Credit / Collections Manager Salary

Collections Managers in the United States with more than 10 years of experience in their profession represent a little under three-quarters of Collections Managers. Salaries average out to around $54K per year and spread from $35K to $84K per year. In the world of Collections Managers, overall cash earnings stretch from $35K near the bottom to $84K near the top; these packages encompass bonuses that run close to $15K and profit sharing that can (albeit rarely) exceed $8K, along with commissions approaching $15K. Geographic location and years of experience each impact pay for this group, with the former having the largest influence. The majority of Collections Managers (65 percent) who took the survey are female. Most Collections Managers like their work and job satisfaction is high. A large number report receiving medical coverage from their employers and more than half collect dental insurance.

$36,921 - $81,858
(Median)
$37K
$54K
$82K
MEDIAN: $54,494
10%
50%
90%

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$12.50 - $24.77
(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
$36,921 - $81,858  
   
Bonus
$0.00 - $14,874  
Profit Sharing
$385.41 - $7,891  
Commission
$0.00 - $15,319  
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).
)
$34,902 - $84,062  
Country: United States | Currency: USD | Updated: 1 Apr 2015 | Individuals Reporting: 1,100
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
$12.50 - $24.77  
   
Overtime
$17.26 - $36.74  
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 - $14,874  
   
Commission
$0.00 - $15,319  
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).
)
$34,902 - $84,062  
Country: United States | Currency: USD | Updated: 1 Apr 2015 | Individuals Reporting: 228

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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 go on to become Collections Directors may see their salaries climb quite a bit. Median pay for Collections Directors is $104K annually. A common career progression for a Collections Manager is to become a Credit Manager or a National Credit Manager. Compared to Collections Managers, the first group earns $2K more on average, and the second group earns $17K more.

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 19 percent. Skills that pay less than market rate include Customer Service and Account Management. Most people skilled in Accounts Receivable are similarly competent 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 a lot of experience do not necessarily enjoy more money. Salaries of relatively inexperienced workers fall in the neighborhood of $45K, but folks who have racked up five to 10 years see a notably higher median of $51K. Collections Managers who work for 10 to 20 years in their occupation tend to earn about $56K. 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 $58K.

Pay Difference by Location


Cleveland offers some of the highest pay in the country for Collections Managers, 37 percent above the national average. Collections Managers will also find cushy salaries in Indianapolis (+30 percent), Philadelphia (+27 percent), Chicago (+20 percent), and New York (+15 percent). In Columbus, salaries are 19 percent below the national average and represent the lowest-paying market. Employers also pay below the national average in Seattle (16 percent lower) and Jacksonville (9 percent lower).

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 4%


Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 303 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
32%

Common Health Benefits

medical benefits Medical: 82% dental benefits Dental: 69%
vision benefits Vision: 53% employee benefits None: 14%