Collections Specialist Salary

The average Collections Specialist in the United States can expect to rake in roughly $15.61 per hour. Overall cash earnings for Collections Specialists stretch from $26K on the lower end to $51K near the top, and the heftiest packages can encompass around $10K from bonuses and $8K from profit sharing. Geography and tenure each impact pay for this group, with the former having the largest influence. Medical benefits are awarded to a fair number, and more than half earn dental coverage. Job satisfaction is high and work is enjoyable for most Collections Specialists. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.
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$29,135 - $53,955
(Median)
$29K
$40K
$54K
MEDIAN: $39,918
10%
50%
90%

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$11.78 - $20.74
(Median)
$12
$16
$21
MEDIAN: $15.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$18K$36K$54K
Salary
$29,135 - $53,955  
   
Bonus
$0.00 - $9,748  
Profit Sharing
$201.34 - $7,783  
Commission
$8,844  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$26,327 - $50,958  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 691
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$11$22$33
Hourly Rate
$11.78 - $20.74  
   
Hourly Tips
$6.67  
Overtime
$15.50 - $31.00  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$22K$44K$66K
Bonus
$0.00 - $9,748  
   
Commission
$8,844  
Profit Sharing
$201.34 - $7,783  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$26,327 - $50,958  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 1,271
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Job Description for Collections Specialist

Typically, a collections specialist is an individual that specializes in the collection of debt owed to their organization. They use a variety of means to contact individuals who have defaulted on debts and/or who have not paid past-due bills. Collections specialists usually work in a call center with other collections specialists, although they may telecommute from a remote location such as a home office.

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Collections Specialist Tasks

  • Monitor and maintain assigned accounts through follow up and possibly implement alternative payment options.
  • Make collection and billing calls to reduce the lost assets of a company and delinquent payments.

Common Career Paths for Collections Specialist


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Though not the most common occurrence, Collections Specialists sometimes become Collections Managers, where the average income is $49K per year. The most common next step for a Collections Specialist is to become a Collections Manager or a Collections Supervisor. The former position pays an additional $13K per year on average, and the latter position pays $9K more per year.

Collections Specialist Job Listings

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Popular Skills for Collections Specialist


Collections Specialists report using a wide range of professional skills. Most notably, skills in Accounts Receivable, Customer Relations, Negotiation, and Microsoft Excel are correlated to pay that is above average, with boosts in pay of 4 percent. Skills that pay less than market rate include Medicaid & Medicare Billing and Data Entry. Most people familiar with Collections also know Accounts Receivable.

Pay by Experience Level for Collections Specialist

Median of all compensation (including tips, bonus, and overtime) by years of experience.


Experience and pay tend to be weakly linked for Collections Specialists — those with more experience do not necessarily bring in higher earnings. The average beginner in this position makes around $33K, but folks who have been around for five to 10 years see a markedly higher median salary of $37K. Collections Specialists bring in $39K after working for 10 to 20 years. Survey participants who have spent more than 20 years on the job report a predictably higher median income of $42K, demonstrating that compensation is roughly commensurate with experience in the end.

Pay Difference by Location

National Average: $36,352

Larger city markers indicate a job is popular in that location.

For Collections Specialists, busy San Francisco offers a higher-than-average pay rate, 41 percent above the national average. Collections Specialists will also find cushy salaries in New York (+18 percent), Chicago (+16 percent), Dallas (+10 percent), and San Diego (+7 percent). Collections Specialists in San Antonio report much lower salaries than the rest of the country — 22 percent below the national average — proving that residence is a major factor in overall pay. Employers also pay below the national average in Nashville (18 percent lower) and Indianapolis (10 percent lower).

Collections Specialist Reviews

What is it like working as a Collections Specialist?

Collections Specialist in Round Rock:
"Stressful."
Pros: I enjoy doing what I do. I work with great people. I work for great people. I have fun at my job.
Cons: I don't get paid enough for all the work I do and everything I have taken on in a new role/ new position.

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Experience Affects Collections Specialist Salaries




National Average
$36,000


Skills That Affect Collections Specialist Salaries

Accounts Receivable
up arrow 4%

Customer Relations
up arrow 4%

Negotiation
up arrow 3%

Collections
up arrow 1%

Microsoft Excel
up arrow 1%

Microsoft Office
0%

National Average
$36,000

Customer Service
up arrow 2%

Billing
up arrow 2%


Data Entry
up arrow 6%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 337 votes.

Gender

Female
79 %
Male
21 %

Years of Experience

Less than 1 year
3%
1-4 years
30%
5-9 years
24%
10-19 years
30%
20 years or more
13%

Common Health Benefits

medical benefits
Medical: 77%
dental benefits
Dental: 68%
medical benefits
Vision: 59%
dental benefits
None: 18%
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