Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

How to Become a Credit and Collections Manager

Career News May 29, 2014

Do you enjoy talking to people? Do you also have a sound understanding of finance, interest, and business profitability? Then, it’s time to test you and move higher up in the corporate ladder. A manager’s role may well suit you.

A credit and collections manager presides over the collections department of the lending company or bank, and the subfield of credit; it is frequently in the credit card business. With a salary of over $76,000 (according to the Certified Compensation Professionals survey), it’s easy to see why this is a popular career path for young students fresh out of college.

Roles and Responsibilities

The job involves investigating credit risks and administering collections programs. You have the duties of monitoring accounts in collections and in implementing new programs designed to reduce receivables. This is a challenging field because you will oftentimes have to deal with difficult clients, or no clients at all who still have open accounts. How you choose to use your creativity and determination to get the money owed to your business will determine your value.

Obviously, aiming for this type of position requires analytical skills as well as creative abilities. You will analyze figures, and sometimes work out compromises and payoff figures. Of course, just because you are a manager does not mean that you can arbitrarily write off or negotiate contracts. You verify all figures that are in compliance with federal, state and local laws and make sure they reflect the wishes of the business. Negotiating ability, as well as independent thinking, is also appreciated.

Educational Requirements

Education matters because credit and collections managers oversee the collections department. They implement new programs and maintain authority over the staff. The bachelor’s degree should be obtained, since managerial assignments require education. Try to focus your collegial efforts in a related course, such as finance or economy.

Even though education is expected, don’t assume that it’s enough to qualify you for this role. Most applicants come from seven years of solid experience in the field. You don’t necessarily need managerial experience, but familiarity with the company and the business is required. Over time, you learn the processes and policies that make your department possible and that make operations efficient.

Additional steps to take before applying for this job might include continuing education, in order to help you keep up with credit report laws, business groups, finance theory, and network frequently with important contacts. Communication skills allow you to excel in negotiation, in communicating with upper management, and building rapport and trust with others.

While this work is about bottom line and profitability, you build trust with the people you speak with whether they are borrowers or your own co-workers.

This is an ideal career choice for someone who is driven, personable and values work ethic. If you succeed in collections or a related field, and have the education needed to stand up to competition, then it’s time to reach out for promotions and a rewarding career.

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
  • Ranked in the Best Online Bachelors Programs for Veterans by US News & World Report
  • Ranked in the Best Online Bachelor’s Programs by the US News & World Report
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Why Earn Your Degree from GCU?
  • Options: Choose from a variety of undergraduate and graduate degree programs in Business, Nursing, Psychology, Education & more!
  • Convenience: Complete courses online, on campus, or a combination of both!
  • Earlier Graduation: Our 4-credit courses allow you to complete your degree program in less time.
  • Transfer Friendly: We will request your transcripts, evaluate your graduate coursework, and determine your anticipated graduation date within 24 hours.
  • Quality: Grand Canyon University was founded in 1949 and is regionally accredited. Learn more today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
4 Program(s) Found
  • Designated as a 2015 Military Friendly® School by Victory Media, publishers of G.I. Jobs®.
  • Each program is designed to instill the knowledge, ethical values, and interpersonal skills of professional practice and to foster values of social responsibility.
  • Offers several flexible learning options, including a blended format that combines campus and online learning.
  • Several scholarship opportunities are available for students who qualify.
  • Online Courses
5 Program(s) Found
  • Online bachelor's programs include BBA, Criminal Justice, IT, Healthcare Management, Pscyhology & Public Health
  • Over 115 years of delivering quality education and personalized attention to students
  • We're now Non-Profit.
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
  • Find Online Schools. 100% Online Accredited Courses
  • Get Matched to Programs In A Few Clicks!
  • Earn an Affordable Degree from Home at your own pace
  • Get College info today. Its Free and Easy!
  • Online Courses
  • Looking for an Online Business Degree Program That May Improve Your Career Options?
  • EarnMyDegree.com Can Help You Match Your Educational Goals With Your Desired Career.
  • Whether You Are Looking to Earn a Degree Online, or Study at a Nearby Campus, This Is The Place to Connect With a College That May Be Ideal for You.
  • Browse Through Our List Of Online Colleges and Traditional Schools to Determine Potential Places to Earn a Degree NOW!
  • Online Courses

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
  • Ranked in the Best Online Bachelors Programs for Veterans by US News & World Report
  • Ranked in the Best Online Bachelor’s Programs by the US News & World Report
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Ready to earn your business degree? If you identify with at least one of the statements below, GCU could be a good fit for you!
  • I have worked in the business field for a number of years and want to further my education in order to qualify for promotions, leadership positions, and salary increases.
  • I am graduating from high school and am interested in pursuing a career in a business field, but I first need the skills experience.
  • I am interested in a Bachelor's, Master's or Doctoral degree in my specialized business area of focus.
  • I want flexible course offerings, such as the option of 100% online, evening or campus classes.
  • I need a university that provides quality educational offerings through academic excellence and real-world relevance. Does this sound like you? Apply today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Online Bachelor's programs include BBA, Criminal Justice, Psychology, IT, Healthcare Management & Public Health
  • Over 115 years of delivering quality education and personalized attention to students
  • Provide a range of campus experiences and services online including advising, tutoring, student community, and career services
  • Give students and alumni access to career assistants who help with resumes, cover letters, job hunting, and more.
  • We're now Non-Profit.
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
4 Program(s) Found
  • Designated as a 2015 Military Friendly® School by Victory Media, publishers of G.I. Jobs®.
  • Each program is designed to instill the knowledge, ethical values, and interpersonal skills of professional practice and to foster values of social responsibility.
  • Offers several flexible learning options, including a blended format that combines campus and online learning.
  • Several scholarship opportunities are available for students who qualify.
  • Online Courses
  • Find Online Schools. 100% Online Accredited Courses
  • Get Matched to Programs In A Few Clicks!
  • Earn an Affordable Degree from Home at your own pace
  • Get College info today. Its Free and Easy!
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!