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The differences between credit and collections analysts and credit managers 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 a credit manager takes usually requires 6-8 years. Additionally, a credit manager has an average salary of $68,583, 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 a credit manager are customer service, financial statements, and credit card.
| Credit And Collections Analyst | Credit Manager | |
| Yearly salary | $49,262 | $68,583 |
| Hourly rate | $23.68 | $32.97 |
| Growth rate | -8% | 17% |
| Number of jobs | 18,105 | 63,898 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 67% |
| Average age | 46 | 46 |
| Years of experience | 12 | 8 |
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.
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 collections analysts and credit managers have different pay scales, as shown below.
| Credit And Collections Analyst | Credit Manager | |
| Average salary | $49,262 | $68,583 |
| Salary range | Between $35,000 And $69,000 | Between $39,000 And $119,000 |
| Highest paying City | Bridgewater, NJ | San Francisco, CA |
| Highest paying state | Connecticut | Oregon |
| Best paying company | Vishay | Microsoft |
| Best paying industry | Finance | Finance |
There are a few differences between a credit and collections analyst and a credit manager in terms of educational background:
| Credit And Collections Analyst | Credit Manager | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | - | University of Pennsylvania |
Here are the differences between credit and collections analysts' and credit managers' demographics:
| Credit And Collections Analyst | Credit Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 30.0% Female, 70.0% | Male, 53.9% Female, 46.1% |
| 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, 7.9% Unknown, 4.1% Hispanic or Latino, 15.3% Asian, 7.8% White, 64.5% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 8% | 11% |