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The differences between collections managers and cash 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 a cash manager. Additionally, a cash manager has an average salary of $93,363, 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 a cash manager are customer service, cash management, and treasury.
| Collections Manager | Cash Manager | |
| Yearly salary | $59,529 | $93,363 |
| Hourly rate | $28.62 | $44.89 |
| Growth rate | 17% | 17% |
| Number of jobs | 44,553 | 60,517 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 64% |
| 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.
A cash manager is responsible for monitoring cash flow, analyzing financial transactions, and allocating adequate budget and resources for every department's operations. Cash managers conduct data and statistical analysis to determine the company's expenses and financial loss and strategize techniques in minimizing those risks. They also help senior management in identifying business opportunities that would generate more revenue resources and increase profits for the business. A cash manager handles billing disputes, resolves account discrepancies, and submits accurate financial reports.
Collections managers and cash managers have different pay scales, as shown below.
| Collections Manager | Cash Manager | |
| Average salary | $59,529 | $93,363 |
| Salary range | Between $42,000 And $83,000 | Between $66,000 And $130,000 |
| Highest paying City | New York, NY | Redding, CA |
| Highest paying state | New York | California |
| Best paying company | Amazon | PVH |
| Best paying industry | Health Care | Manufacturing |
There are a few differences between a collections manager and a cash manager in terms of educational background:
| Collections Manager | Cash Manager | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 64% |
| Most common major | Business | Business |
| Most common college | Stanford University | University of Pennsylvania |
Here are the differences between collections managers' and cash managers' demographics:
| Collections Manager | Cash Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 50.8% Female, 49.2% | Male, 38.2% Female, 61.8% |
| 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, 8.0% Unknown, 4.1% Hispanic or Latino, 15.5% Asian, 8.0% White, 64.1% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |