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The differences between credit and collections analysts and analysts can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-12 months to become a credit and collections analyst, becoming an analyst takes usually requires 2-4 years. Additionally, an analyst has an average salary of $73,007, which is higher than the $49,262 average annual salary of a credit and collections analyst.
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 analyst are customer service, troubleshoot, and data analysis.
| Credit And Collections Analyst | Analyst | |
| Yearly salary | $49,262 | $73,007 |
| Hourly rate | $23.68 | $35.10 |
| Growth rate | -8% | 11% |
| Number of jobs | 18,105 | 253,138 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 67% |
| Average age | 46 | 44 |
| Years of experience | 12 | 4 |
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.
Analysts are employees or individual contributors with a vast experience in a particular field that help the organization address challenges. They help the organization improve processes, policies, and other operations protocol by studying the current processes in place and determining the effectiveness of those processes. They also research industry trends and data to make sound inferences and recommendations on what the company should do to improve their numbers. Analysts recommend business solutions and often help the organization roll out these solutions. They ensure that the proposed action plans are effective and produce the desired results.
Credit and collections analysts and analysts have different pay scales, as shown below.
| Credit And Collections Analyst | Analyst | |
| Average salary | $49,262 | $73,007 |
| Salary range | Between $35,000 And $69,000 | Between $53,000 And $99,000 |
| Highest paying City | Bridgewater, NJ | Jersey City, NJ |
| Highest paying state | Connecticut | New Jersey |
| Best paying company | Vishay | The Citadel |
| Best paying industry | Finance | Technology |
There are a few differences between a credit and collections analyst and an analyst in terms of educational background:
| Credit And Collections Analyst | Analyst | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | - | Northwestern University |
Here are the differences between credit and collections analysts' and analysts' demographics:
| Credit And Collections Analyst | Analyst | |
| Average age | 46 | 44 |
| Gender ratio | Male, 30.0% Female, 70.0% | Male, 52.4% Female, 47.6% |
| 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, 7.4% Unknown, 4.4% Hispanic or Latino, 8.5% Asian, 14.3% White, 65.2% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 8% | 12% |