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Collections Specialist Salary

Earnings for Collections Specialists in the United States come in at around $15.41 per hour on average. Overall cash earnings for Collections Specialists vary widely between $26K and $50K; for a few high rollers, the final number can encompass upwards of $8K each from bonuses and profit sharing proceeds. Residence is the biggest factor affecting pay for this group, followed by career length. For the most part, Collections Specialists enjoy their work and report high levels of job satisfaction. A strong majority enjoy medical while more than half get dental coverage. Vision coverage is also available to the larger part. Most Collections Specialists survey respondents are women (79 percent). The data in this summary comes from the PayScale salary survey.
$28,577 - $52,724
(Median)
29K
34K
39K
46K
53K
MEDIAN: $39,180
10%
25%
50%
75%
90%

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$11.59 - $20.35
(Median)
12
15
18
20
MEDIAN: $15.00
10%
50%
75%
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
$28,577 - $52,724  
   
Bonus
$0.00 - $8,047  
Profit Sharing
$82.92 - $7,928  
Commission
$3,600 - $13,000  
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).
)
$25,674 - $50,039  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 566
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
$11.59 - $20.35  
   
Overtime
$12.71 - $30.45  
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 - $8,047  
   
Commission
$3,600 - $13,000  
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).
)
$25,674 - $50,039  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 1,006
United States (change)

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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While Collections Specialists rarely become Collections Managers, the job pays $49K per year on average. More often than not, Collections Supervisor role is the next step for Collections Specialists moving up in the field. Collections Supervisors usually make $45K per year. Many other Collections Specialists choose to take on a Bill & Account Collector role, where salaries are typically $31K.

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, Collections, and Microsoft Excel are correlated to pay that is above average. At the other end of the pay range are skills like Medicaid & Medicare Billing. The majority of those who know Accounts Receivable also know Customer Service.

Pay by Experience Level for Collections Specialist

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


Collections Specialists with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. The average worker who claims fewer than five years of experience earns around $32K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $36K. Collections Specialists bring in $39K after working for 10 to 20 years. People who have worked for more than 20 years report a median income of $41K, which is barely higher than the median for folks with 10 to 20 years of experience.

Pay Difference by Location


Surpassing the national average by 18 percent, Collections Specialists in New York receive some of the highest pay in the country. Collections Specialists can also look forward to large paychecks in cities like Raleigh (+14 percent), Chicago (+11 percent), Minneapolis (+11 percent), and Los Angeles (+9 percent). Trailing the national average by 16 percent, San Antonio is the market with the smallest paychecks. Employers also pay below the national average in Indianapolis (10 percent lower) and Milwaukee (6 percent lower).

Related Job Salaries

Experience Affects Collections Specialist Salaries




National Average
$36,000


Skills That Affect Collections Specialist Salaries



Collections
up arrow 2%

Microsoft Excel
up arrow 2%

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 318 votes.

Gender

Female
79 %
Male
21 %

Years of Experience

Less than 1 year
3%
1-4 years
29%
5-9 years
26%
10-19 years
30%
20 years or more
12%

Common Health Benefits

medical benefits Medical: 80% dental benefits Dental: 68%
vision benefits Vision: 57% employee benefits None: 17%