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How to Become a Consumer Loan Collection/Recovery Manager

Career News January 17, 2014

Do you handle assignments promptly and completely? Are you a strong leader and committed to accomplishing your goals? If you are driven as a person, and can inspire action in others, then your calling is in management. One of the most promising fields is in banking. A consumer loan collection/recovery manager supervises employees and specifically does so in the collections department.

Making about $75,000 per year, according to the Certified Compensation Professionals’ survey, these workers can expect job security, as well as a position that demands respect and worthwhile objectives. You, as a manager, are a leader in the office, someone who can instruct and inspire other workers in a very difficult part of business—collections.

How does one go about collecting payment from people who cannot or will not pay? This is the challenge, and it will require creativity as well as knowledge of the collections industry. Much of your training, and eventually the training you give others, will involve established procedures that historically have worked for the business.

Your Job and Your Education

Since you will be managing others, you will also be the one to spearhead their training. You will be responsible for initial and ongoing training of all collections agents as well as supervisors (if you have subgroups within the lending company). This particular specialization is in consumer loans, which involves automobiles, mortgages, homes, and other personal investments set apart from commercial estates. This is not an easy task, considering the decisions you have to make that may negatively affect borrowers and their households. Nevertheless, tough decisions are part of the company’s long-term survival.

You will do fine if you carefully apply the practices that have already worked for the company, all the while keeping abreast of new technology and new protocol that has proven effective elsewhere. Your initial training will come from a university course in finance or a related subject. Most companies will hire applicants that have a bachelor’s degree. Ten years of experience is typical for managers, because they are required to lead the department, guide personnel, and make decisions regarding unfamiliar situations.

Skills That Matter

Creativity and latitude are expected for this position. A manager isn’t a disciplinarian, but a supervisor, and one who would sooner help an employee than fire him or her for under-performing. After all, this professional seeks to help the company profit, and employee retention is a major point of interest for senior management. In addition to presiding over personnel, you will develop strategies for the department so that the company sees an improvement in its portfolio. If the company deems it necessary, you may help design new policies and procedures for maximizing profit. Learning the computer system is also a prerequisite for a job that will involve plenty of time accessing online and database data.

Don’t gamble with your future. Invest your time in a career that pays well and pays often, providing you with job security. Ask UMCP, or a college listed below, about new opportunities in education.

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  • Programmatic accreditation provided by the Accreditation Council for Business Schools and Programs (ACBSP).
  • Regionally accredited by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC).
  • Online Courses
5 Program(s) Found
  • Ranked among top Regional Universities in the South by U.S. News and World Report in 2015.
  • Ranked 37th among the Best Colleges for Veterans by U.S. News and World Report in 2015.
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  • Financial Aid
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1 Program(s) Found
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  • The program prepares information professionals to design and manage mission-critical information technologies within organizations.
  • Students will learn to leverage IT resources for strategic advantages, improve organization-wide information management, and develop more effective IT policies for government, corporate and nonprofit organizations.
  • Designed and taught by Syracuse faculty, our online master’s degree programs promote close collaboration and innovative thinking as students work toward harnessing the power of information to solve complex challenges.
  • 42-credit MS in Information Management which can be completed in as little as 21 months
  • 30-credit MS in Information Management for Executives, which requires students to have six or more full-time professional experience in the information management field. This track can be completed in as little as 15 months.
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