Credit Manager Salary

Credit Managers in the United States with more than 10 years of experience in their profession represent slightly less than two-thirds of Credit Managers. Salaries average out to around $61K per year and spread from $36K to $94K per year. In the world of Credit Managers, overall income ranges from $36K near the bottom to $94K at the top; this can include more than $15K from bonuses and more than $7K from profit sharing in exceptional cases. Geographic location and years of experience each impact pay for this group, with the former having the largest influence. A large number enjoy medical while a fair number get dental coverage. Vision coverage is also available to the larger part. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 57 percent. The majority of Credit Managers claim high levels of job satisfaction. Respondents to the PayScale salary survey provided the data for this report.
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$39,808 - $90,143
(Median)
$40K
$61K
$90K
MEDIAN: $60,873
10%
50%
90%

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$13.36 - $25.40
(Median)
$13
$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$32K$64K$96K
Salary
$39,808 - $90,143  
   
Bonus
$0.00 - $14,707  
Profit Sharing
$1.21 - $7,450  
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).
)
$36,167 - $94,196  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 1,399
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$16$32$48
Hourly Rate
$13.36 - $25.40  
   
Overtime
$1.50 - $35.56  
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$32K$64K$96K
Bonus
$0.00 - $14,707  
   
Profit Sharing
$1.21 - $7,450  
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).
)
$36,167 - $94,196  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 224
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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

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

Common Career Paths for Credit Manager


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Credit Managers who go on to become VPs of Credit may see their salaries climb quite a bit. Median pay for VPs of Credit is $108K annually. Going from Credit Manager to Collections Manager is the transition that occurs most often in this field, and the average paycheck for Collections Managers is $49K. Many others choose to work as National Credit Managers, where pay is typically $71K.

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Popular Skills for Credit Manager


Survey results suggest that Credit Managers put a wide range of professional skills to use. Most notably, skills in Financial Analysis, People Management, Risk Management / Risk Control, and Credit Control are correlated to pay that is above average, with boosts between 7 percent and 17 percent. Those listing Accounts Payable as a skill should be prepared for drastically lower pay. Accounting and Accounts Receivable also typically command lower compensation. Most people skilled in Accounts Receivable are similarly competent in Credit Control.

Pay by Experience Level for Credit Manager

Median of all compensation (including tips, bonus, and overtime) by years of experience.


Credit Managers with a lot of experience do not necessarily enjoy more money. The average beginner in this position makes around $47K, but folks who have been around for five to 10 years see a markedly higher median salary of $57K. Credit Managers bring in $63K after working for 10 to 20 years. 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 $67K on average.

Pay Difference by Location


Surpassing the national average by 38 percent, Credit Managers in New York receive some of the highest pay in the country. Credit Managers will also find cushy salaries in Houston (+30 percent), Chicago (+29 percent), Denver (+25 percent), and Philadelphia (+22 percent). Phoenix is the lowest-paying area, 11 percent south of the national average. Workers in Salt Lake City and Portland earn salaries that trail the national average for those in this profession (6 percent less and 5 percent less, respectively).

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Experience Affects Credit Manager Salaries



National Average
$59,000



Skills That Affect Credit Manager Salaries




National Average
$59,000

Credit Control
up arrow 2%

Microsoft Excel
up arrow 4%



Accounting
up arrow 31%

Accounts Payable
up arrow 34%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 355 votes.

Gender

Female
57 %
Male
43 %

Years of Experience

Less than 1 year
1%
1-4 years
14%
5-9 years
20%
10-19 years
34%
20 years or more
31%

Common Health Benefits

medical benefits Medical: 85% dental benefits Dental: 73%
vision benefits Vision: 56% employee benefits None: 11%
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