Steps in Becoming a Loan Collection Supervisor
Career News January 18, 2014Are you good with people and even better with math and organization? Don’t sell yourself short…you have the potential to be a supervisor in a banking or lending company! A consumer loan collection/recovery supervisor has a managerial role within the lending company, specifically over the recovery or collections process. This is a category involving consumers, and their personal loans, which they have agreed to pay back. As a supervisor, you instruct agents and ensure compliance in all procedures.
A Promising Career
The good news is that this is a position that pays well, and that has a healthy job outlook for the future. According to the U.S. Bureau of Labor Statistics, supervisors can make anywhere from $50,000 to $75,000 a year, depending on their experience level. Managers make the most and assume responsibility over the department, guiding agents and developing strategies. There may also be supervisors under the manager or those who undertake the same duties as a manager. The collection supervisor assumes control of all collections agents and makes it a point to educate them—at the start of the job and in moving forward with new studies and company provided training.
Education is Your Greatest Asset
This job requires heavy experience and education. Most applicants will come from a college background and will study finance, economy, or business administration. Because you will be involved with policy, it is vital to have an understanding of how most lending institutions work and what keeps them afloat, despite giving out millions of dollars per year. As a supervisor, you may even handle strategy all by yourself, and are expected to know how to guide others and how to change the protocol if necessary.
Supervisors are creative problem solvers and will pass along helpful experience to agents. If you work under a department manager, you will report to him/her, unless you take on the same duties as a manager, in which case, you report to senior executives or a branch manager.
Experience is Required
Required experience can be anywhere between five to ten years in the banking field or another related position. The majority of workers are trained in communication skills, accounting skills, and also have good knowledge of standards within the industry from textbook and hands-on projects.
The final requirement is developing your skills, and these include technical experience, usually with computers and software, the ability to talk to others, the ability to teach and negotiate, and to create protocols that help achieve specific objectives. This manager’s position is one that will require your full attention. It is one of the best jobs to apply for in lending, since it comes with job security and is always open to new workers who excel in their entry-level positions. You can even start as an agent, and work your way up to supervisor or manager, as you continue your degree training.
All that is missing is a formal education. You can find schools like UMCP or others listed below to define these skills and present yourself as a qualified worker.
