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Collections Specialist Salary

Median pay for Collections Specialists in the United States lies in the neighborhood of $15.47 per hour. Including potential bonuses and profit sharing proceeds (more than $8K for each in exceptional cases) overall income bottoms out near $26K and hits $51K on the high end. Location is the biggest factor affecting pay for this group, followed by experience level. A strong majority report receiving medical coverage from their employers and the larger part collect dental insurance. For the most part, Collections Specialists enjoy their work and report high levels of job satisfaction. The information for this snapshot was generated by responses to the PayScale salary survey.
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$28,884 - $53,391
(Median)
$29K
$40K
$53K
MEDIAN: $39,528
10%
50%
90%

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$11.64 - $20.51
(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
$28,884 - $53,391  
   
Bonus
$0.00 - $8,057  
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).
)
$25,825 - $50,574  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 576
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
$11.64 - $20.51  
   
Overtime
$12.92 - $30.90  
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 - $8,057  
   
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).
)
$25,825 - $50,574  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 1,045

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United States (change)


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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 might see a strong upturn in salary after transitioning into upper-level roles such as Collections Manager, a seemingly popular career choice. People currently working in the latter position report a noticeably higher median income of $49K per year. As Collections Specialists progress in their field, many go on to become Collections Supervisors. In fact, this transition is more common than anything else, and pay for the position is usually $45K per year. Another common career choice for Collections Specialists is to move into a Bill & Account Collector role. Typically, Bill & Account Collectors get paid $31K.

Collections Specialist Job Listings

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Popular Skills for Collections Specialist


Survey results imply that Collections Specialists put a diverse skill set to use. 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 11 percent. Skills that are correlated to lower pay, on the other hand, include Medicaid & Medicare Billing. Those educated in Accounts Receivable tend to be well versed in Customer Service.

Pay by Experience Level for Collections Specialist

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


For Collections Specialists, more experience in the field does not usually mean bigger paychecks. Salaries for the relatively untried average out to around $32K, but survey participants with five to 10 years of experience earn a significantly higher median of $36K. After working for 10 to 20 years, Collections Specialists make a median salary of $39K. Collections Specialists with more than 20 years of experience report incomes that are only modestly higher; the median for these old hands hovers around $42K.

Pay Difference by Location


Collections Specialists will find that San Francisco offers an impressive pay rate, one which exceeds the national average by 43 percent. Collections Specialists can also look forward to large paychecks in cities like New York (+18 percent), Chicago (+16 percent), Dallas (+12 percent), and Los Angeles (+10 percent). San Antonio is home to the smallest salaries in the field, lagging the national average by 17 percent. Employers in Indianapolis and Phoenix also lean toward paying below-median salaries (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 11%



Collections
up arrow 1%

Microsoft Excel
up arrow 1%

Billing
0%

Microsoft Office
0%

National Average
$36,000

Customer Service
up arrow 1%


Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 319 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
13%

Common Health Benefits

medical benefits Medical: 79% dental benefits Dental: 68%
vision benefits Vision: 57% employee benefits None: 17%
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