The ICM Level 3 Diploma in Credit Management is composed of four individually examined and certificated modules (which include the Foundation Award in Credit Management):
1. Introductory Credit Management
Completed as Credit Management (Trade Consumer and Export).
2. Business environment
Course aim: to develop an understanding of the national and international economic environment within which business organisations function and provide an introduction to the practice of management. Students will be able to determine the factors affecting the structure and growth of organisations and describe the ways in which enterprises attempt to influence their markets. They will also be able to explain the main effects on organisations of micro and macro economic influences.
- a. The nature of business
- The British economy
- Nature of industry and employment
- Types of business organisations
- Organisational objectives
- Stake holders
- Growth and development of organisations
- Factors for organisational change
- b. Organisational management
- Management functions and responsibilities
- Leadership and management styles
- Motivation and job satisfaction
- Performance appraisal
- Team working
- Communication systems
- c. The market environment
- The marketing concept
- Elements of marketing
- The product life cycle
- Promotion
- Pricing strategies
- d. The competitive environment
- Market structures and behaviour
- Supply, demand and pricing
- Effects of government intervention and regulation
- Price elasticity
- e. The broader business environment
- National income and changes in the level of economic activity
- Inflation and deflation
- Government economic policies and their effects
- Free trade and protection
- The European Union
- Exchange rates
3. Business law
Course aim: to provide a broad understanding of the legal context and structures in which business operations are carried out. Students should be able to demonstrate a detailed knowledge of those particular aspects of contact and commercial law which directly affect credit management operations and to apply the relevant legal principles to practical situations.
- a. The English legal system
- Common law
- Statute law
- Delegated legislation
- European community law
- Jurisdiction of the courts
- b. Law of contract
- Essentials of a binding contract
- Terms
- Validity
- Guarantees and Indemnities
- Privity and Assignment
- Discharge
- Remedies
- c. Sale of Goods and related topics
- Sale of Goods Act 19779 (as amended)
- Supply of Goods and Services Act 1982
- Unfair contract terms and legislation
- d. Agency
- Creation
- Duties of an agent
- Duties of a principal
- The agent's authority
- The agent's liability
- Termination
- Bailment
- e. Cheques and other contractural matters
- Cheques
- Definition
- Crossings
- Duties of customers and of banker
4. Accounting
Course aim: to develop an understanding of the fundamental accounting principles and techniques, with particular emphasis on those affecting credit management. At the end of the course students should be able to prepare a number of specific financial statements for trading entities, identify and critically appraise sources of business finance, and explain the significance of working capital and the mechanics of the cash operating cycle. They will also gain an appreciation of the regulatory framework, the audit function, statutory accounts and budgetary control.
- a. Accounting principles and techniques
- Reasons for keeping accounts
- The accounting equation and rules of double entry, the cashbook, credit transactions and discounts
- Control accounts
- Bad debt
- Depreciation, accruals and prepayments
- Trial balance, final accounts and statutory accounts
- b. Regulatory framework
- Concepts, conventions and accounting standards
- Audit
- c. Business finance
- Types and sources of finance
- Working capital
- Cash operating cycle
- Budgetary control
- d. Ratio calculation
DELEGATES MUST HAVE SUCCESSFULLY COMPLETED THE CREDIT MANAGEMENT (TRADE CONSUMER AND EXPORT) AS A PRE-REQUISITE TO ENROLLING FOR ANY OF THE THREE ADDITIONAL UNITS ON THE LEVEL 3 DIPLOMA IN CREDIT MANAGEMENT.