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The differences between budget managers and collections managers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-8 years to become both a budget manager and a collections manager. Additionally, a budget manager has an average salary of $76,243, which is higher than the $59,529 average annual salary of a collections manager.
The top three skills for a budget manager include financial analysis, budget management and financial management. The most important skills for a collections manager are customer service, collection management, and portfolio.
| Budget Manager | Collections Manager | |
| Yearly salary | $76,243 | $59,529 |
| Hourly rate | $36.66 | $28.62 |
| Growth rate | 17% | 17% |
| Number of jobs | 68,816 | 44,553 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 51% |
| Average age | 46 | 46 |
| Years of experience | 8 | 8 |
Budget managers are financial professionals who are responsible for evaluating the financial needs of an organization by developing budget strategies to increase profitability. These managers are must observe the financial trends with the organization's expenditure while communicating budget issues with the different departments within the organization. They are required to formulate strategic business plans by analyzing previous budgets and financial developments that may impact their potential income. Budget managers must also produce expenditure reports for the upper management as well as informing department managers about the availability of funds.
A collections manager is an individual who manages a staff of collectors whose job is to contact companies and individuals for the late payments on the products and services they have received. Collections managers oversee a company's process of retrieving money owed to them by assigning collectors to collect the money. They are required to handle customer complaints and must negotiate with customers about payment arrangements to ensure they are being paid. They also provide reports on the collection department's progress, statistics, and data analysis.
Budget managers and collections managers have different pay scales, as shown below.
| Budget Manager | Collections Manager | |
| Average salary | $76,243 | $59,529 |
| Salary range | Between $52,000 And $110,000 | Between $42,000 And $83,000 |
| Highest paying City | Sacramento, CA | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Apple | Amazon |
| Best paying industry | Manufacturing | Health Care |
There are a few differences between a budget manager and a collections manager in terms of educational background:
| Budget Manager | Collections Manager | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 51% |
| Most common major | Accounting | Business |
| Most common college | University of Pennsylvania | Stanford University |
Here are the differences between budget managers' and collections managers' demographics:
| Budget Manager | Collections Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 59.1% Female, 40.9% | Male, 50.8% Female, 49.2% |
| Race ratio | Black or African American, 7.8% Unknown, 4.1% Hispanic or Latino, 15.0% Asian, 9.0% White, 63.9% American Indian and Alaska Native, 0.3% | Black or African American, 8.0% Unknown, 4.1% Hispanic or Latino, 15.5% Asian, 7.3% White, 64.7% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |