Credit / Collections Manager Salary
Collections Managers who are practiced in their profession and carry more than 10 years of experience make up between two-thirds and three-fourths of Collections Managers. Pay fluctuates from $36K to $90K per year, but expected earnings average $59K per year. The range in cash compensation to Collections Managers (largely between $36K and $90K) includes potential earnings of $15K from bonuses, $8K from profit sharing, and commissions of $39K in exceptional cases. Residence and career length each impact pay for this group, with the former having the largest influence. Most Collections Managers survey respondents are women (72 percent). A large number enjoy medical while a fair number get dental coverage. Vision coverage is also available to the greater part. Most workers in this position report high levels of job satisfaction. This snapshot results from replies to PayScale's salary survey.
Job Description for Credit / Collections Manager
A credit/collections manager is responsible for the direction and coordination of credit and collections procedures, policies, and operations. They manage the daily accounts receivables to ensure customer compliance, as well as follow up with issues or complaints from customers.Read More...
The credit/collections manager must provide support to general managers and accounts managers. They direct and supervise credit evaluations, cash applications, collections, and placement of accounts. It is the credit/collections manager's job to initiate investigations into credit ratings and ensure all credit checks are completed in a timely fashion. They also establish metrics and ensure they are being followed by the team. They develop reports and host daily or weekly meetings to set goals for the team and the company. They must assess performance of their team and either provide or facilitate training for staff.
Credit/collections managers are required to have a high school diploma or equivalent. Many companies also require a bachelor’s degree in accounting, finance, or business administration. Credit/collections managers also need to have great problem-solving, communications, and analytical skills. These managers may work a variety of hours depending on the needs of their company. Some companies may require travel for meetings and training as well.
Credit / Collections Manager Tasks
- Hire, manage, and motivate members of the collection team.
- Manages small claims court documentation and makes decisions on accouts to be written off.
- Oversee all general credit and collections processes.
Common Career Paths for Credit / Collections Manager
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Popular Skills for Credit / Collections Manager
Survey results imply that Collections Managers deploy a substantial tool kit of skills at work. Most notably, skills in Financial Analysis, Risk Management / Risk Control, Customer Relationship Management, and Negotiation are correlated to pay that is above average, with boosts between 4 percent and 11 percent. Those listing Account Management as a skill should be prepared for drastically lower pay. Customer Service and Collections also typically command lower compensation. Those educated in Accounts Receivable tend to be well versed in Credit Control and Customer Relationship Management (CRM).
Pay by Experience Level for Credit / Collections Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience does not seem to be a strong driver of pay increase in this role. In this position, someone who has worked for fewer than five years can expect a median salary of $49K. The median for people with five to 10 years of experience is only a little bit higher at $50K. After working for 10 to 20 years, Collections Managers make a median salary of $58K. Ultimately, more time spent in the workforce does seem to translate to bigger paychecks; seasoned veterans with more than 20 years of experience report a median income of $63K.
Pay Difference by Location
With a pay rate for Collections Managers that is 44 percent greater than the national average, San Jose offers a comfortable salary for those in this profession. Collections Managers will also find cushy salaries in Cleveland (+35 percent), New York (+33 percent), Dallas (+32 percent), and Philadelphia (+24 percent). Collections Managers' salaries are heavily influenced by location — Collections Managers in Columbus bring in salaries that are 22 percent lower than the national average. A couple other locations with smaller-than-average paychecks include Jacksonville (15 percent lower) and Tulsa (12 percent lower).
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