Credit Manager Salary

The majority of Credit Managers in the United States — close to two-thirds — boast more than 10 years of experience in their profession. Salaries stretch from $39K to $96K per year, and the median is $63K per year. Including potential for bonuses and profit sharing — peaking near $13K and $8K, respectively — total cash payment to Credit Managers can bottom out near $39K or peak near $96K depending on individual performance. Location and career length each impact pay for this group, with the former having the largest influence. Most Credit Managers like their work and job satisfaction is high. Women account for the majority of Credit Managers who responded to the questionnaire — 65 percent to be exact. A large number enjoy medical while a fair number get dental coverage. Vision coverage is also available to the larger part. Participants in PayScale's salary questionnaire provided the particulars of this report.
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$42,670 - $91,692
$43K
$63K
$92K
MEDIAN: $62,662
10%
50%
90%

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$13.37 - $25.71
$13
$19
$26
MEDIAN: $18.83
10%
50%
90%

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$0$95K
Salary $42,670 - $91,692
Bonus $403.59 - $12,886
Profit Sharing $0.00 - $7,844
Commission $1,200
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).
)
$39,196 - $95,577
  • Country: United States
  • Currency: USD
  • Updated: 11 Jul 2017
  • Individuals Reporting: 910
Hourly Data $0$41
Hourly Rate $13.37 - $25.71
Overtime $4.00 - $41.49
Annual Data $0$95K
Bonus $403.59 - $12,886
Commission $1,200
Profit Sharing $0.00 - $7,844
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).
)
$39,196 - $95,577
  • Country: United States
  • Currency: USD
  • Updated: 11 Jul 2017
  • Individuals Reporting: 153

Find Out Exactly What You Should Be Paid

United States (change)

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Job Description for Credit Manager

A credit manager primarily focuses on collecting money owed to their company, whether it be for some type of service or a particular product. When someone fails to pay the money that is owed, these professionals initiate legal action and potentially take part in the collection process. Further, a credit manager also plays a major role in negotiating payment options, which could include re-structuring payment plans to make them more manageable based on a party's financial capabilities. The credit manager is also responsible for tracking certain accounts and keeping a close eye on those that have gone unpaid for an extended period of time. A credit manager may have different duties depending on the size of the company in which they are employed.

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Credit Manager Tasks

  • Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money.
  • Prepare reports with this credit information for use in decision-making.

Common Career Paths for Credit Manager


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Credit Managers who advance into the role of a VP of Credit are fairly uncommon. VPs of Credit on average earn $109K per year. However, Credit Managers typically graduate to National Credit Managers or Accounting Managers.

Credit Manager Job Listings

Popular Skills for Credit Manager


Credit Managers seem to exploit a large range of skills on the job. Lucky workers who know Financial Reporting can expect a significant pay bump, scoring salaries 28 percent above average. People Management and Financial Analysis are also correlated to pay that is above average, with increases between 13 percent and 28 percent. Those listing Accounts Payable as a skill should be prepared for drastically lower pay. Accounting and Collections also typically command lower compensation. Most people skilled in Accounts Receivable are similarly competent in Credit Control.

Pay by Experience Level for Credit Manager

Pay by Experience for a Credit Manager has a positive trend. An entry-level Credit Manager with less than 5 years of experience can expect to earn an average total compensation of $48,000 based on 240 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Credit Manager with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $57,000 based on 276 salaries. An experienced Credit Manager which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $65,000 based on 468 salaries. A Credit Manager with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $67,000 based on 304 salaries.

Pay Difference by Location

National Average: $61,028

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

Credit Managers will find that Fort Worth offers an impressive pay rate, one which exceeds the national average by 69 percent. Credit Managers will also find cushy salaries in San Jose (+33 percent), New York (+24 percent), Houston (+24 percent), and Philadelphia (+16 percent). Credit Managers in Dalton make 41 percent less than the national average, proving that location is a major factor in pay. Employers also pay below the national average in Greensboro (26 percent lower) and Indianapolis (6 percent lower).

Credit Manager Reviews

Q: What is it like working as a Credit Manager?

Credit Manager in Wausau:
"Stress level."
Pros: Although I enjoy working for my employer, it can be stressful trying to. Get people to pay the amount they owe in the terms I set. I have the ability to determine a customer's credit limit and term but it can be difficult when trying to explain to a customer why they did not receive a limit. I enjoy seeing results the most. My favorite time of day is when the mailman arrives with a big pile of checks. I will then go through them and process the deposits. After that, I will check our AR aging summary to see how we are doing.
Cons: Having to listen to customer's try and explain why they cannot pay or will not pay. I hate it when a customer tells me they are sending money only to never see a check arrive. A lot of work done on my end with zero results due to the customer just not wanting pay.

Credit Manager in Muncie:
"Demanding."
Pros: The interaction with different people.
Cons: Collections and many different goals.

Credit Manager in Atlantic City:
"Life?!"
Pros: On the job training. Benefits. Coworkers. Upper management involvement. Culture.
Cons: Shift worked. Smoking.

Credit Manager in Dallas:
"Keeps me very busy."
Pros: Its close to Home.
Cons: The male Owner - Dave Cossu.

Related Job Salaries

Key Stats for Credit Manager

Gender

Female
65 %
Male
35 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 220 votes.
Less than 1 year
1%
1-4 years
16%
5-9 years
16%
10-19 years
34%
20 years or more
33%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Credit Manager Salaries

▲10%

▲6%

National Average
$61,000

▼6%

▼21%

Skills That Affect Credit Manager Salaries

Financial Reporting
▲28%




National Average
$61,000

Credit Control
▼1%

Customer Relationship Management (CRM)
▼1%




▼9%

Accounting
▼33%

Accounts Payable
▼34%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 220 votes.

Gender

Female
65 %
Male
35 %

Years of Experience

Less than 1 year
1%
1-4 years
16%
5-9 years
16%
10-19 years
34%
20 years or more
33%

Common Health Benefits

medical benefits
Medical: 84%
dental benefits
Dental: 75%
vision benefits
Vision: 60%
no benefits
None: 13%
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