Set-Msoluser : Access Denied. You do not have permissions to call this cmdlet

I have successfully connected to Office 365 Admin service and Exchange Online Services. I have tested the cmdlets such as Get-MsolUser and they work fine. However, when I try to run the command Set-MsolUser to change the Title, I get the Access Denied error as shown below. It's weird because I can manually go into Exchange and change any property I want but it won't let me run this command? Any way around this?

Script to update Office 365 user attributes

## Variables
$systemmessagecolor = "cyan"
$processmessagecolor = "green"
$savedcreds=$false                      ## false = manually enter creds, True = from file
$credpath = "c:\downloads\tenant.xml"   ## local file with credentials if required

## If you have running scripts that don't have a certificate, run this command once to disable that level of security
## set-executionpolicy -executionpolicy bypass -scope currentuser -force

Clear-Host

write-host -foregroundcolor $systemmessagecolor "Script started`n"

#install-module msonline
Import-Module -Name "C:\Temp\MsOnline" -Verbose
write-host -foregroundcolor green "MSOnline module loaded"

## Get tenant login credentials
$cred = Get-Credential


## Connect to Office 365 admin service
connect-msolservice -credential $cred
write-host -foregroundcolor $systemmessagecolor "Now connected to Office 365 Admin service"

## Start Exchange Online session
$EXOSession = New-PSSession -ConfigurationName Microsoft.Exchange -ConnectionUri https://outlook.office365.com/powershell -Credential $cred -Authentication Basic -AllowRedirection
import-PSSession $EXOSession -AllowClobber
write-host -foregroundcolor $processmessagecolor "Now connected to Exchange Online services`n"
write-host -foregroundcolor $systemmessagecolor "Script Completed`n"


# Load data from file.csv
$EXUsers = Import-csv file_path.csv


# Count variable for number of users update
$count = 0

# Go through each row that has user data in the CSV we just imported 
ForEach($User in $EXUsers)
{
    # Ppopulate hash table for Get-Msoluser splatting:
    $GetParams =
    @{
        UserPrincipalName     = $User.userPrincipalName
    }

    # Initialize hash table for Set-Msoluser splatting:
    $SetParams =
    @{
        UserPrincipalName     = $User.userPrincipalName
        Title                 = $User.title
    }

    # Get user and update.
    if ( Get-Msoluser @GetParams)
    {
         # Set User attributes
         Set-MsolUser @SetParams

         # Print that the user was updated 
         Write-Host -ForegroundColor Yellow "$User - User attributes have been updated." 

         # Update Count
         $count += 1    
     }
}

# Print the number of updated users
Write-Host $count "Users have been updated" -ForegroundColor Green

Error message

Set-Msoluser : Access Denied. You do not have permissions to call this cmdlet.
At line:1 char:59+ ... ncipalName "name@company.com" | Set-Msoluser -Title "Test Title"+                                          ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~+ CategoryInfo          : OperationStopped: (:) [Set-MsolUser], MicrosoftOnlineException+ FullyQualifiedErrorId : Microsoft.Online.Administration.Automation.AccessDeniedException,Microsoft.Online.Administration.Automation.SetUser