A collection analyst is tasked with the responsibility of assessing a person's or a company's riskiness in terms of both extending credit and collecting repayments. They systematically analyze and review a customer's financial history, financial statements, and any other information that would pertain to receiving a line of credit. Moreover, they work closely with companies and departments within them to help them effectively utilize lines of credit.
Collection analysts perform regular analyses on all productivity metrics, recommend improvements, and conduct periodic departmental quality audits to improve efficiency. They also assist to gather and prepare collection reports on weekly basis and assignment reports on a monthly basis for all credit card accounts and collection agencies. Essential skills required for the job include analytical, organizational, communication, and leadership. Although a high school diploma or a GED may suffice with at least a few months of training on the job, most employers look to hire candidates with a bachelor's degree in a relevant discipline.
The average hourly salary for the position is $19.51, which amounts to $40,582 annually. They may be expected to work flexible hours depending on the workload.
There is more than meets the eye when it comes to being a collection analyst. For example, did you know that they make an average of $20.16 an hour? That's $41,940 a year!
Between 2018 and 2028, the career is expected to grow -8% and produce -19,400 job opportunities across the U.S.
There are certain skills that many collection analysts have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed listening skills, negotiating skills and speaking skills.
When it comes to the most important skills required to be a collection analyst, we found that a lot of resumes listed 16.4% of collection analysts included customer service, while 7.7% of resumes included portfolio, and 5.5% of resumes included past due accounts. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the collection analyst job title. But what industry to start with? Most collection analysts actually find jobs in the technology and finance industries.
If you're interested in becoming a collection analyst, one of the first things to consider is how much education you need. We've determined that 46.7% of collection analysts have a bachelor's degree. In terms of higher education levels, we found that 6.0% of collection analysts have master's degrees. Even though most collection analysts have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a collection analyst. When we researched the most common majors for a collection analyst, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on collection analyst resumes include high school diploma degrees or master's degree degrees.
You may find that experience in other jobs will help you become a collection analyst. In fact, many collection analyst jobs require experience in a role such as customer service representative. Meanwhile, many collection analysts also have previous career experience in roles such as accounts receivable specialist or credit and collections analyst.