How to Become a Credit Card Product Manager
Career News June 7, 2014Are you a creative thinker and visionary with an interest in finance and credit? Then, this is the career for you, because it’s all about coming up with solutions and innovating in the business market.
A credit card product manager is a top position within the credit card company, and one that can pay up to $83,000 or more per year, according to the Certified Compensation Professionals organization. This place is a managerial role, and that means that these professionals build and direct product strategies.
The products in this case are the cards, as well as the entire contract and all terms and conditions. The product manager is in charge of investigating the business and developing or improving an existing credit card product.
Factors that Matter
Many factors are considered, such as the demographic; who is going to want this card? In addition, market competition is also considered, as well as price, terms, and long-term profitability for the business. The manager or director, as he or she is sometimes called, may actually manage multiple products or contracts, and is required to produce competitive products. Other duties include managing portfolios, profit and loss, and coming up with business strategies.
You will direct and lead employees under you, and will make it a goal to increase revenue for the business. You take responsibility for the work that your employees do, whether it’s positive or negative. This business rewards independence in thought, since all of the creative and financial aspects will be your efforts. You also delegate the roles and responsibilities of those under you.
Training and Experience Required
Experience is highly preferred by banks and credit card companies, since they want evidence of your efficiency and managerial knowledge. You are required to have creative abilities and experience in developing credit card products, with the intended results successfully completed, documented, and evidenced. You don’t only come up with ideas, but superior systems of action—you ensure that your products live up to the bank’s name, past portfolio, and present business goals.
Since this is a managerial position, it is common to ask for five or more years of related experience with this specific line of business. You will have the capacity to develop products, but will also show the proven ability to lead people. You are required to know the practices associated with the industry, why procedures work, and how to improve state and federal compliance in all products.
Because this is a manager’s job, it is practically assumed that you have a bachelor’s degree, since you learn the basics of management and finance (or economics, or credit, depending on your curriculum) in this coursework. However, companies are just as interested in proven business experience, and will usually hire bachelor’s degree applicants as clerks or officers before testing them with a managerial role.
If you’re just itching to accomplish something greater than what you are currently doing, and want a fast track to a high paying and respected career, then it’s time to prove your value by earning your degree.
