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The differences between credit and collections analysts and accounts receivable specialists can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-12 months to become both a credit and collections analyst and an accounts receivable specialist. Additionally, a credit and collections analyst has an average salary of $49,262, which is higher than the $39,873 average annual salary of an accounts receivable specialist.
The top three skills for a credit and collections analyst include customer service, credit limits and past due accounts. The most important skills for an accounts receivable specialist are customer service, patients, and data entry.
| Credit And Collections Analyst | Accounts Receivable Specialist | |
| Yearly salary | $49,262 | $39,873 |
| Hourly rate | $23.68 | $19.17 |
| Growth rate | -8% | -8% |
| Number of jobs | 18,105 | 61,988 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 45% |
| Average age | 46 | 46 |
| Years of experience | 12 | 12 |
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.
Accounts receivable specialists are members of the organization's finance or accounting department. They are responsible for managing the collection of payments for the company. They prepare official receipts and coordinate with account payable specialists from other companies with pending payables. They ensure that clients pay on time, and they also follow up on payments when necessary. They are responsible for checking whether the clients have already paid in full. Accounts receivable specialists are in charge of updating accounting records as well to ensure that client records are up to date.
Credit and collections analysts and accounts receivable specialists have different pay scales, as shown below.
| Credit And Collections Analyst | Accounts Receivable Specialist | |
| Average salary | $49,262 | $39,873 |
| Salary range | Between $35,000 And $69,000 | Between $31,000 And $50,000 |
| Highest paying City | Bridgewater, NJ | Washington, DC |
| Highest paying state | Connecticut | Connecticut |
| Best paying company | Vishay | InfosysPublicService |
| Best paying industry | Finance | Technology |
There are a few differences between a credit and collections analyst and an accounts receivable specialist in terms of educational background:
| Credit And Collections Analyst | Accounts Receivable Specialist | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 45% |
| Most common major | Business | Business |
| Most common college | - | - |
Here are the differences between credit and collections analysts' and accounts receivable specialists' demographics:
| Credit And Collections Analyst | Accounts Receivable Specialist | |
| Average age | 46 | 46 |
| Gender ratio | Male, 30.0% Female, 70.0% | Male, 18.2% Female, 81.8% |
| Race ratio | 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% | Black or African American, 12.9% Unknown, 4.2% Hispanic or Latino, 19.0% Asian, 3.9% White, 59.6% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |