Number of credit professionals over the age of 40 has increased by 16% in the last 7 years, research shows.

The proportion of credit professionals over the age of 40 has increased by 16 per cent in the last 7 years (from 55 per cent of respondents in 2005 to 71 per cent in 2012), new research finds. The number of people over the age of 60 who remain in the profession, compared to a similar poll in 2005, has increased by 5 per cent. This suggests that the proportion of young and new talent within the industry is on the decline.

Over half of people polled by Graydon UK in 2012 have been in their current role for more than five years (including 27 per cent who have been working in their role for a decade or more) indicating that many credit professionals are stable in their jobs.

Further findings

The survey also shows that credit professionals typically work in small teams, with 63 per cent of companies employing up to five people in the credit function. Working in small teams when combined with people staying in jobs can inhibit career progression.

In a market where almost a quarter of credit professionals report that they have never attended a professional training course to support an advance their skills, it is not surprising that almost half of professionals polled have an appetite for further education.

Gordon Skaljak, external spokesperson, Graydon UK, commented: "It is important that senior members of the credit industry pass down their knowledge and expertise to the next generation of credit professionals in order to ensure that a knowledge gap does not surface.

"In a market where many credit professionals operate in small teams where progression may be limited, it is crucial that companies offer training and development. Staff should be encouraged to seek professional accreditations wherever possible. This will also help to attract new recruits to the credit management industry."