Collections manager vs finance manager

The differences between collections managers and finance 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 finance manager. Additionally, a finance manager has an average salary of $101,374, 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 finance manager are financial analysis, CPA, and customer service.

Collections manager vs finance manager overview

	Collections Manager	Finance Manager
Yearly salary	$59,529	$101,374
Hourly rate	$28.62	$48.74
Growth rate	17%	17%
Number of jobs	44,553	125,345
Job satisfaction	-	5
Most common degree	Bachelor's Degree, 51%	Bachelor's Degree, 66%
Average age	46	46
Years of experience	8	8

What does a collections manager do?

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.

What does a finance manager do?

A finance manager is responsible for monitoring the financial system of a company. Their tasks include handling their organization's financial status, generating cost estimates and budget goals, identifying business opportunities to increase revenues and profitability, improving financial strategies, reducing costs, analyzing account statements, processing invoice as needed, analyzing market trends, searching potential partnerships, and presenting reports. A finance manager must have excellent analytical skills and knowledge of the accounting and financial industry. They are responsible for providing the best recommendations for the organization's growth.

Collections manager vs finance manager salary

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

	Collections Manager	Finance Manager
Average salary	$59,529	$101,374
Salary range	Between $42,000 And $83,000	Between $71,000 And $144,000
Highest paying City	New York, NY	New York, NY
Highest paying state	New York	New York
Best paying company	Amazon	Barclays
Best paying industry	Health Care	Finance

Differences between collections manager and finance manager education

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

	Collections Manager	Finance Manager
Most common degree	Bachelor's Degree, 51%	Bachelor's Degree, 66%
Most common major	Business	Business
Most common college	Stanford University	University of Pennsylvania

Collections manager vs finance manager demographics

Here are the differences between collections managers' and finance managers' demographics:

	Collections Manager	Finance Manager
Average age	46	46
Gender ratio	Male, 50.8% Female, 49.2%	Male, 60.0% Female, 40.0%
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, 14.6% Asian, 10.2% White, 63.2% American Indian and Alaska Native, 0.3%
LGBT Percentage	11%	11%

Differences between collections manager and finance manager duties and responsibilities

Collections manager example responsibilities.

Achieve 182 FTE save, and annual net saving of $2.8MM
Manage Medicaid accounts in effort to receive payment from them.
Manage self pay and Medicaid pending collections throughout the southeast region.
Organize the managed care effort to ensure that patients are not accept from incorrect PPO's and HMO's.
Create and implement new quantitative process to achieve corporate DSO targets that determines monthly cash collection targets by business unit.
Achieve historical low of six percent in A/R over 30 days past due and reduction of DSO to 53 days.

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Finance manager example responsibilities.

Manage the preparation of monthly reporting packs and board presentations with robust variance analysis, commentaries and forward looking KPIs.
Manage a team of sales persons, business managers, sales manager, A/R, A/P, and general managers.
Lead successful sales team and provide direct oversight on overall dealership business profitability.
Manage accounts payable/receivable, deposits, payroll preparation, purchasing and inventory management, liaison to accountant.
Oversee financial analysis, financial audits, G/L, A/R, A/P and fixed-asset accounting in accordance with GAAP standards.
Execute simple SQL queries to validate data in tables.

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Collections manager vs finance manager skills

Common collections manager skills

Customer Service, 15%
Collection Management, 9%
Portfolio, 7%
FDCPA, 5%
Delinquent Accounts, 4%
Credit Card, 4%

Common finance manager skills

Financial Analysis, 7%
CPA, 7%
Customer Service, 6%
Hyperion, 4%
Financial Models, 4%
Strong Analytical, 4%

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Updated January 8, 2025

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