Credit / Collections Supervisor Salary
With a little over a half of Collections Supervisors in the United States reporting more than 10 years of experience, the field is heavily weighted toward experienced professionals. Average pay for Collections Supervisors is $51K per year and can range from $36K on the lower end to $70K per year near the higher end. With some bonuses approaching $12K and certain profit sharing proceeds approaching $10K, overall incomes of Collections Supervisors spread between $36K and $70K depending on individual performance. Geographic location and experience level each impact pay for this group, with the former having the largest influence. A large number receive medical and dental insurance and a fair number get vision insurance. The majority of workers are highly satisfied with their job. The numbers in this rundown were provided by PayScale's salary survey participants.
|Salary||$38,404 - $69,031|
|Bonus||$1,192 - $11,675|
|Profit Sharing||$1,208 - $9,933|
|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).)
|$35,959 - $69,637|
|Hourly Rate||$14.54 - $23.84|
|Overtime||$22.22 - $47.93|
|Bonus||$1,192 - $11,675|
|Profit Sharing||$1,208 - $9,933|
|Total Pay (||$35,959 - $69,637|
Job Description for Credit / Collections Supervisor
A credit and collections supervisor is responsible for managing all aspects of a company's activities involving credit given to clients and customers, with a strong focus on collecting payments on delinquent accounts. The supervisor's main task is to oversee the credit and collection department by providing motivation, strategy, and direction to staff to meet the company's collection needs.Read More...
The role of a credit and collection supervisor is very broad and requires someone who is not only flexible but someone who can make important financial decision pertaining to business credit lines and effective actions to collect on past-due accounts. The supervisor has the final say in how much credit to offer and extend to customers. Credit supervisors routinely review open credit accounts, analyze the data, then decide what course of action to take if any on each account. They are also responsible for reviewing a companies credit policies to evaluate and improve on the practices in place. They are responsible for the terms and conditions of sales involving credit to customers, which include analyzing the creditworthiness of customers to keep risk of financial loss to the company at a minimum. A credit supervisor might later have to renegotiate the terms with a customer and determine whether legal action must be taken to collect on an outstanding debt.
Most work is done in the office during regular business hours, although occasional business trips and seminars are required. Some teleworking from home is possible as well. The supervisor is also responsible for reporting to the executive and management teams.
Typically a credit and collections supervisor needs at least five years' experience in accounting, with experience in credit and debt collection preferred. Previous supervisor experience of two years or more is usually a requirement as well. A credit and collection supervisor needs a bachelor's degree in accounting, finance, or another business-related field. Knowledge in current financial software and spreadsheet applications is also strongly preferred. A credit and collection supervisor must work well under financial pressure and have good communication and leadership skills.
Credit / Collections Supervisor Tasks
- Calculate monthly, quarterly, and annual reports for individual and all accounts
- Identify and review metrics for write-offs, credit limits, repayment plans and service levels.
- Manage the credit, collections, and billing process, and supervise staff.
- Establish and monitor customer credit lines, reporting on them to internal and legal teams.
Common Career Paths for Credit / Collections Supervisor
Collections Supervisors may progress into high-paying roles like National Credit Manager, where median compensation is $72K annually. Given that the median pay is $49K, it may be surprising to find that a Collections Manager is the most common role for Collections Supervisors to subsequently assume on their way up the ladder. Transitioning into a Credit Manager role — which pays $57K — is also typical for Collections Supervisors, though less common by comparison.
Popular Skills for Credit / Collections Supervisor
Collections Supervisors seem to require a rather large skill set. Most notably, skills in Operations Management, Bilingual, Financial Analysis, and Credit Control are correlated to pay that is above average, with boosts between 9 percent and 17 percent. At the other end of the pay range are skills like Billing and Collections. People who know Customer Service usually also know Negotiation and Credit Control. Those educated in Collections tend to be well versed in Credit Control and Negotiation.
Pay by Experience Level for Credit / Collections Supervisor
Pay by Experience for a Credit / Collections Supervisor has a positive trend. An entry-level Credit / Collections Supervisor with less than 5 years of experience can expect to earn an average total compensation of $48,000 based on 129 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Credit / Collections Supervisor with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $49,000 based on 153 salaries. An experienced Credit / Collections Supervisor which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $53,000 based on 192 salaries. A Credit / Collections Supervisor with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $56,000 based on 97 salaries.
Pay Difference by Location
For Collections Supervisors, working in the bustling city of San Jose has its advantages, including an above-average pay rate. Collections Supervisors will also find cushy salaries in Houston (+19 percent), Tampa (+19 percent), Pittsburgh (+16 percent), and Dallas (+12 percent). The lowest-paying market is Miami, which sits 9 percent below the national average. Employers pay around 7 percent less in St. Louis and 5 percent less in Atlanta, below-median salaries for those in this field.
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Key Stats for Credit / Collections Supervisor
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