Credit Manager Salary

Credit Managers in the United States tend to be well-versed in their field, and just under two-thirds have more than 10 years of experience. Average salary is expected to be around $61K annually, but may range from $36K to $94K per year. Cash earnings for Credit Managers — including $15K in bonuses and $7K in profit sharing proceeds near the top of the pay scale — generally stretch from $36K to $94K depending on individual performance. Geography is the biggest factor affecting pay for this group, followed by tenure. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to a majority. Most workers in this position report high levels of job satisfaction. Women make up a slight majority of Credit Managers (57 percent) survey respondents. The figures in this rundown are based on the results of PayScale's salary questionnaire.
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$39,915 - $90,101

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$13.25 - $25.34

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$32K$64K$96K
Salary
$39,915 - $90,101  
   
Bonus
$0.00 - $14,713  
Profit Sharing
$0.50 - $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).
)
$36,290 - $93,992  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 1,412
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$16$32$48
Hourly Rate
$13.25 - $25.34  
   
Overtime
$1.51 - $35.51  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$32K$64K$96K
Bonus
$0.00 - $14,713  
   
Profit Sharing
$0.50 - $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).
)
$36,290 - $93,992  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 228
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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. A Credit Manager may also move into a role as a National Credit Manager or an Accounting Manager.

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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 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. 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.


Credit Managers do not generally earn higher incomes from more experience in the field. Relatively untried employees who have less than five years' experience make $47K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $57K. People with 10 to 20 years of experience make an average of about $63K in this role. Veterans who have surpassed the 20-year mark may make only slightly more than those who are navigating the mid-career stage; the more senior group reports median earnings of around $67K.

Pay Difference by Location


With a pay rate for Credit Managers that is 35 percent greater than the national average, New York offers a comfortable salary for those in this profession. Credit Managers can also look forward to large paychecks in cities like Houston (+30 percent), Chicago (+29 percent), Denver (+25 percent), and Philadelphia (+22 percent). Phoenix is the lowest-paying area, 14 percent south of the national average. Workers in Salt Lake City and Portland earn less than others in this profession; their salaries fall short of the national average by 6 percent.

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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 3%



Accounting
up arrow 32%

Accounts Payable
up arrow 34%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 354 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: 72%
vision benefits Vision: 56% employee benefits None: 11%
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