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The differences between credit and collection 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 credit and collection manager and an audit manager. Additionally, an audit manager has an average salary of $121,419, which is higher than the $71,775 average annual salary of a credit and collection manager.
The top three skills for a credit and collection manager include credit limits, customer service and DSO. The most important skills for an audit manager are CPA, internal audit, and audit reports.
| Credit And Collection Manager | Audit Manager | |
| Yearly salary | $71,775 | $121,419 |
| Hourly rate | $34.51 | $58.37 |
| Growth rate | 17% | 17% |
| Number of jobs | 38,683 | 70,168 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 75% |
| Average age | 46 | 46 |
| Years of experience | 8 | 8 |
A credit and collection manager is responsible for evaluating credit services and supervising the credit and collection team in reaching out to clients with outstanding debts and credit applications. Credit and collection managers oversee the cash flow systems and identify opportunities to minimize excessive loss and resolve credit disputes. They also determine a customer's eligibility for credit options by analyzing documents and financial status. A credit collection manager must have excellent communication and analytical skills to process receivables and perform credit reconciliations accurately and efficiently.
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.
Credit and collection managers and audit managers have different pay scales, as shown below.
| Credit And Collection Manager | Audit Manager | |
| Average salary | $71,775 | $121,419 |
| Salary range | Between $47,000 And $109,000 | Between $82,000 And $178,000 |
| Highest paying City | San Francisco, CA | Portland, ME |
| Highest paying state | California | Maine |
| Best paying company | Colfax Corporation | Meta |
| Best paying industry | Technology | Manufacturing |
There are a few differences between a credit and collection manager and an audit manager in terms of educational background:
| Credit And Collection Manager | Audit Manager | |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 75% |
| Most common major | Business | Accounting |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between credit and collection managers' and audit managers' demographics:
| Credit And Collection Manager | Audit Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 48.8% Female, 51.2% | Male, 66.0% Female, 34.0% |
| Race ratio | Black or African American, 7.8% Unknown, 4.1% Hispanic or Latino, 15.1% Asian, 7.3% White, 65.4% 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% |