with a higher level of experience can earn up to $40,000. There is the possibility to earn up to and beyond $90,000 for credit and loans officers who move into managerial positions. Membership with the Australian Institute of Credit Management is available, but requires completion of a relevant degree, certificate or diploma.
Property and Business Services
Nature of the Job
On approval of a loan or credit application, a contract or document must be drawn up by the officer, stating the conditions and terms of the agreement. Credit and loans officers also keep records of the status of loan payments, paying close attention to those which are overdue. This information enables them to prepare account statements for clients and to provide periodical reports to management. A credit and loans officer must have accurate maths skills, and the ability to make sound judgements about people's capacity to service a loan. Good negotiation and influencing skills are also helpful when dealing with customers who may not meet the criteria for credit or a loan. An important quality that employers look for is honesty, as credit and loans officers deal with other peoples' funds. Written and oral communication skills are also important, especially when dealing with client and staff enquiries and when processing applications.
Typical Physical Working Environment
Credit and loans officers work in banks, credit unions, commercial businesses, finance companies and insurance companies. They need to have excellent communication and negotiation skills. Credit and loans officers work indoors in an office environment. Standard hours are worked except in busy times, when an officer may work a 45 or 50 hour week.
Typical Occupational Example
Becoming a credit and loans officer is a solid first step to a career pathway in the finance industry. 'I have been interested in the finance industry since high school. Given the fact that jobs were readily available and there seemed to be opportunities to go up the career ladder, being a credit and loans officer appealed,' says Richard Mulroney, the manager of a commercial business. Senior positions in management are available to those who work hard and gain as much experience as they can. The economy is a major factor affecting the demand for credit and loans officers and as the economy is currently strong, so is this demand.
The educational qualifications and experience required for entry to this occupation vary between companies. Entry can be attained through gaining practical experience in a related field such as business, finance, banking or credit management.
For further information about all TAFE SA Courses, phone 1800 882 661 or enquire online