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 $69K per year near the higher end. Residence and tenure each impact pay for this group, with the former having the largest influence. Job satisfaction for Collections Supervisors is high. A large number receive medical and dental insurance and a fair number get vision plans. Men are in the minority of survey respondents, with female Collections Supervisors making up 72 percent. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.
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
- Manage the credit, collections, and billing process, and supervise staff.
- Establish and monitor customer credit lines, reporting on them to internal and legal teams.
- 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.
Common Career Paths for Credit / Collections Supervisor
As Collections Supervisors transition into upper-level roles such as National Credit Manager, they may see a strong upturn in salary. National Credit Managers earn $72K on average per year. It is not unusual for a Collections Supervisor to become a Collections Manager or a Credit Manager.
Credit / Collections Supervisor Job Listings
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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 18 percent. Skills that seem to negatively impact pay include Billing and Collections. The majority of those who know Collections also know Credit Control and Negotiation. The majority of those who know Customer Service also know Negotiation and Credit Control.
Pay by Experience Level for Credit / Collections Supervisor
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Collections Supervisors, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. Folks who are navigating the first five years of their careers have a median salary of approximately $47K in this position. Those who have been around for five to 10 years don't get much more, though; the median salary in that group is $48K. On average, Collections Supervisors make $52K following one to two decades on the job. As Collections Supervisors reach more than two decades on the job, compensation remains commensurate with experience; the average pay in this group is $55K.
Pay Difference by Location
For those looking to make money, Collections Supervisors in San Jose enjoy an exceptional pay rate, 31 percent above the national average. Collections Supervisors will also find cushy salaries in Houston (+22 percent), Dallas (+14 percent), San Diego (+11 percent), and Pittsburgh (+11 percent). San Antonio ranks last in the field for pay, reporting salaries 12 percent below the national average. Two other places where employers offer below-median salaries are Miami (9 percent less) and St. Louis (6 percent less).
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Key Stats for Credit / Collections Supervisor
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