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The differences between collections associates and account specialists can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-12 months to become both a collections associate and an account specialist. Additionally, an account specialist has an average salary of $42,586, which is higher than the $38,589 average annual salary of a collections associate.
The top three skills for a collections associate include phone calls, customer service and UPC. The most important skills for an account specialist are customer service, patients, and account management.
| Collections Associate | Account Specialist | |
| Yearly salary | $38,589 | $42,586 |
| Hourly rate | $18.55 | $20.47 |
| Growth rate | -8% | -8% |
| Number of jobs | 20,297 | 116,010 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 43% | Bachelor's Degree, 54% |
| Average age | 46 | 46 |
| Years of experience | 12 | 12 |
A collections associate is an individual who acts as a liaison between creditors and customers to collect outstanding payments and negotiates debt payments. Collections associates must contact debtors through telephone to negotiate debt recovery and prevent recurring delinquency. They must enact debt recovery plans and collaborate with other departments on debt collection strategies. They are required to research publicly-available resources such as loan documents and background checks to track down defaulters. They must also initiate legal proceedings when debt recovery fails and send statements of delinquency to the credit bureau.
An account specialist is responsible for reaching out to customers or potential clients through calls, emails, and other forms of correspondence to secure sales and strengthen business relations. An account specialist may also perform other tasks such as arranging appointment schedules with clients, providing price quotes and responding to further inquiries, process orders, generating sales leads, and handling complaints and resolving issues. Furthermore, an account specialist may also be involved in developing strategies, finding new opportunities, producing and completing necessary documents, and preparing reports, all in adherence to the company's policies and regulations.
Collections associates and account specialists have different pay scales, as shown below.
| Collections Associate | Account Specialist | |
| Average salary | $38,589 | $42,586 |
| Salary range | Between $23,000 And $63,000 | Between $28,000 And $62,000 |
| Highest paying City | Danbury, CT | Washington, DC |
| Highest paying state | Alaska | Virginia |
| Best paying company | JPMorgan Chase & Co. | Microsoft |
| Best paying industry | Finance | Finance |
There are a few differences between a collections associate and an account specialist in terms of educational background:
| Collections Associate | Account Specialist | |
| Most common degree | Bachelor's Degree, 43% | Bachelor's Degree, 54% |
| Most common major | Business | Business |
| Most common college | - | - |
Here are the differences between collections associates' and account specialists' demographics:
| Collections Associate | Account Specialist | |
| Average age | 46 | 46 |
| Gender ratio | Male, 34.4% Female, 65.6% | Male, 32.2% Female, 67.8% |
| Race ratio | Black or African American, 12.3% Unknown, 4.2% Hispanic or Latino, 17.5% Asian, 3.8% White, 61.7% American Indian and Alaska Native, 0.5% | Black or African American, 13.2% Unknown, 4.1% Hispanic or Latino, 17.8% Asian, 3.7% White, 60.8% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |