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The differences between collections managers and audit 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 manager and an audit manager. Additionally, an audit manager has an average salary of $121,419, which is higher than the $59,529 average annual salary of a collections manager.
The top three skills for a collections manager include customer service, collection management and portfolio. The most important skills for an audit manager are CPA, internal audit, and audit reports.
| Collections Manager | Audit Manager | |
| Yearly salary | $59,529 | $121,419 |
| Hourly rate | $28.62 | $58.37 |
| Growth rate | 17% | 17% |
| Number of jobs | 44,553 | 70,168 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 75% |
| Average age | 46 | 46 |
| Years of experience | 8 | 8 |
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.
An audit manager is responsible for the complete audit process of finances in an organization. They work for banks and report directly to the audit committee. Based on findings gathered, a financial institution can gain vision into their variance and overall performance. They are also responsible for scheduling audits, initiating departmental audits, consolidation, and analysis of audit reports, and reviewing accounting procedures. Moreover, part of their tasks is to create audit finding presentations to be presented to the audit committee. It requires a high amount of accountability to be an effective audit manager.
Collections managers and audit managers have different pay scales, as shown below.
| Collections Manager | Audit Manager | |
| Average salary | $59,529 | $121,419 |
| Salary range | Between $42,000 And $83,000 | Between $82,000 And $178,000 |
| Highest paying City | New York, NY | Portland, ME |
| Highest paying state | New York | Maine |
| Best paying company | Amazon | Meta |
| Best paying industry | Health Care | Manufacturing |
There are a few differences between a collections manager and an audit manager in terms of educational background:
| Collections Manager | Audit Manager | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 75% |
| Most common major | Business | Accounting |
| Most common college | Stanford University | University of Pennsylvania |
Here are the differences between collections managers' and audit managers' demographics:
| Collections Manager | Audit Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 50.8% Female, 49.2% | Male, 66.0% Female, 34.0% |
| Race ratio | 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% | Black or African American, 7.6% Unknown, 4.1% Hispanic or Latino, 14.5% Asian, 10.2% White, 63.2% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |