Credit Manager Salary (United States)

Seasoned employees—those with more than 10 years of experience in the field—make up the largest chunk of Credit Managers in the United States, approximately two-thirds. There is a range in pay— $36,088 to $96,742 per year—with average salary amounting to $59,735 per year. Overall cash earnings for Credit Managers stretch from $39,783 on the lower end to $91,988 near the top, and the heftier packages can encompass around $14,577 from bonuses and $7,668 from profit sharing. Geographic location is the biggest factor affecting pay for this group, followed by years of experience. Benefits are plentiful in this line of work; most people have both medical and dental plans, and more than half have vision insurance. Women Credit Managers just slightly outnumber men in the field. Job satisfaction is reported as high by the vast majority of workers. Participants in PayScale's salary questionnaire provided the particulars of this report.
Credit Manager Salary (?
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.
)
$39,783 - $91,988
(Median)
40K
48K
61K
75K
92K
MEDIAN: $60,891
10%
25%
50%
75%
90%
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Credit Manager Salary (?
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.
)
$13.16 - $25.32
(Median)
13
17
21
25
MEDIAN: $17.00
10%
50%
75%
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$33K$66K$99K
Salary
$39,783 - $91,988  
   
Bonus
$0.00 - $14,577  
Profit Sharing
$252.10 - $7,668  
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).
)
$36,088 - $96,742  
PayScale
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 1,208
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$17$34$51
Hourly Rate
$13.16 - $25.32  
   
Overtime
$1.54 - $35.11  
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$50K$100K$150K
Bonus
$0.00 - $14,577  
   
Profit Sharing
$252.10 - $7,668  
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).
)
$36,088 - $96,742  
PayScale
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 189
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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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Though some Credit Managers move into positions like VP of Credit (where salaries climb a comfortable $49K), this progression is not the norm. As Credit Managers progress in their field, many go on to become Collections Managers. In fact, this transition is more common than anything else, despite the $11,159 drop in pay. Another common career choice for Credit Managers is to move into a National Credit Manager role—this promotion comes with a pay raise of $10,963.

Credit Manager Job Listings

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Popular Skills for Credit Manager

Credit Managers report using a diverse set of skills on the job. Most notably, facility with People Management, Financial Analysis, and Risk Management / Risk Control are correlated to pay that is significantly above average, leading to increases of 23 percent, 16 percent, and 13 percent, respectively. Skills that are correlated to lower pay, on the other hand, include Accounts Receivable and Collections. Those proficient in Accounts Receivable are, more often than not, also skilled in Credit Control.

Pay by Experience Level for Credit Manager

Median of all compensation (including tips, bonus, and overtime) by years of experience.
In most cases, Credit Managers can expect only incremental pay growth as they advance in their careers. Workers new to the field can expect to earn $47K, increasing to $57K after five to 10 years. After spending one to two decades on the job, pay usually hovers around $64K. Credit Managers who stay in the field for several decades see their salaries grow less quickly after 20 years, with incomes eventually hovering around $68K. Age distribution in this workforce is quite spread out, with those with between one and nine years of experience accounting for 36 percent of the workforce, those with 10-20 making up 32 percent and those with more than two decades of experience rounding out the remaining 31 percent.

Pay Difference By Location

Philadelphia
up arrow 33%
up arrow 28%
up arrow 27%
up arrow 27%
up arrow 25%
Baltimore
up arrow 14%
Miami
up arrow 12%
up arrow 11%
up arrow 9%
up arrow 7%
up arrow 3%
National Average
$60,000
Salt Lake City
up arrow 15%
up arrow 21%
Larger circles over a city indicate a job is popular in that location.
For Credit Managers, busy Philadelphia offers a higher-than-average pay rate, 33 percent above the national average. New York, Minneapolis, Denver, and Houston are a few other cities that offer generous salaries, with Credit Managers earning around 28 percent, 28 percent, 27 percent, and 27 percent more than average. Credit Managers' salaries are heavily influenced by location—Credit Managers in Portland bring in salaries that are 21 percent lower than the national average.

Related Job Salaries

Experience Affects Credit Manager Salaries

National Average
$60,000

Skills That Affect Credit Manager Salaries

People Management
up arrow 23%
Credit Control
0%
National Average
$60,000
Microsoft Excel
up arrow 2%

Job Satisfaction

Extremely satisfied Image
Extremely satisfied
Rated 5 out of 5 based on 367 votes.

Gender

Female
55%
female alumni
 
Male
45%
male alumni

Years of Experience

Less than 1 year
1%
1-4 years
17%
5-9 years
19%
10-19 years
32%
20 years or more
31%

Common Health Benefits

medical benefits Medical: 86% dental benefits Dental: 74%
vision benefits Vision: 58% employee benefits None: 11%
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