Practical Credit Management Project

What is the Practical Credit Management Project?

The ICM Practical Credit Management Project is a unit award that is accredited by the
Qualifications and Curriculum Authority (QCA) at Level 5. It will give you either a stand-alone
nationally recognised award or you could put it towards the ICM Level 5 Diploma in Credit
Management qualification, which is a qualification equivalent to a Foundation Degree.

Can anybody submit a project?

Yes, you just need to be registered with the ICM.

What is required?
You need to investigate one aspect of credit management and produce a project of
approximately 5,000 - 10,000 words. The brief has been kept broad to give you the opportunity
to look into any area that interests you.

Brief

Investigate one aspect of the credit function, analysing the effectiveness of the systems and
processes used and recommending improvements to working practice.

What if I do not currently work in credit management?

This is not a problem. You could approach any company and offer to look at their credit control
procedures or perhaps tackle a more theoretical problem. Your ICM Branch Education Officer
may be able to help you to find a company. You can also discuss this option with an ICM
Learning Co-ordinator (Tel: 01780 722909).

How is it marked?
The ICM syllabus explains how marks are allocated. You receive credit for how well you explain
the reasons behind your project (i.e. your rationale), your description of method, and your
presentation of results, conclusions and evaluation. In addition, marks are awarded for
presentation, initiative, effort and achieving deadlines. You will find advice in the syllabus about
what you could include, and you will pass if you gain a mark of at least 50%.

What support is available for me?

Teaching centres provide, for a fee, a project workshop day or teaching sessions to initiate and
develop ideas, and provide advice on each aspect of the project. They will also set you up with
a project supervisor who will mark your work at critical stages, and offer constructive advice and
feedback.

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Can I work independently?
Of course, although we recommend that you register with a teaching centre and a project
supervisor. Your project would then have been partly marked before you submit it and you
would have had an opportunity to make improvements.
If you are considering working independently, however, do contact an ICM Learning Co-
ordinator (Tel: 01780 722909) who will be able to run through the administration procedures.

Am I able to carry out the project if I live outside the UK?

Yes. An ICM Learning Co-ordinator will be able to arrange for a project supervisor for you, or
you could work independently of course.

When would I need to submit the project for marking?

You must submit your project by the first day of exam week, i.e. in January (week 3) and June
(week 24). Before this though, you would need to complete an assessment entry form. This is
available from the ICM Education Department in October and April or, if you are registered as a
student or Associate, will be sent to you directly.

When will I find out if I have passed?

You will be sent your result at the end of August if you submitted your project in June, and at the
end of March following a January submission. Results are issued at the same time as those for
ICM examinations and your certificate should follow within the month.

Can I see examples of projects?

Yes, teaching centres have examples that you can look through. Also, you might find it helpful
to look on the ICM website where we publish a list of some subject areas that have been
covered in the past. It is sometimes interesting to cover a similar topic but in a different
company and sector. Your supervisor will be able to advise on areas that are appropriate for
study. Perhaps the best advice, though, is to avoid being too ambitious. Remember you are
only expected to write 5,000 words (about 12 pages). It is better to choose a small area of
study, and save any more ambitious plans for the future.

Is any other advice published to support me with the project?

Yes, the ICM Bookshop (Tel: 01780 722901) stocks a project workshop booklet that takes you
through each stage of the project process. The following book also provides useful reading:
Lashley C. and Best W. (2001) ‘12 steps to study success’, Continuum:London.

How strict is the word limit?

The following can be excluded from the project word count.
Quotations, tables, figures, diagrams, footnotes/end notes, bibliography and appendices.
However footnotes/end notes should be kept to reasonable limits and used for reference
purposes only and not to extend the text.

How do I avoid plagiarism and how does the ICM check that the project is
my own work?
We provide advice on avoiding plagiarism on the ICM website. Please read this carefully. The
Institute takes care to check the authenticity of work and we are required to report to QCA any
cases of malpractice, which might affect results in examinations taken with other examination
boards.

I’m interested. Who should I contact to get started?

Contact Sue Kettle in the Institute’s Education and Membership Department in the first instance
(Tel: 01780 722909). Sue will be able to answer any further questions you might have and
provide you with a full syllabus. She will also discuss supervision options and help you register
with a teaching centre.
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Practical Credit Management Project areas

• Project to reduce billing errors and disputes by improving the maintenance of customer
accounts of an international company in the service sector.

• Project investigating credit limits and forward risk assessment in the fashion industry.

