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The differences between senior credit managers and collections 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 senior credit manager and a collections manager. Additionally, a senior credit manager has an average salary of $133,806, which is higher than the $59,529 average annual salary of a collections manager.
The top three skills for a senior credit manager include risk management, credit risk and credit analysis. The most important skills for a collections manager are customer service, collection management, and portfolio.
| Senior Credit Manager | Collections Manager | |
| Yearly salary | $133,806 | $59,529 |
| Hourly rate | $64.33 | $28.62 |
| Growth rate | 17% | 17% |
| Number of jobs | 47,642 | 44,553 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 76% | Bachelor's Degree, 51% |
| Average age | 46 | 46 |
| Years of experience | 8 | 8 |
Senior credit managers are financial professionals who are responsible for overseeing the credit granting process for a financial institution. These managers are required to develop risk management solution strategies so that the institution can maintain risk and improve profitability. They must screen the credit history of applicants as well as to conduct interviews to minimize credit risk and potential monetary loss. They must also conduct credit analysis and financial risk evaluations by gathering and analyzing all types of credit information on new and existing customers.
A collections manager is an individual who manages a staff of collectors whose job is to contact companies and individuals for the late payments on the products and services they have received. Collections managers oversee a company's process of retrieving money owed to them by assigning collectors to collect the money. They are required to handle customer complaints and must negotiate with customers about payment arrangements to ensure they are being paid. They also provide reports on the collection department's progress, statistics, and data analysis.
Senior credit managers and collections managers have different pay scales, as shown below.
| Senior Credit Manager | Collections Manager | |
| Average salary | $133,806 | $59,529 |
| Salary range | Between $84,000 And $211,000 | Between $42,000 And $83,000 |
| Highest paying City | Las Vegas, NV | New York, NY |
| Highest paying state | Alaska | New York |
| Best paying company | Credit Karma | Amazon |
| Best paying industry | Manufacturing | Health Care |
There are a few differences between a senior credit manager and a collections manager in terms of educational background:
| Senior Credit Manager | Collections Manager | |
| Most common degree | Bachelor's Degree, 76% | Bachelor's Degree, 51% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Stanford University |
Here are the differences between senior credit managers' and collections managers' demographics:
| Senior Credit Manager | Collections Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 64.2% Female, 35.8% | Male, 50.8% Female, 49.2% |
| Race ratio | Black or African American, 7.5% Unknown, 4.1% Hispanic or Latino, 14.4% Asian, 9.9% White, 63.7% American Indian and Alaska Native, 0.3% | Black or African American, 8.0% Unknown, 4.1% Hispanic or Latino, 15.5% Asian, 7.3% White, 64.7% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |