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Credit / Collections Manager Salary

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 $85K per year, and the average comes out to $55K per year. In the world of Collections Managers, overall income ranges from $35K near the bottom to $85K at the top; this can include more than $15K from bonuses and more than $8K from profit sharing in exceptional cases. Location and years of experience each impact pay for this group, with the former having the largest influence. Work is enjoyable for Collections Managers, who typically claim high levels of job satisfaction. A large number enjoy medical while the larger part get dental coverage. Vision coverage is also available to over one-half. Female Collections Managers are more common than men among those who completed the survey; more than half (65 percent) are women. The data for this snapshot was collected from individuals who took PayScale's salary survey.

$37,029 - $82,425
(Median)
$37K
$55K
$82K
MEDIAN: $54,726
10%
50%
90%

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$12.45 - $24.83
(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
$37,029 - $82,425  
   
Bonus
$0.00 - $14,907  
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).
)
$34,849 - $84,631  
Country: United States | Currency: USD | Updated: 16 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
$12.45 - $24.83  
   
Overtime
$17.53 - $36.48  
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 - $14,907  
   
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).
)
$34,849 - $84,631  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 225
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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. Credit Managers or National Credit Managers are common next-step roles for Collections Managers moving up in their careers; annual pay for Credit Managers is $2K higher on average, and it's $17K higher for National Credit Managers.

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 Collection Development are correlated to pay that is above average, with boosts between 7 percent and 20 percent. Skills that are correlated to lower pay, on the other hand, include Customer Service and Account Management. For most people, competency in Accounts Receivable indicates knowledge of 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 do not generally earn higher incomes from more experience in the field. Those in the early stages of their career can expect to make around $45K; however, individuals with five to 10 years of experience bring in $51K on average — a distinctly larger sum. Collections Managers claiming one to two decades of experience make an estimated median of $56K. Individuals who report more than two decades of experience seem to make only slightly more than folks in the 10-to-20 year range; the more senior group sees median earnings in the comparatively modest ballpark of $59K.

Pay Difference by Location


For Collections Managers, Cleveland provides a pay rate that is 39 percent greater than 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. Employers pay around 9 percent less in Atlanta and 7 percent less in Jacksonville, below-median salaries for those in this field.

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%

Accounts Receivable
up arrow 1%

Collections
0%

National Average
$54,000

Account Management
up arrow 5%


Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 285 votes.

Gender

Female
65 %
Male
35 %

Years of Experience

Less than 1 year
0%
1-4 years
13%
5-9 years
17%
10-19 years
37%
20 years or more
33%

Common Health Benefits

medical benefits Medical: 82% dental benefits Dental: 69%
vision benefits Vision: 53% employee benefits None: 15%
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