• Project investigating the processing and effectiveness of quality complaint credit note
procedures of a food distribution company.

• Project investigating working practices and motivation in a university fees office.

• Project reporting on the installation of new accounting software into a retail company
and its effects on the credit function.

• Project researching the suitability of decentralising the credit department of an

international training and software organisation.

• Project investigating bailiff action in the commercial property sector.

• Project for a telecoms company aiming to increase the ratio of customers paying by
direct debit.

• Project evaluating current credit management processes of a company in the

manufacturing sector.

• Project to find the optimum mix of credit control techniques to achieve maximum cash
collection for a welding company.

• Project investigating the telephone collection activity of a newly acquired company in

the construction sector.

• Project investigating performance and survival of live customer accounts operating on

pre-set credit limits of a company in the retail sector.

• Project to develop a system for handling disputed invoices within a forklift truck
business.

• Project to investigate the effectiveness of existing credit checking procedures within a

pharmaceutical industry.

• Project on the integration and centralisation of the credit functions of a newly acquired
business in the electronic office supplies sector.

• Project to appraise the collections procedures in a property assets consultancy firm.

• Project to improve management of credit risk through better control of the customer
master file in a laboratory equipment and chemicals manufacturing business.

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 • Project to investigate the feasibility of centralising branch credit control procedures for a
business within the automotive sector.

• Project to improve the invoicing process in a short term vehicle leasing business.

• Project to redevelop the existing new account application form for an International
Construction and management consultancy business.

• Project to develop the credit policy in a company providing vehicle tracking equipment
for fleet vehicles.

• Project to review and improve DSO analysis within a group of companies in the
computer consumables industry.

• Project to analyse and improve the existing credit account management procedures
manual within a concrete, clay and natural stone producing business.

• Project to investigate the feasibility, cost and benefits of implementing either an off-the-
shelf or bespoke collections system.

• Project to investigate credit control computerised collection systems and how to

maximise their use to enable the best impact on the credit control department.

• Project to investigate credit vetting and risk assessment procedures of a luxury goods
watch wholesaler.

• Project reviewing the credit approval procedures of a civil engineering company.

• Project to improve the process of identifying and following-up cancelled/unusable direct

debit instructions in a publishing company.

• Project to investigate, devise and implement an interdepartmental procedure for query

management and resolution in an insurance company.

• Project regarding opening trade accounts and setting credit limits for new customers of
a multinational digital imaging equipment manufacturer.

• Project investigating credit and sales integration within a construction company.

• Project remodelling the credit application process in a telecoms company.

• Project measuring cash collection performance in a car parts manufacturing company.

• Project investigating how a company can maximise the benefits from granting credit by
having a detailed written policy.

• Project to investigate the effectiveness of a team responsible for cash posting,

allocation and association reporting in multinational subsidiary company.

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 • Project to investigate how a shared service centre can help a multinational oil company
get debtors paid faster.

• Project assessing credit limits in an aircraft parts manufacturer.

• Project investigating how key accounts are handled within a major supplier of
kitchen/bathroom fittings.

• Project investigating and analysis of credit card payments in a mobile

telecommunications network company.

• Project investigating whether the centralisation of a company’s brand name benefit the
credit department within a money broking company.

• Project investigating improvements in the knowledge a suppliers payment system in

order to improve cash flow.

• Project investigating how to reduce the impact of queries on cash flow by improving
working practices and query handling procedures.

• Project investigating credit management problems and implementations of credit policy.

• Project investigating the main cause of overdue debt at an Insurance company and how
credit control processes can be improved to eliminate the problems.

• Project providing a guide to a new accounts opening policy in a foodservice company.

• Project investigating the use of credit notes and how to reduce these within a seed and
seed-related product company.

• Project investigating the effectiveness of risk assessments in a small merchandising

company.

• Project in respect of the introduction of an automatic credit vetting system and risk
monitoring tool into a leading UK energy company.

• Project investigating the improvement of common areas within the credit department
which affect incoming business and cash flow.

• Project investigating the procedures used to maintain the sales ledger accounts within
the telecommunications industry.

• Project investigating staff training and development within a credit control department.

• Project investigating how to minimise the risk of card fraud in the work place when
accepting payment by credit and debit card.

• Project investigating the Education Act 2004, changes to university funding and debt
management processes.

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 • Project investigating how to increase the probabilities of successfully claiming under a
standby Letter of Credit.

• Project investigating the introduction of a direct debit system to new and existing
customers.

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