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Become A Collections Manager

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Working As A Collections Manager

  • Interacting With Computers
  • Communicating with Supervisors, Peers, or Subordinates
  • Guiding, Directing, and Motivating Subordinates
  • Coaching and Developing Others
  • Establishing and Maintaining Interpersonal Relationships
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Make Decisions

  • $66,002

    Average Salary

What Does A Collections Manager Do

Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization.

Duties

Financial managers typically do the following:

  • Prepare financial statements, business activity reports, and forecasts
  • Monitor financial details to ensure that legal requirements are met
  • Supervise employees who do financial reporting and budgeting
  • Review company financial reports and seek ways to reduce costs
  • Analyze market trends to maximize profits and find expansion opportunities
  • Help management make financial decisions

The role of the financial manager, particularly in business, is changing in response to technological advances that have substantially reduced the amount of time it takes to produce financial reports. Financial managers’ main responsibility used to be monitoring a company’s finances, but they now do more data analysis and advise senior managers on ways to maximize profits. They often work on teams, acting as business advisors to top executives.

Financial managers also do tasks that are specific to their organization or industry. For example, government financial managers must be experts on government appropriations and budgeting processes, and healthcare financial managers must know about topics in healthcare finance. Moreover, financial managers must be knowledgeable about special tax laws and regulations that affect their industry.

The following are examples of types of financial managers:

Chief financial officers (CFOs) are accountable for the accuracy of a company’s or organization’s financial reporting, especially among publicly traded companies. As head of a company’s entire financial department, they manage the lower level financial managers. They oversee the company’s financial goals, objectives, and budgets.

Controllers direct the preparation of financial reports that summarize and forecast the organization’s financial position, such as income statements, balance sheets, and analyses of future earnings or expenses. Controllers also are in charge of preparing special reports required by governmental agencies that regulate businesses. Often, controllers oversee the accounting, audit, and budget departments of their organization.

Treasurers and finance officers direct their organization’s budgets to meet its financial goals. They oversee the investment of funds and carry out strategies to raise capital (such as issuing stocks or bonds) to support the firm’s expansion. They also develop financial plans for mergers (two companies joining together) and acquisitions (one company buying another).

Credit managers oversee their firm’s credit business. They set credit-rating criteria, determine credit ceilings, and monitor the collections of past-due accounts.

Cash managers monitor and control the flow of cash that comes in and goes out of the company to meet the company’s business and investment needs. For example, they must project cash flow (amounts coming in and going out) to determine whether the company will have a shortage or surplus of cash. 

Risk managers control financial risk by using strategies to limit or offset the probability of a financial loss or a company’s exposure to financial uncertainty. Among the risks they try to limit are those that stem from currency or commodity price changes.

Insurance managers decide how best to limit a company’s losses by obtaining insurance against risks, such as the need to make disability payments for an employee who gets hurt on the job or the costs imposed by a lawsuit against the company.

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How To Become A Collections Manager

Financial managers typically have a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as an accountant, securities sales agent, or financial analyst.

Education

A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. However, many employers now seek candidates with a master’s degree, preferably in business administration, finance, or economics. These academic programs help students develop analytical skills and learn financial analysis methods and software.

Licenses, Certifications, and Registrations

Professional certification is not required, but some financial managers still get it to demonstrate a level of competence. The CFA Institute confers the Chartered Financial Analyst (CFA) certification to investment professionals who have at least a bachelor’s degree, 4 years of work experience, and pass three exams. The Association for Financial Professionals confers the Certified Treasury Professional credential to those who pass an exam and have a minimum of 2 years of relevant experience.

Work Experience in a Related Occupation

Financial managers usually have experience in another business or financial occupation. For example, they may have worked as a loan officer, accountant, securities sales agent, or financial analyst. 

In some cases, companies provide formal management training programs to help prepare highly motivated and skilled financial workers to become financial managers.

Important Qualities

Analytical skills. Financial managers increasingly are assisting executives in making decisions that affect their organization, a task which requires analytical ability.

Communication skills. Excellent communication skills are essential because financial managers must explain and justify complex financial transactions.

Detail oriented. In preparing and analyzing reports such as balance sheets and income statements, financial managers must be precise and attentive to their work in order to avoid errors.

Math skills. Financial managers must be skilled in math, including algebra. An understanding of international finance and complex financial documents also is important.

Organizational skills. Financial managers deal with a range of information and documents and so they must stay organized to do their jobs effectively.

