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Collections Specialist Salary

An average Collections Specialist in the United States can expect to take home roughly $15.44 per hour. Overall incomes of Collections Specialists generally bottom out at around $26K and peak near $51K; the final number can, in exceptional cases, include upwards of $8K each for bonuses and profit sharing proceeds. Geographic location and tenure each impact pay for this group, with the former having the largest influence. For the most part, Collections Specialists enjoy their work and report high levels of job satisfaction. A fair number enjoy medical while a majority get dental coverage. Vision coverage is also available to the greater part. The data for this synopsis comes from respondents who took the PayScale salary survey.
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$28,894 - $53,406
(Median)
$29K
$40K
$53K
MEDIAN: $39,592
10%
50%
90%

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$11.57 - $20.50
(Median)
$12
$15
$21
MEDIAN: $15.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$18K$36K$54K
Salary
$28,894 - $53,406  
   
Bonus
$0.00 - $8,031  
Profit Sharing
$82.92 - $7,928  
Commission
$1,800 - $12,000  
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).
)
$25,696 - $50,579  
Country: United States | Currency: USD | Updated: 1 Apr 2015 | Individuals Reporting: 568
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$11$22$33
Hourly Rate
$11.57 - $20.50  
   
Overtime
$13.14 - $31.15  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$22K$44K$66K
Bonus
$0.00 - $8,031  
   
Commission
$1,800 - $12,000  
Profit Sharing
$82.92 - $7,928  
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).
)
$25,696 - $50,579  
Country: United States | Currency: USD | Updated: 1 Apr 2015 | Individuals Reporting: 1,037

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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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Collections Specialists who move on to become Collections Managers may enjoy significant pay raises, as Collections Managers get paid an average of $49K per year. The most common promotion for Collections Specialists is Collections Supervisor, a position that typically pays $45K annually. Another standard transition for Collections Specialists seeking advancement is to assume a Bill & Account Collector role, where pay is often $31K.

Collections Specialist Job Listings

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Popular Skills for Collections Specialist


Collections Specialists seem to require a number of specific skills. Most notably, skills in Negotiation, Accounts Receivable, Customer Relations, and Collections are correlated to pay that is above average, with boosts between 5 percent and 13 percent. Skills that pay less than market rate include Medicaid & Medicare Billing. For most people, competency in Collections indicates knowledge of Accounts Receivable.

Pay by Experience Level for Collections Specialist

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


More years of relevant experience do not necessarily translate to higher paychecks. Workers in their first five years can expect to earn $32K, but people who have been around for five to 10 years earn a noticeably bigger sum of $36K. Collections Specialists with one to two decades of relevant experience report an average salary of approximately $39K. More than 20 years of experience mean a somewhat bigger median paycheck of $41K, but it's not much more than what less experienced people make.

Pay Difference by Location


Collections Specialists will find that San Francisco offers an impressive pay rate, one which exceeds the national average by 44 percent. Collections Specialists will also find cushy salaries in Chicago (+18 percent), New York (+18 percent), Dallas (+13 percent), and San Diego (+12 percent). In San Antonio, salaries are 17 percent below the national average and represent the lowest-paying market. Not at the bottom but still paying below the median are employers in Indianapolis and Phoenix (11 percent lower and 8 percent lower, respectively).

Related Job Salaries

United States (change)

Experience Affects Collections Specialist Salaries




National Average
$36,000


Skills That Affect Collections Specialist Salaries

Negotiation
up arrow 13%



Collections
up arrow 2%

Microsoft Excel
up arrow 1%

Billing
up arrow 1%

National Average
$36,000

Customer Service
up arrow 1%

Microsoft Office
up arrow 1%


Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 321 votes.

Gender

Female
79 %
Male
21 %

Years of Experience

Less than 1 year
3%
1-4 years
28%
5-9 years
26%
10-19 years
30%
20 years or more
12%

Common Health Benefits

medical benefits Medical: 79% dental benefits Dental: 68%
vision benefits Vision: 57% employee benefits None: 18%