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The differences between finance coordinators and collections coordinators can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a finance coordinator, becoming a collections coordinator takes usually requires 6-12 months. Additionally, a finance coordinator has an average salary of $49,358, which is higher than the $37,938 average annual salary of a collections coordinator.
The top three skills for a finance coordinator include patients, customer service and payroll. The most important skills for a collections coordinator are customer service, patients, and phone calls.
| Finance Coordinator | Collections Coordinator | |
| Yearly salary | $49,358 | $37,938 |
| Hourly rate | $23.73 | $18.24 |
| Growth rate | -5% | -8% |
| Number of jobs | 106,187 | 40,113 |
| Job satisfaction | 5 | - |
| Most common degree | Bachelor's Degree, 58% | Bachelor's Degree, 48% |
| Average age | 51 | 46 |
| Years of experience | 6 | 12 |
Finance coordinators are skilled professionals who are employed by all types of industries to manage their financial records accurately. Under the supervision of financial managers, they correlate the company's accounts receivables and payables. They should be able to keep records together with documentation effectively to ensure precision and punctuality of deliverables. Their responsibilities include ensuring accurate billing of customers, managing billing issues and disputes, and making required adjustments to clients' accounts. Candidates for the job must be organized, detail-oriented, able to multi-task as well as cautiously handle sensitive information.
Usually working alongside a company's account receivables team, a collections coordinator is in charge of developing strategies to optimize the payment collection operations. Among their responsibilities include reaching out to clients through calls or correspondence to remind them of their payment obligations, arranging appointments, processing payments, arranging payment terms, and researching a client's communication information such as cellphone number, address, or email. Moreover, a collections coordinator must maintain an active communication line with staff while promoting and enforcing the company's policies and regulations.
Finance coordinators and collections coordinators have different pay scales, as shown below.
| Finance Coordinator | Collections Coordinator | |
| Average salary | $49,358 | $37,938 |
| Salary range | Between $34,000 And $71,000 | Between $30,000 And $47,000 |
| Highest paying City | Washington, DC | New York, NY |
| Highest paying state | Maryland | Connecticut |
| Best paying company | McKinsey & Company Inc | University of California, Berkeley |
| Best paying industry | Professional | Professional |
There are a few differences between a finance coordinator and a collections coordinator in terms of educational background:
| Finance Coordinator | Collections Coordinator | |
| Most common degree | Bachelor's Degree, 58% | Bachelor's Degree, 48% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | - |
Here are the differences between finance coordinators' and collections coordinators' demographics:
| Finance Coordinator | Collections Coordinator | |
| Average age | 51 | 46 |
| Gender ratio | Male, 22.1% Female, 77.9% | Male, 26.6% Female, 73.4% |
| Race ratio | Black or African American, 6.8% Unknown, 4.0% Hispanic or Latino, 14.4% Asian, 6.5% White, 67.7% American Indian and Alaska Native, 0.6% | Black or African American, 12.1% Unknown, 4.1% Hispanic or Latino, 20.8% Asian, 3.6% White, 59.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 8% |