Collections director vs credit manager

The differences between collections directors and credit 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 collections director and a credit manager. Additionally, a collections director has an average salary of $73,243, which is higher than the $68,583 average annual salary of a credit manager.

The top three skills for a collections director include oversight, process improvement and collection process. The most important skills for a credit manager are customer service, financial statements, and credit card.

Collections director vs credit manager overview

	Collections Director	Credit Manager
Yearly salary	$73,243	$68,583
Hourly rate	$35.21	$32.97
Growth rate	17%	17%
Number of jobs	8,957	63,898
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 63%	Bachelor's Degree, 67%
Average age	46	46
Years of experience	8	8

Collections director vs credit manager salary

Collections directors and credit managers have different pay scales, as shown below.

	Collections Director	Credit Manager
Average salary	$73,243	$68,583
Salary range	Between $43,000 And $122,000	Between $39,000 And $119,000
Highest paying City	New York, NY	San Francisco, CA
Highest paying state	New York	Oregon
Best paying company	WKYU	Microsoft
Best paying industry	Technology	Finance

Differences between collections director and credit manager education

There are a few differences between a collections director and a credit manager in terms of educational background:

	Collections Director	Credit Manager
Most common degree	Bachelor's Degree, 63%	Bachelor's Degree, 67%
Most common major	Business	Business
Most common college	Stanford University	University of Pennsylvania

Collections director vs credit manager demographics

Here are the differences between collections directors' and credit managers' demographics:

	Collections Director	Credit Manager
Average age	46	46
Gender ratio	Male, 55.1% Female, 44.9%	Male, 53.9% Female, 46.1%
Race ratio	Black or African American, 7.8% Unknown, 4.1% Hispanic or Latino, 15.1% Asian, 7.3% White, 65.3% American Indian and Alaska Native, 0.3%	Black or African American, 7.9% Unknown, 4.1% Hispanic or Latino, 15.3% Asian, 7.8% White, 64.5% American Indian and Alaska Native, 0.3%
LGBT Percentage	11%	11%

Differences between collections director and credit manager duties and responsibilities

Collections director example responsibilities.

Achieve goal a year ahead of schedule, reducing DSO's from a steady 59 days to 43 days.
Manage team through budget/business plans with oversight responsibility to department objectives.
Credit and collection duties to maintain appropriate DSO levels.
Perform collections activities on delinquent loan accounts to include repossessions, foreclosures, bankruptcy proceedings, and disposition of repossess assets.
Supervise the project to move the majority of vendors and customers to ACH transactions.
Initial collections experience; develop communication and negotiation skills while quickly progressing through various departments specializing in different financial areas.

Credit manager example responsibilities.

Manage treasury department including all cash management, bank relationships, and debt negotiations.
Manage an initiative to move customers from checks to ACH with CTX or EDI remittances.
Partner with small and entrepreneurial business to develop business plans and assist business owners with achieving payroll.
Launch the new SBA lending and residential mortgage lending programs.
Complete loan workouts and restructures on SBA 504 and LIHTC multifamily loans.
Leverage GBM using features generate on Experian's tradeline data through unsupervise learning tool Khiops.

Collections director vs credit manager skills

Common collections director skills

Oversight, 13%
Process Improvement, 8%
Collection Process, 7%
Customer Service, 6%
Financial Statements, 5%
Cash Flow, 5%

Common credit manager skills

Customer Service, 16%
Financial Statements, 9%
Credit Card, 5%
Credit Risk, 5%
Credit Policy, 5%
Customer Accounts, 4%