Credit / Collections Manager Salary

Collections Managers who are practiced in their profession and carry more than 10 years of experience make up a little under three-quarters of Collections Managers. Pay fluctuates from $35K to $85K per year, but expected earnings average $55K annually. In the world of Collections Managers, total cash compensation can vary between $35K and $85K. Each package generally includes bonuses and profit sharing proceeds, and in exceptional cases, those amounts can reach heights of $15K and $8K, respectively. Geography is the biggest factor affecting pay for this group, followed by career duration. Work is enjoyable for Collections Managers, who typically claim high levels of job satisfaction. The majority of Collections Managers (66 percent) who took the survey are women. Most enjoy medical while a majority get dental coverage. Vision coverage is also available to just over a half. The information for this snapshot was generated by responses to the PayScale salary survey.

$37,179 - $82,483
(Median)
$37K
$55K
$82K
MEDIAN: $55,346
10%
50%
90%

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$12.71 - $25.04
(Median)
$13
$18
$25
MEDIAN: $17.00
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$29K$58K$87K
Salary
$37,179 - $82,483  
   
Bonus
$0.00 - $14,835  
Profit Sharing
$309.13 - $7,928  
Commission
$0.00 - $15,406  
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).
)
$34,914 - $84,673  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 1,061
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$15$30$45
Hourly Rate
$12.71 - $25.04  
   
Overtime
$17.43 - $36.08  
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$30K$60K$90K
Bonus
$0.00 - $14,835  
   
Commission
$0.00 - $15,406  
Profit Sharing
$309.13 - $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).
)
$34,914 - $84,673  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 225
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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.

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Credit / Collections Manager Tasks

  • Oversee all general credit and collections processes.
  • Manages small claims court documentation and makes decisions on accouts to be written off.
  • Hire, manage, and motivate members of the collection team.

Common Career Paths for Credit / Collections Manager


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For Collections Managers, progressing to a Collections Director role may result in a significant raise. On average, a Collections Director can earn $105K annually. Typical career progression for a Collections Manager involves becoming a Credit Manager or a National Credit Manager, roles that pay $1K more and $17K more on average.

Credit / Collections Manager Job Listings

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Popular Skills for Credit / Collections Manager


Overall, survey participants reported applying a fair number of skills to their work. Most notably, skills in Financial Analysis, Negotiation, Credit Control, and Customer Relationship Management are correlated to pay that is above average, with boosts between 6 percent and 18 percent. Skills that pay less than market rate include Customer Service and Account Management. 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.


Collections Managers with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. Average salaries for inexperienced employees average out to around $46K, but folks who have five to 10 years of experience earn a higher median of $51K. The average pay reported by folks with 10 to 20 years of experience is around $57K. More than 20 years of experience mean a somewhat bigger median paycheck of $59K, but it's not much more than what less experienced people make.

Pay Difference by Location


For those looking to make money, Collections Managers in Cleveland enjoy an exceptional pay rate, 36 percent above the national average. Collections Managers can also look forward to large paychecks in cities like Philadelphia (+29 percent), Chicago (+20 percent), New York (+17 percent), and Los Angeles (+15 percent). The lowest-paying market is Seattle, which sits 32 percent below the national average, proving that location is a significant contributor to overall pay. Employers pay around 10 percent less in Atlanta and 8 percent less in Omaha, below-median salaries for those in this field.

Related Job Salaries

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Experience Affects Credit / Collections Manager Salaries



National Average
$54,000



Skills That Affect Credit / Collections Manager Salaries




Customer Relationship Management (CRM)
up arrow 3%

Collection Development
up arrow 3%

Microsoft Excel
up arrow 3%

Collections
0%

Accounts Receivable
0%

National Average
$54,000

Account Management
up arrow 5%


Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 273 votes.

Gender

Female
66 %
Male
34 %

Years of Experience

Less than 1 year
0%
1-4 years
13%
5-9 years
17%
10-19 years
37%
20 years or more
33%

Common Health Benefits

medical benefits Medical: 82% dental benefits Dental: 69%
vision benefits Vision: 54% employee benefits None: 15%
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