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The differences between credit and collection managers and credit and collections analysts can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-8 years to become a credit and collection manager, becoming a credit and collections analyst takes usually requires 6-12 months. Additionally, a credit and collection manager has an average salary of $71,775, which is higher than the $49,262 average annual salary of a credit and collections analyst.
The top three skills for a credit and collection manager include credit limits, customer service and DSO. The most important skills for a credit and collections analyst are customer service, credit limits, and past due accounts.
| Credit And Collection Manager | Credit And Collections Analyst | |
| Yearly salary | $71,775 | $49,262 |
| Hourly rate | $34.51 | $23.68 |
| Growth rate | 17% | -8% |
| Number of jobs | 38,683 | 18,105 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 52% |
| Average age | 46 | 46 |
| Years of experience | 8 | 12 |
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.
A credit and collections analyst is responsible for evaluating clients' account statements and financial transactions, analyzing their credit scores, and creating payment plans for outstanding debts. Credit and collections analysts assist in handling account discrepancies and financial disputes, reaching out to financial institutions and clients to collect documents and necessary data for resolution processes. They also update the clients' information on the database, analyze the terms of service of contracts, and respond to the customers' inquiries and concerns regarding their account status.
Credit and collection managers and credit and collections analysts have different pay scales, as shown below.
| Credit And Collection Manager | Credit And Collections Analyst | |
| Average salary | $71,775 | $49,262 |
| Salary range | Between $47,000 And $109,000 | Between $35,000 And $69,000 |
| Highest paying City | San Francisco, CA | Bridgewater, NJ |
| Highest paying state | California | Connecticut |
| Best paying company | Colfax Corporation | Vishay |
| Best paying industry | Technology | Finance |
There are a few differences between a credit and collection manager and a credit and collections analyst in terms of educational background:
| Credit And Collection Manager | Credit And Collections Analyst | |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 52% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | - |
Here are the differences between credit and collection managers' and credit and collections analysts' demographics:
| Credit And Collection Manager | Credit And Collections Analyst | |
| Average age | 46 | 46 |
| Gender ratio | Male, 48.8% Female, 51.2% | Male, 30.0% Female, 70.0% |
| 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, 12.0% Unknown, 4.0% Hispanic or Latino, 20.5% Asian, 3.6% White, 59.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 11% | 8% |