Credit Business Fellow (United States)

Credit Business Fellow (United States)

The Credit Business Fellow (CBF) is an academic- and participation-based designation offered by the National Association of Credit Management (NACM), a nonprofit organization based in Columbia, MD (USA) that promotes standards for the business-to-business credit profession, serving as an advocate in addition to providing education and services. The CBF affirms achievers are knowledgeable about and have contributed to the field of business credit by first having earned NACM’s Certified Business Associate (CBA) designation, as well as having completed additional coursework. The CBF signals competence in intermediate financial analysis and business and credit law.

The designation is achieved by successfully taking the required certification exam. Those seeking to take the exam must register with the NACM-National Education Department by submitting a CBF application form. Items included with the registration form include a copy of candidate’s resume or a summary of professional experience, certificates, continuing education earnings records, end of course certificates, educational seminars, official transcripts from undergraduate or graduate colleges or universities received directly from the institution and an application fee.

For the CBF designation, an NACM Career Roadmap must also be submitted. The Roadmap details points awarded for both formal and continuing education, work experience, participation at local and national NACM offices, as well as special activities. A total of 75 points is needed to qualify for the CBF designation.

Additional courses

Beyond those of the CBA, the following needed to qualify for this designation are:

  • Business Law I (Contracts, Negotiable Instruments)
  • Credit Law (UCC, Bankruptcy, Antitrust)
  • Financial Statements: Interpretation and Credit Risk Assessment (formerly called Financial Statement Analysis II)


Business Law I is designed to introduce students to the basics of law, the legalities of contracts and the emerging importance placed upon laws affecting cyber crimes. The course runs approximately 12 weeks and is instructed by a legal professional. During the duration of the course, students must take two proctored exams. Students receive a certificate of achievement and earn course credit toward the CBF upon successfully completing the course with a score of 70% or higher.

Business Law I can be completed in the following ways:

  1. Advanced Credit Administration Program (ACAP): Offered through local NACM Affiliate offices.
  2. College: One semester of Business Law or the Legal Environment of Business.
  3. Online Self-Study: NACM-National offers an independent, online study course.


Credit Law is a continuation of the Business Law course and looks more closely at negotiable instruments, debtor-creditor relationships and government regulations. The course runs approximately 12 weeks and is instructed by a legal professional. During the duration of the course, students must take two proctored exams. Students receive a certificate of achievement and earn course credit toward the CBF upon successfully completing the course with a score of 70% or higher. Credit Law can be completed in the following ways:

  1. ACAP: A program offered through local NACM Affiliate offices.
  2. College: One semester of Advanced Business Law or Business Law II may fulfill this course requirement. Course information must be submitted to the NACM-National Education Department for equivalency evaluation.
  3. Convention Certificate Session: The Credit Law course is offered on a varying schedule at the annual Credit Congress as a certificate course (a multi-day program). To receive course equivalency, all parts of the course must be attended in addition to a passing grade on the final exam.
  4. Online Self-Study: NACM-National offers an independent, online study course in Credit Law.


Financial Statements: Interpretation and Credit Risk Assessment is an intermediate financial analysis program designed for credit analysts and managers seeking comprehensive understanding of what’s behind the numbers in financial reports. It is designed to improve the credit professional’s ability to analyze and interpret financial statements leading to quality credit risk assessment. The program gives equal weight to the process of financial reporting, the analysis and interpretation of financial statements and the steps required to write a quality credit line recommendation. Participants receive in-depth exposure to:

  • Investments: Short-and Long-term
  • Receivables
  • Inventories and Valuation Methods
  • Fixed Assets and Depreciation
  • Financing: Debt and Equity
  • Financial Reporting for Leases
  • Income Tax Reporting
  • Pensions and Postretirement Benefits
  • Ratio Analysis
  • Cash Flow Analysis
  • Credit Risk Assessment

Financial Statements: Interpretation and Credit Risk Assessment can be completed in the following ways:

  1. ACAP: A program offered by local NACM Affiliate offices.
  2. College: One semester of an advanced finance course may fulfill this course requirement. Before taking a college course, course information must be submitted to the NACM-National Education Department for equivalency evaluation.
  3. Certificate Session: A multi-day program offered at the annual Credit Congress (link to NACM entry) or at the NACM-National office. To earn course equivalency, all parts of the course must be attended and the required exam(s) passed.


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