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Collections Manager Demographics

Gender

Female

50.1%

Male

48.3%

Unknown

1.6%
Ethnicity

White

61.8%

Hispanic or Latino

16.2%

Black or African American

12.5%

Asian

6.1%

Unknown

3.4%
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Foreign Languages Spoken

Spanish

62.6%

French

6.4%

Portuguese

5.9%

Arabic

4.4%

Italian

3.9%

German

3.4%

Korean

2.0%

Russian

1.5%

Mandarin

1.0%

Armenian

1.0%

Cantonese

1.0%

Carrier

1.0%

Chinese

1.0%

Japanese

1.0%

Persian

1.0%

Hebrew

1.0%

Norwegian

0.5%

Dari

0.5%

Filipino

0.5%

Malayalam

0.5%
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Collections Manager Education

Schools

University of Phoenix

30.3%

University of Maryland - University College

6.6%

American University

5.8%

American InterContinental University

4.8%

Kaplan University

4.8%

Community College of the Air Force

4.6%

Strayer University

4.0%

Cochise College

3.8%

Grand Canyon University

3.6%

Excelsior College

3.4%

Michigan State University

3.2%

Troy University

3.0%

University of Missouri - Saint Louis

3.0%

Indiana Wesleyan University

3.0%

University of North Carolina at Greensboro

2.8%

The Academy

2.8%

Southern New Hampshire University

2.8%

Liberty University

2.8%

New York University

2.6%

Houston Community College

2.6%
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Majors

Business

40.0%

Accounting

8.0%

Finance

5.9%

Criminal Justice

5.7%

Management

5.1%

Psychology

3.7%

Marketing

3.2%

General Studies

3.2%

Health Care Administration

3.0%

Communication

2.4%

Legal Support Services

2.4%

Intelligence Operations

2.4%

Liberal Arts

2.3%

Political Science

2.1%

Education

2.1%

Computer Science

1.8%

Nursing

1.7%

Human Resources Management

1.7%

History

1.7%

Law

1.6%
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Degrees

Bachelors

35.1%

Other

31.4%

Masters

13.2%

Associate

12.5%

Certificate

4.8%

Diploma

1.4%

Doctorate

1.2%

License

0.5%
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Real Collections Manager Salaries

Job Title Company Location Start Date Salary
Manager, Art Collection Belvedere Property Management LLC New York, NY Dec 30, 2016 $105,000
Manager, Collections Modeling Sallie Mae, Inc. Newark, DE May 11, 2011 $86,940
Manager, Art Collection Belvedere Property Management LLC New York, NY Jan 04, 2014 $85,000
Manager, Collections Modeling Sallie Mae, Inc. Reston, VA Feb 01, 2010 $84,000
Collections Manager Volvo Financial Services Greensboro, NC Oct 01, 2013 $78,000
Marketing, Sales & Collection Manager DASA International LLC Carrollton, TX Jul 14, 2009 $77,500
Manager, Art Collection Belvedere Property Management LLC New York, NY Jan 03, 2011 $75,000
Collections Manager Volvo Financial Services Greensboro, NC Oct 01, 2010 $70,000
Collections Manager Fabric & Fabric Inc. Los Angeles, CA Feb 05, 2010 $60,460
Collections Manager Florida International University Miami Beach, FL Jan 06, 2014 $60,000
Collections Manager Fabric & Fabric Inc. Los Angeles, CA Feb 12, 2008 $59,062
Collections Manager University of Alaska Fairbanks, AK Apr 01, 2012 $51,251
Collection Manager The Art Institute of Chicago Chicago, IL Mar 30, 2015 $48,000
Museum Collections Conservation Manager University of Michigan Ann Arbor, MI Mar 19, 2010 $47,940
Collections Manager Seaport Museum New York New York, NY Sep 01, 2015 $43,827
Collection Manager University of Colorado Boulder, CO Oct 01, 2009 $43,037
Collection Manager University of Alaska Fairbanks, AK Apr 01, 2011 $42,432
Collection Manager United Collection Bureau, Inc. Miramar, FL Apr 29, 2009 $41,850 -
$41,900
Collection Manager United Collection Bureau, Inc. Miramar, FL Jul 02, 2008 $41,850 -
$41,900
Collection Manager United Collection Bureau, Inc. Miramar, FL Jun 20, 2008 $41,850 -
$41,900
Collection Manager United Collection Bureau, Inc. Miramar, FL May 21, 2008 $41,850 -
$41,900

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Top Skills for A Collections Manager

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  1. Data Collection
  2. Collections Department
  3. Debt
You can check out examples of real life uses of top skills on resumes here:
  • Handled accurate data collection and management of customer personal and financial information along with completing and exceeding collection fund quota.
  • Developed operational objectives for collections department, collected past due balances on all critical accounts.
  • Contributed to forwarding accounts purchased by American Debt Collection Company to attorneys for suit.
  • Established repayment plans to retain student loans and prevent future defaults through rehabilitation program, exceeding company expectations.
  • Conduct phone monitoring of customer service representative and provide constructive feedback based on observations on accuracy, courtesy, and efficiency.

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Top 10 Best States for Collections Managers

  1. New York
  2. Delaware
  3. Connecticut
  4. New Jersey
  5. District of Columbia
  6. North Carolina
  7. Colorado
  8. California
  9. Virginia
  10. Rhode Island
  • (924 jobs)
  • (58 jobs)
  • (247 jobs)
  • (435 jobs)
  • (128 jobs)
  • (502 jobs)
  • (314 jobs)
  • (2,457 jobs)
  • (483 jobs)
  • (57 jobs)

Top Collections Manager Employers

Jobs From Top Collections Manager Employers

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