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Credit / Collections Manager Salary

The majority of Collections Managers in the United States — a little under three-quarters — boast more than 10 years of experience in their profession. Salaries stretch from $35K to $84K per year, and the median is $55K per year. In the world of Collections Managers, overall income ranges from $35K near the bottom to $84K at the top; this can include more than $15K from bonuses and more than $8K from profit sharing in exceptional cases. Residence and years of experience each impact pay for this group, with the former having the largest influence. Most workers in this position report high levels of job satisfaction. There are more female Collections Managers who answered the questionnaire than male, making up 65 percent. A large number enjoy medical while more than half get dental coverage. Vision coverage is also available to a little more than half.

$37,089 - $82,133
(Median)
$37K
$55K
$82K
MEDIAN: $54,708
10%
50%
90%

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$12.48 - $24.79
(Median)
$12
$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
$37,089 - $82,133  
   
Bonus
$0.00 - $14,875  
Profit Sharing
$385.41 - $7,891  
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).
)
$34,824 - $84,332  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 1,084
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
$12.48 - $24.79  
   
Overtime
$17.57 - $36.43  
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 - $14,875  
   
Commission
$0.00 - $15,406  
Profit Sharing
$385.41 - $7,891  
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).
)
$34,824 - $84,332  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 227

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United States (change)


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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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Collections Managers who transition into a Collections Director role may receive large pay increases as the latter position pays an average $103K per year. The most common next step for a Collections Manager is to become a Credit Manager or a National Credit Manager. The former position pays an additional $2K per year on average, and the latter position pays $17K more per year.

Credit / Collections Manager Job Listings

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Popular Skills for Credit / Collections Manager


Collections Managers report using a diverse set of skills on the job. 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 20 percent. Skills that pay less than market rate include Customer Service and Account Management. Most people who know Accounts Receivable also know 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. Salaries for the relatively untried average out to around $45K, but survey participants with five to 10 years of experience earn a significantly higher median of $51K. On average, Collections Managers make $56K following one to two decades on the job. Collections Managers who surpass 20 years on the job report pay that isn't as high as one would expect; the median compensation for this crowd sits around $59K.

Pay Difference by Location


For those looking to make money, Collections Managers in Cleveland enjoy an exceptional pay rate, 37 percent above the national average. Collections Managers will also find cushy salaries in Philadelphia (+30 percent), Indianapolis (+30 percent), Chicago (+20 percent), and New York (+16 percent). One of the biggest compensable factors for Collections Managers is geography, with workers in Seattle earning a whopping 31 percent below the national average. Workers in Atlanta and Jacksonville earn less than others in this profession; their salaries fall short of the national average by 9 percent.

Related Job Salaries

United States (change)

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 2%

Accounts Receivable
up arrow 1%

Collections
0%

National Average
$54,000

Account Management
up arrow 4%


Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 290 votes.

Gender

Female
65 %
Male
35 %

Years of Experience

Less than 1 year
0%
1-4 years
14%
5-9 years
17%
10-19 years
37%
20 years or more
33%

Common Health Benefits

medical benefits Medical: 82% dental benefits Dental: 68%
vision benefits Vision: 53% employee benefits None: 15%
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