Credit Manager Salary

Credit Managers in the United States tend to have a good amount of experience under their belt — just under two-thirds have more than 10 years in the field. While pay runs from $36K to $94K per year, median earnings come to $61K per year. Final cash compensation to Credit Managers varies from around $36K to approximately $94K; choice pay grades include potential for bonuses and profit sharing as high as $15K and $7K, respectively. Geographic location and years of experience each impact pay for this group, with the former having the largest influence. Medical benefits are awarded to a large number, and a fair number earn dental coverage. Women make up a slight majority of Credit Managers (57 percent) survey respondents. Most Credit Managers report high levels of job satisfaction. Respondents to the PayScale salary survey provided the data for this report.
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$39,827 - $90,080
(Median)
$40K
$61K
$90K
MEDIAN: $60,985
10%
50%
90%

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$13.32 - $25.33
(Median)
$13
$18
$25
MEDIAN: $18.00
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
$39,827 - $90,080  
   
Bonus
$0.00 - $14,751  
Profit Sharing
$1.30 - $7,433  
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).
)
$36,300 - $94,372  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 1,394
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
$13.32 - $25.33  
   
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 - $14,751  
   
Profit Sharing
$1.30 - $7,433  
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).
)
$36,300 - $94,372  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 219
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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 transition into a VP of Credit role may receive large pay increases as the latter position pays an average $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


Survey results imply that Credit Managers put a diverse skill set 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 8 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 experienced in Accounts Receivable also know Credit Control.

Pay by Experience Level for Credit Manager

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


More years of relevant experience do not necessarily translate to higher paychecks. Although individuals who have less than five years' experience earn $47K on average, people with five to 10 years benefit from a notably larger average of $57K. Credit Managers bring in $63K after working for 10 to 20 years. Individuals who have achieved more than 20 years of experience don't seem to earn much more than people who have 10 to 20 years under their belts; the more senior group reports an average income of $67K.

Pay Difference by Location


For Credit Managers, New York provides a pay rate that is 38 percent greater than the national average. Credit Managers will also find cushy salaries in Houston (+30 percent), Chicago (+29 percent), Denver (+25 percent), and Philadelphia (+21 percent). Phoenix is the lowest-paying area, 11 percent south of the national average. Employers also pay below the national average in Salt Lake City and Portland (6 percent lower).

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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 4%



Accounting
up arrow 32%

Accounts Payable
up arrow 34%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 356 votes.

Gender

Female
57 %
Male
43 %

Years of Experience

Less than 1 year
1%
1-4 years
15%
5-9 years
19%
10-19 years
34%
20 years or more
31%

Common Health Benefits

medical benefits Medical: 86% dental benefits Dental: 73%
vision benefits Vision: 56% employee benefits None: 11%
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