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The differences between credit and collection managers and credit 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 a credit manager. Additionally, a credit and collection manager has an average salary of $71,775, which is higher than the $68,583 average annual salary of a credit manager.
The top three skills for a credit and collection manager include credit limits, customer service and DSO. The most important skills for a credit manager are customer service, financial statements, and credit card.
| Credit And Collection Manager | Credit Manager | |
| Yearly salary | $71,775 | $68,583 |
| Hourly rate | $34.51 | $32.97 |
| Growth rate | 17% | 17% |
| Number of jobs | 38,683 | 63,898 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 67% |
| 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.
A credit manager is an individual who supervises the credit granting process for a company by evaluating the creditworthiness of potential customers. Credit managers must maintain corporate credit policy to optimize company sales and reduce bad debt losses. They must manage the proper relationship with agencies such as the collection agency, credit insurance providers, and the sales department. Credit managers may work in different industries such as banks, accounting firms, or auto dealerships. They must also possess a bachelor's degree in financial management or related field.
Credit and collection managers and credit managers have different pay scales, as shown below.
| Credit And Collection Manager | Credit Manager | |
| Average salary | $71,775 | $68,583 |
| Salary range | Between $47,000 And $109,000 | Between $39,000 And $119,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | California | Oregon |
| Best paying company | Colfax Corporation | Microsoft |
| Best paying industry | Technology | Finance |
There are a few differences between a credit and collection manager and a credit manager in terms of educational background:
| Credit And Collection Manager | Credit Manager | |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between credit and collection managers' and credit managers' demographics:
| Credit And Collection Manager | Credit Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 48.8% Female, 51.2% | Male, 53.9% Female, 46.1% |
| 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, 7.9% Unknown, 4.1% Hispanic or Latino, 15.3% Asian, 7.8% White, 64.5% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |