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Credit Manager Salary

With just under two-thirds of Credit Managers in the United States reporting more than 10 years of experience, the field is heavily weighted toward experienced professionals. Average pay for Credit Managers is $61K annually and can range from $36K on the lower end to $95K per year near the higher end. Total cash compensation for Credit Managers runs from $36K to $95K depending on bonuses that can occasionally exceed $15K and profit sharing that can reach almost $7K. Geography is the biggest factor affecting pay for this group, followed by career duration. Medical benefits are awarded to most, and a strong majority earn dental coverage. Women make up a slight majority of Credit Managers (56 percent) survey respondents. The majority of workers are highly satisfied with their job. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.
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$39,912 - $90,241
(Median)
$40K
$61K
$90K
MEDIAN: $61,093
10%
50%
90%

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$13.09 - $25.52
(Median)
$13
$18
$26
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
$39,912 - $90,241  
   
Bonus
$0.00 - $14,705  
Profit Sharing
$105.45 - $7,415  
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).
)
$36,295 - $94,944  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 1,372
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
$13.09 - $25.52  
   
Overtime
$4.89 - $35.51  
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 - $14,705  
   
Profit Sharing
$105.45 - $7,415  
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).
)
$36,295 - $94,944  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 216

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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

  • 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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At the upper end, Credit Managers who move into a VP of Credit role can end up with a hefty increase in pay. The average income for VPs of Credit is a much higher $108K per year. Becoming a Collections Manager is, more often than not, the most common role that Credit Managers move into when they're ready for the next step in their career. A median salary for a Collections Manager is $49K. Another frequent advance is for Credit Managers to assume a National Credit Manager role; in this role, workers often take home $71K.

Credit Manager Job Listings

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Popular Skills for Credit Manager


Credit Managers report using a pretty varied skill set on the job. 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 9 percent and 17 percent. Those listing Accounting as a skill should be prepared for drastically lower pay. Accounts Payable and Accounts Receivable also typically command lower compensation. For most people, competency in Accounts Receivable indicates knowledge of Credit Control.

Pay by Experience Level for Credit Manager

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


For Credit Managers, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. Workers in their first five years can expect to earn $47K, but people who have been around for five to 10 years earn a noticeably bigger sum of $57K. Credit Managers bring in $64K after working for 10 to 20 years. People who have worked for more than 20 years report a median income of $67K, which is barely higher than the median for folks with 10 to 20 years of experience.

Pay Difference by Location


Surpassing the national average by 31 percent, Credit Managers in New York receive some of the highest pay in the country. Credit Managers can also look forward to large paychecks in cities like Houston (+28 percent), Chicago (+27 percent), Denver (+26 percent), and Philadelphia (+26 percent). The smallest paychecks in the market, 6 percent south of the national average, can be found in Salt Lake City.

Related Job Salaries

United States (change)

Experience Affects Credit Manager Salaries



National Average
$60,000



Skills That Affect Credit Manager Salaries




National Average
$60,000

Credit Control
up arrow 2%

Microsoft Excel
up arrow 2%



Accounts Payable
up arrow 32%

Accounting
up arrow 32%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 363 votes.

Gender

Female
57 %
Male
44 %

Years of Experience

Less than 1 year
1%
1-4 years
15%
5-9 years
19%
10-19 years
34%
20 years or more
32%

Common Health Benefits

medical benefits Medical: 86% dental benefits Dental: 74%
vision benefits Vision: 57% employee benefits None: 11%
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