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The assessment entry form for assignments and projects for October 2010 is available to download from here.  Closing date for entries at £64.00 1 October 2010.

Flexible qualifications for a changing world

Working in credit control?  Interested in exams in credit?  Need qualifications in credit management, trade credit insurance, money and debt advice, or debt collection?  You've come to the right place.

As a nationally recognised awarding body¹, the ICM works with employers and trainers to develop specialised units for credit controllers and other credit specialists. ICM qualifications make a difference because they help credit people put into practice what they have learned to raise performance at work.  Under the ICM Learning Partnership Scheme, the Institute promotes the work of the credit management department and helps establish bespoke training programmes for credit teams.

• Flexible credit based qualifications²
• Wide choice of credit-related units
• Qualifications in trade credit, export credit or consumer credit management
• Specialised units in trade credit insurance, debt collection and money advice
• Assessment by online exams or assignments

       ¹    The ICM is recognised by the qualification regulatory authorities for England, Wales and Northern Ireland

        ²  ICM qualifications are accredited on the Qualifications and Credit Framework (QCF)

ICM Professional Qualifications

If you work in credit, ICM Professional Qualifications will help you improve your effectiveness and career prospects.  ICM unit awards and diplomas are nationally recognised and provide a bench mark for the credit industry.  Specialised units and a flexible structure gives the opportunity to build qualifications to suit roles and career ambitions.  You can either take a single ICM unit or build credit for an ICM Diploma through completion of a selection of units.  Also you can transfer credit between levels and from other relevant qualifications.

The ICM Professional Qualifications includes a range of credit management related units which vary in size.  Each unit is individually certificated and requires up to six months of learning.  Some units involve a final e-test or written examination and others are assessed by a written assignment.  An ICM Diploma takes about two years to complete, depending on how many units you take at one time and the amounts of credits you transfer from other qualifications.  If you work in any area of credit control you will find a qualification to suit you, from a small unit based on a one-day training seminar to a longer course leading to an exam.

There are three qualifications:

ICM Level 2 Diploma in Credit Management (QCF) - GCSE (A-C) standard Affiliate Member

ICM Level 3 Diploma in Credit Management (QCF) - A level standard Associate Member (AICM)

ICM Level 5 Diploma in Credit Management (NQF) - Foundation Degree standard Graduate Member MICM(Grad)

ICM Money and debt advice syllabus

Qualifications in debt collection are coming soon.  Email:  professionalqualifications@icm.org.uk to find out more.

The Level 2 Awards and Diploma in Credit Management are the Institute's entry qualifications which are readily achievable and provides you with baseline skills and knowledge.

The Level 3 Diploma is the goal if you aspire to more senior roles, ICM Associate membership or degrees in credit management.

The Level 5 Diploma is the Institute's Graduate qualification and provides essential knowledge if you work in a credit management role.

ICM professional membership

When you register with the ICM Awarding Body you are automatically awarded affiliate membership of the Institute of Credit Management (non designatory grade). 

Qualified grades

Associate (AICM)  For ICM Level 3 Diploma or equivalent qualification with two years credit management experience.

Graduate MICM(Grad)  For ICM Level 5 Diploma or Foundation Degree in Credit Management.

Level 2 Diploma For essential baseline skills and knowledge

• Show you are competent in your role
• Raise your confidence and performance at work

This level is for you if you want to improve your skills and get recognition for your role.  ICM learners work in a wide range of areas, e.g. credit control, cash collections, debt recovery, credit risk analysis, debt collection and debt and money advice.

You can start with a small unit (worth 3 credits) to establish competency in your area of work, e.g. credit applications processing or cash collections, then continue on to larger skills units or specialised units e.g. in telephone collections or rent collections (6 credits each).

You can choose any number of units and complete in any order.  All of the following are assignment based.

• Credit application processing (3)
• Credit assessment (3)
• Cash collections (3)
• Debt recovery (3)
• Telephone collections (6)
• Negotiation and influencing (6)
• Customer relations and cash collections (6)
• Business communications and personal skills (6)
• Business solutions through creative thinking (6)
• Rent collections (6)
• Utilities collections (6)

The figure in brackets show the unit credit value (one credit represents ten learning hours).

Credit principles

To gain the Level 2 Diploma you would need to accumulate at least 37 credits and include a credit management principles unit (9 or 10 credits each) which is tested by an online exam.

• Credit Management (trade, export, consumer) (10)
• Trade credit management (9)
• Consumer credit management (9)
• Export credit management (9)
• Trade credit insurance (9)

Level 3 Diploma (AICM) For improved career prospects

• Raise your effectiveness
• Improve your career prospects
• Gain access to degrees in credit management

If you inspire to more senior roles, ICM Associate membership (AICM) or degrees in credit management you should aim for the Level 3 Diploma.

The Level 3 includes units in business environment, business law and accounting principles which you will need to complete if you plan to study at a higher level.  Alternatively, you could include any other ICM units.

• Credit management (trade, export, consumer) (10)
• Trade credit management (9)
• Consumer credit management (9)
• Export credit management (9)
• Trade credit insurance (9)
• Accounting principles (10
• Business law (10)
• Business environment (10)

All examined by online multiple choice with the exception of Accounting principles which is examined by a 3-hour written examination.

In a similar way to gain a Level 3 Diploma you will need to accumulate at least 37 credits and include a credit management principles unit.  You have some flexibility because you could include up to 15 credits from the level below, for example, if you have an ICM level 2 pass in the credit management unit, you could include credit from this towards the ICM Level 3 Diploma in Credit Management.  Also, you could bring up to 15 credits from other business, administration and finance qualifications, such as management and leadership or customer service.

Level 5 Diploma (MICM(Grad))  For improved career prospects

• Essential skills to maximise the efficiency of the credit department
• Professional recognition

The Level 5 Diploma is the Institute's graduate qualification and provides essential knoweldge for the credit manager covering credit policy, strategy, departmental management, risk assessment and control, systems, collections team management, law and legal proceedings.

There are currently four compulsory units: advanced credit management, legal proceedings and insolvency, credit management law and practical credit management project.  More choice will be available in 2010 as the ICM develops further options.  You would need Level 3 or above qualifications in credit management, accounting, business law and business environment to progress to this level.

Foundation Degree in Credit Management

You can transfer from the ICM Professional Qualifications to the Foundation Degree in Credit Management at any time.  Thames Valley University will offer exemptions for ICM units in credit management, accounting principles, business law and business environment at Level 3 and advanced credit management and credit management law at Level 5.

Where to start

• Decide which level is best for you
• Choose the unit you would like to study first
• Register with the ICM (online or by phone)
• Contact ICM Education to discuss your study options.  Choices range from evening classes to supported home study and in-company learning.
• Once registered, check ICM Education's monthly study updates to find out deadline dates for assessment entry.

How will the ICM assess me?

The ICM assesses each unit either by an assignment or examination.  Because most Level 2 and 3 units are assessed at multiple levels, if you miss out, for example on a pass at Level 3, you may gain a Level 2 pass. 

For further advice

ICM qualifications benefit you because they are very flexible and allow choice of units and study methods which best suit your personal circumstances.  However, we understand that sometimes it is difficult to decide on the best way forward.  If this is the case, please do not hesitate to contact us to talk through your options. education@icm.org.uk 01780 722909