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The differences between credit and collection managers and risk 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 risk manager. Additionally, a risk manager has an average salary of $116,072, 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 a risk manager are oversight, risk assessments, and project management.
| Credit And Collection Manager | Risk Manager | |
| Yearly salary | $71,775 | $116,072 |
| Hourly rate | $34.51 | $55.80 |
| Growth rate | 17% | 17% |
| Number of jobs | 38,683 | 75,795 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 66% |
| 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 risk manager is responsible for analyzing potential risks that may affect the organization's operations, reputation, and market credibility. Risk managers identify risk controls and discuss business contingency plans for unforeseen circumstances to prevent delays in operational services. They also develop compliance training and programs for all the employees to provide them the awareness of the safety and security regulations within the company premises. A risk manager must have excellent communication and leadership skills, especially on handling and investigating cases that might compromise the business stability and financial status.
Credit and collection managers and risk managers have different pay scales, as shown below.
| Credit And Collection Manager | Risk Manager | |
| Average salary | $71,775 | $116,072 |
| Salary range | Between $47,000 And $109,000 | Between $84,000 And $160,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | California | California |
| Best paying company | Colfax Corporation | Credit Karma |
| Best paying industry | Technology | Technology |
There are a few differences between a credit and collection manager and a risk manager in terms of educational background:
| Credit And Collection Manager | Risk Manager | |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between credit and collection managers' and risk managers' demographics:
| Credit And Collection Manager | Risk Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 48.8% Female, 51.2% | Male, 59.3% Female, 40.7% |
| 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, 7.5% Unknown, 4.1% Hispanic or Latino, 14.4% Asian, 10.1% White, 63.5% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |