qualification expectations - Chartered Institute of Credit Management

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Mar 1, 2017 - eligible for funding for Level 3 Diploma in Credit. Management ... activities and attend regular technical
From May 2017, companies with an annual wage bill of over £3 million pa must contribute 0.5 percent of their pay bill (minus £15,000 allowance) to an apprenticeship levy which they can only use to pay for apprenticeship training

APPRENTICESHIPS

TIPPING POINT

QUALIFICATION EXPECTATIONS FELLOW... FCICM, FCICM(Grad)

Could apprenticeships be the tipping point which transforms the profile of credit management? Debbie Tuckwood, CICM Head of Education and Professional Development, believes they could if credit managers join the apprenticeship revolution.

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REDIT management is a great career and encouraging people to be part of it is an exciting challenge. Creating an environment where there is the expectation that those working in credit management and collections are qualified would transform the image and influence of the profession. If Chartered recognition was a fundamental step, the new credit management apprenticeships are surely the tipping point. The new apprenticeships mean funding for qualification and the establishment of clear links between job roles and qualifications. Potentially, credit and collections managers could qualify whole teams while favourable funding is in place, as well as recruiting new, young talent to the profession. FAVOURABLE FUNDING Employers can draw down all costs for apprenticeship training from their apprenticeship levy, if this is large enough, or they can make significant savings on training fees if they are a non-levied company because of favourable government funding. Apprenticeships are not

just for new recruits; existing employees can be funded through this route. Under new Trailblazer Apprenticeship arrangements, there are no age limits to accessing funding or changes to terms and conditions of employment for existing employees, although those on the programme would need time to study during work time. Even employees qualified to degree level are eligible for funding for Level 3 Diploma in Credit Management programmes, thus providing a funded fast-track pathway to higher level professional qualifications and CICM Graduate Membership. APPRENTICESHIP LEVY From May 2017, companies with an annual wage bill of over £3 million pa must contribute 0.5 percent of their pay bill (minus £15,000 allowance) to an apprenticeship levy which they can only use to pay for apprenticeship training. Non-levy paying companies will be able to use Government funding to deliver apprenticeships by contributing 10 percent of the apprenticeship cost with the Government paying the other 90 percent. Small employers (with less than 50 employees) will be able to train 16-18 year olds at no cost.

APPRENTICESHIP OPTIONS

There are three levels of relevant apprenticeships. Each includes a range of professional qualifications including CICM Diplomas:

MEMBER

ASSOCIATE ............................................................ ACICM AFFILIATE PROFESSIONAL LETTERS

Certificate Credit operations Certificate L2 Apprenticeship

OPERATIONS LEVEL

ADVANCED PRACTITIONER/ SUPERVISOR/TEAM LEADER LEVEL (Funding cap £9,000)

Level 3 Advanced Credit Controller and Debt Collection Specialist Apprenticeship. Level 3 Compliance/Risk Officer Apprenticeship.

SENIOR PRACTITIONER/ MANAGER/ DEPARTMENTAL HEAD

(Funding cap £27,000)

Level 6 Senior Compliance/Risk Specialist Apprenticeship. Level 6 Financial Services Professional Degree Apprenticeship (in development)

L3 Diploma Advanced practitioner Supervisor Team leader L3 Apprenticeship

(Funding cap £5,000)

Level 2 Credit Controller and Collector Apprenticeship.

March 2017 www.cicm.c om

The recognised standard

L5 Diploma Senior practitioner Manager Department head

L6 or Degree Apprenticeship

LEVEL 2 CREDIT CONTROLLER/COLLECTOR APPRENTICESHIP This programme develops the knowledge and skills required to be a qualified credit controller/collector. At the end of the course, apprentices could achieve a CICM qualification in addition to the Level 2 Apprenticeship.

CICM assesses the apprenticeship by two assignments completed towards the end of the apprenticeship and a professional discussion. These two methods check achievement of the Level 2 apprenticeship standard.

Apprentices are required to complete a range of work-based activities and attend regular technical classes to build their knowledge and skills in the areas outlined in the apprenticeship standard. Classes cover credit control or consumer collections, and business communications and personal skills which the learning providers deliver by regular face-to-face or virtual classes. In addition, coaches supply support over 12 – 18 months.

The Institute also recommends CICM apprenticeship membership and completion of a CICM cash collection or debt collection negotiation assignment during the programme for feedback on progress before end-point assessment. This has the additional benefit of giving enough credits for the CICM Level 2 Certificate in Credit Management on completion of the apprenticeship.

LEVEL 3 ADVANCED CREDIT CONTROLLER APPRENTICESHIP This programme develops the knowledge and skills required to be a qualified advanced credit controller or debt collection specialist. At the end of the course, apprentices will have achieved highly respected professional qualifications in addition to the Level 3 Apprenticeship and recognition, for example as an Associate of the Chartered Institute of Credit Management (ACICM).

There are various options available for the CICM Level 3 Diploma in Credit Management, but the Institute recommends completion of examined units in credit management, business environment, accounting principles and business law in order to maximise progression opportunities, e.g. to the Level 5 Diploma in Credit Management.

Apprentices complete a range of work-based activities over two years with the support of a coach and their employer to help build their knowledge and skills in the areas outlined in the apprenticeship standard. In addition, they study for the CICM Level 3 Diploma in Credit Management or another recognised professional qualification to build their technical knowledge.

CICM assesses the apprenticeship by an assignment to showcase skills learnt throughout the apprenticeship and a professional discussion to check achievement of the Level 3 apprenticeship standard. Apprentices must pass their professional qualification before entering for this apprenticeship end point assessment.

The Government has made wide-reaching changes to apprenticeships in an attempt to kickstart a skills revolution. They aim for over three million apprentices by 2020. The CICM believes this could be the tipping point for credit management and urges credit and collections

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.................... MCICM, MCICM(Grad)

The recognised standard

managers to join the apprenticeship revolution to qualify teams and transform the profile of the credit management profession. A community of highly-trained and qualified professionals will surely establish credit management and collections at the essential heart of a business.

CICM is happy to advise on options. Contact [email protected] for advice or see the CICM website for further information. If your company has a preferred learning provider, CICM can advise on how they could support delivery of these apprenticeships. w w w .c i c m . c o m M a r c h 2 0 1 7

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