Credit / Collections Manager Salary

Collections Managers who are practiced in their profession and carry more than 10 years of experience make up more than two-thirds of Collections Managers. Pay fluctuates from $36K to $85K per year, but expected earnings average $57K annually. Individual bonuses, profit sharing and commission for Collections Managers — as high as $15K, $8K and $24K, respectively — each contribute to the degree of variation within overall compensation, ranging from $36K to $85K. Geography is the biggest factor affecting pay for this group, followed by years of experience. The majority of Collections Managers claim high levels of job satisfaction. More than half of Collections Managers (67 percent) survey participants are women. Medical benefits are awarded to most, and the larger part earn dental coverage. This report is based on responses to the PayScale salary survey.

$38,497 - $83,502
(Median)
$38K
$57K
$84K
MEDIAN: $56,804
10%
50%
90%

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$12.97 - $25.70
(Median)
$13
$18
$26
MEDIAN: $17.00
10%
50%
90%

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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
$38,497 - $83,502  
   
Bonus
$0.00 - $15,216  
Profit Sharing
$387.83 - $8,292  
Commission
$0.00 - $24,328  
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).
)
$35,502 - $84,765  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 1,012
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
$12.97 - $25.70  
   
Overtime
$18.82 - $35.94  
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 - $15,216  
   
Commission
$0.00 - $24,328  
Profit Sharing
$387.83 - $8,292  
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).
)
$35,502 - $84,765  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 211
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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 may progress into high-paying roles like Collections Director, where median compensation is $104K annually. Becoming a Credit Manager or a National Credit Manager is often the next step for a Collections Manager.

Credit / Collections Manager Job Listings

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Popular Skills for Credit / Collections Manager


Survey participants wield an impressively varied skill set on the job. Most notably, skills in Financial Analysis, Risk Management / Risk Control, Negotiation, and Credit Control are correlated to pay that is above average, with boosts between 5 percent and 14 percent. Skills that pay less than market rate include Account Management and Customer Service. It is often found that people who know Accounts Receivable are also skilled 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.


More years of relevant experience do not necessarily translate to higher paychecks. The average inexperienced worker earns $49K, and someone who has worked for five to 10 years can expect a bigger median salary of $52K. Collections Managers with one to two decades of relevant experience report an average salary of approximately $58K. Folks who have racked up more than 20 years in the field report incomes that aren't that much higher than less experienced individuals' earnings; the veterans make just $60K on average.

Pay Difference by Location

National Average: $55,770

Larger city markers indicate a job is popular in that location.

Collections Managers in Boston, New York, and Philadelphia — all eastern cities in the United States — make more than the national average for those in this profession. They also represent the three highest-paid locations for Collections Managers in this country. Location is a huge contributor to overall pay, with Collections Managers in Seattle earning a whopping 25 percent below the national average. Employers also pay below the national average in Jacksonville (13 percent lower) and Atlanta (7 percent lower).

Credit / Collections Manager Reviews

What is it like working as a Credit / Collections Manager?

Credit / Collections Manager in Washington:
Pros: Good experience builder. I interact with a lot of different people from across the IC on a regular basis.
Cons: Hard to move up on a contract. You are constantly surrounded by government employees that may or may not appreciate your presence.

Related Job Salaries

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Experience Affects Credit / Collections Manager Salaries



National Average
$56,000



Skills That Affect Credit / Collections Manager Salaries




Credit Control
up arrow 3%

Customer Relationship Management (CRM)
up arrow 1%

Collection Development
up arrow 1%

Microsoft Excel
0%

National Average
$56,000

Collections
up arrow 2%

Accounts Receivable
up arrow 2%


Account Management
up arrow 8%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 240 votes.

Gender

Female
67 %
Male
33 %

Years of Experience

Less than 1 year
0%
1-4 years
11%
5-9 years
18%
10-19 years
39%
20 years or more
32%

Common Health Benefits

medical benefits
Medical: 81%
dental benefits
Dental: 69%
medical benefits
Vision: 56%
dental benefits
None: 16%
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