Collections Specialist Salary

Collections Specialists in the United States can expect wages of $15.45 per hour on average. Total cash compensation to Collections Specialists ranges from $26K on the lower end to $50K on the higher end; the final number includes potential for approximately $8K each from bonuses and profit sharing in exceptional cases. Geographic location is the biggest factor affecting pay for this group, followed by career duration. Job satisfaction is reported as high by the vast majority of workers. Collections Specialists who responded to the questionnaire are largely women, dominating at 80 percent. A strong majority report receiving medical coverage from their employers and the larger part collect dental insurance. This snapshot results from replies to PayScale's salary survey.
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$29,040 - $53,334

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$11.68 - $20.50

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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
$29,040 - $53,334  
   
Bonus
$0.00 - $8,099  
Profit Sharing
$195.74 - $7,871  
Commission
$1,769 - $12,208  
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).
)
$25,855 - $50,461  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 594
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
$11.68 - $20.50  
   
Overtime
$15.00 - $30.94  
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 - $8,099  
   
Commission
$1,769 - $12,208  
Profit Sharing
$195.74 - $7,871  
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).
)
$25,855 - $50,461  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 1,096
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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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While difficult to come across, Collections Specialists do sometimes move on to become Collections Managers. The average salary for Collections Managers is $49K annually. With an annual salary of $45K, Collections Supervisor is the most common role for Collections Specialists to subsequently assume on their way up the ladder. Transitioning into a Bill & Account Collector role — which usually pays $31K — is also typical for Collections Specialists, though less common by comparison.

Collections Specialist Job Listings

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Popular Skills for Collections Specialist


Overall, survey participants reported applying a fair number of skills to their work. Most notably, skills in Negotiation, Accounts Receivable, Customer Relations, and Collections are correlated to pay that is above average, with boosts between 4 percent and 10 percent. Skills that seem to negatively impact pay 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.


For many Collections Specialists, extensive experience does not lead to significantly more money. 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 bring in $39K after working for 10 to 20 years. Veterans who have worked for more than two decades do tend to make the most in the end; the median pay for this group is $42K.

Pay Difference by Location


Surpassing the national average by 42 percent, Collections Specialists in San Francisco receive some of the highest pay in the country. Collections Specialists can also look forward to large paychecks in cities like New York (+20 percent), Chicago (+16 percent), Dallas (+11 percent), and Los Angeles (+9 percent). The smallest paychecks in the market, 19 percent south of the national average, can be found in San Antonio. Employers pay around 18 percent less in Nashville and 11 percent less in Indianapolis, below-median salaries for those in this field.

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Experience Affects Collections Specialist Salaries




National Average
$36,000


Skills That Affect Collections Specialist Salaries



Customer Relations
up arrow 4%

Collections
up arrow 1%

Microsoft Excel
up arrow 1%

Microsoft Office
0%

National Average
$36,000

Billing
up arrow 1%

Customer Service
up arrow 2%


Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 305 votes.

Gender

Female
80 %
Male
20 %

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: 78% dental benefits Dental: 67%
vision benefits Vision: 57% employee benefits None: 18%
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