Credit / Collections Manager Salary

Somewhere between two-thirds and three-fourths of Collections Managers in the United States are seasoned employees who have more than 10 years of experience in the field. Pay ranges from $35K to $84K per year, and the average comes out to $56K annually. Total cash compensation for Collections Managers runs from $35K to $84K depending on bonuses that can occasionally exceed $15K and profit sharing that can reach almost $8K. Geography is the biggest factor affecting pay for this group, followed by tenure. For the most part, Collections Managers enjoy their work and report high levels of job satisfaction. Most report receiving medical coverage from their employers and the larger part collect dental insurance. Women make up the majority of Collections Managers (66 percent) who completed the questionnaire. Participants in PayScale's salary questionnaire provided the particulars of this report.

$37,330 - $82,245

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$12.70 - $25.06

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$29K$58K$87K
Salary
$37,330 - $82,245  
   
Bonus
$0.00 - $14,784  
Profit Sharing
$302.01 - $7,837  
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).
)
$34,834 - $84,069  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 1,049
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$15$30$45
Hourly Rate
$12.70 - $25.06  
   
Overtime
$17.38 - $36.13  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$30K$60K$90K
Bonus
$0.00 - $14,784  
   
Commission
$0.00 - $15,406  
Profit Sharing
$302.01 - $7,837  
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).
)
$34,834 - $84,069  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 224
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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 $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 $16K more on average.

Credit / Collections Manager Job Listings

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Popular Skills for Credit / Collections Manager


Survey results show that Collections Managers use a fair number of skills. Most notably, skills in Financial Analysis, Negotiation, Credit Control, and Microsoft Excel are correlated to pay that is above average, with boosts between 6 percent and 18 percent. Skills that are correlated to lower pay, on the other hand, include Customer Service and Account Management. Most people experienced in 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 inexperienced workers average out to $51K, and those with five to 10 years' experience earn a higher median of $46K. On average, Collections Managers make $57K following one to two decades on the job. Collections Managers with more than 20 years of experience report incomes that are only modestly higher; the median for these old hands hovers around $59K.

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), Indianapolis (+28 percent), Chicago (+22 percent), and New York (+21 percent). Place of residence plays a huge part in a Collections Manager's salary, with Seattle Collections Managers earning salaries that are 32 percent less than the national average. Two other places where employers offer below-median salaries are Atlanta (10 percent less) and Omaha (8 percent less).

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%

Microsoft Excel
up arrow 3%

Collection Development
up arrow 2%

Accounts Receivable
0%

National Average
$54,000

Collections
up arrow 1%

Account Management
up arrow 5%


Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 268 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
32%

Common Health Benefits

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