Credit / Collections Supervisor Salary
Slightly less than three-fifths of Collections Supervisors in the United States have been in the field for more than 10 years. Pay can fall anywhere from $36K to $70K per year, but median earnings come to around $51K annually. Geographic location is the biggest factor affecting pay for this group, followed by years of experience. Most receive medical and dental insurance and a strong majority get vision insurance. Most Collections Supervisors survey respondents are women (71 percent). Most Collections Supervisors report high levels of job satisfaction. The data for this synopsis comes from respondents who took the PayScale salary survey.
Job Description for Credit / Collections Supervisor
A credit and collections supervisor is responsible for managing all aspects of a company's activities involving credit given to clients and customers, with a strong focus on collecting payments on delinquent accounts. The supervisor's main task is to oversee the credit and collection department by providing motivation, strategy, and direction to staff to meet the company's collection needs.Read More...
The role of a credit and collection supervisor is very broad and requires someone who is not only flexible but someone who can make important financial decision pertaining to business credit lines and effective actions to collect on past-due accounts. The supervisor has the final say in how much credit to offer and extend to customers. Credit supervisors routinely review open credit accounts, analyze the data, then decide what course of action to take if any on each account. They are also responsible for reviewing a companies credit policies to evaluate and improve on the practices in place. They are responsible for the terms and conditions of sales involving credit to customers, which include analyzing the creditworthiness of customers to keep risk of financial loss to the company at a minimum. A credit supervisor might later have to renegotiate the terms with a customer and determine whether legal action must be taken to collect on an outstanding debt.
Most work is done in the office during regular business hours, although occasional business trips and seminars are required. Some teleworking from home is possible as well. The supervisor is also responsible for reporting to the executive and management teams.
Typically a credit and collections supervisor needs at least five years' experience in accounting, with experience in credit and debt collection preferred. Previous supervisor experience of two years or more is usually a requirement as well. A credit and collection supervisor needs a bachelor's degree in accounting, finance, or another business-related field. Knowledge in current financial software and spreadsheet applications is also strongly preferred. A credit and collection supervisor must work well under financial pressure and have good communication and leadership skills.
Credit / Collections Supervisor Tasks
- Calculate monthly, quarterly, and annual reports for individual and all accounts
- Identify and review metrics for write-offs, credit limits, repayment plans and service levels.
- Manage the credit, collections, and billing process, and supervise staff.
- Establish and monitor customer credit lines, reporting on them to internal and legal teams.
Common Career Paths for Credit / Collections Supervisor
Collections Supervisors who go on to become National Credit Managers may see their salaries climb quite a bit. Median pay for National Credit Managers is $72K annually. Becoming a Collections Manager or a Credit Manager is a common transition from a Collections Supervisor role.
Credit / Collections Supervisor Job Listings
Search for more jobs:
Popular Skills for Credit / Collections Supervisor
Survey respondents exploit a significant toolbox of skills in their work. Most notably, skills in Bilingual, Operations Management, Financial Analysis, and Credit Control are correlated to pay that is above average, with boosts between 9 percent and 12 percent. Skills that pay less than market rate include Billing. The majority of those who know Collections also know Credit Control and Negotiation. Most people who know Customer Service also know Negotiation and Credit Control.
Pay by Experience Level for Credit / Collections Supervisor
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Collections Supervisors, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. Collections Supervisors in the early stages of their careers take home approximately $47K on average. The average for people in the five-to-10 year group is only a little larger at $48K. Collections Supervisors bring in $52K after working for 10 to 20 years. Veterans who have acquired more than 20 years report a median income of $55K, which is generally higher than the pay reported by other tenure groups.