Collections Manager Job Description

Collections Manager Job Description, Skills, and Salary

Get to know about the duties, responsibilities, qualifications, and skills requirements of a collections manager. Feel free to use our collections manager job description template to produce your own. We also provide you with information about the salary you can earn as a collections manager.

 

Who is a Collections Manager?

A collections manager oversees a team of collectors whose job is to contact businesses and individuals over late payments on products and services they have received. Collections managers supervise a company’s collection process by sending collectors to collect money owed to them. They must deal with consumer concerns and establish payment arrangements with customers to guarantee that they are paid. They also give progress reports, statistics, and data analysis for the collection department.

Within cultural institutions such as museums, libraries, and archives, a collection manager assures the proper care and preservation of artifacts. Collection managers, as well as registrars, curators, and conservators, play critical roles in the care of collections. Within small to mid-size cultural institutions, Collection Managers and Registrars are two distinct collection roles that are frequently combined into one. Collection Managers work at major museums and museums with a history or natural history focus, where their various collections necessitate expert evaluation in order to properly classify, catalog, and store objects. A collection manager may supervise registrars, archivists, curators, photographers, and other collection specialists, as well as fulfill their responsibilities in their absence.

A collection manager’s job description includes ensuring that a company’s debt is paid as promptly as possible. The manager also supervises a team of collectors whose job is to contact other businesses and individuals who are behind on payments for goods and services they have received. A collection manager oversees a team of collectors and keeps track of how they handle phone calls and letters to ensure that the entire process is carried out in accordance with state and federal rules. To become a Collections Manager, as with most occupations, you must put in the necessary effort. After working in a field for a while, people may change their minds about it.

As a collection manager, you must be innovative in your thinking and analysis. That is to say, whatever you think about should not be reasons to do worse than yesterday, but rather reasons to discover a solution to whatever degrading difficulty you may be encountering at work. Your organization requires your innovation on a daily basis, which is why you should learn to be a good analyst and ask the appropriate questions in order to develop a good philosophy. This will assist you in becoming a change agent in your company.

Collection managers often report to general managers and must be able to supervise their staff and guarantee that clients are invoiced accurately and on schedule. Great verbal and nonverbal communication skills, report writing abilities, people management skills, and time management skills are all crucial.

 

Collections Manager Job Description

Below are the collections manager job description examples you can use to develop your resume or write a collections manager job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.

Here are some samples of responsibilities taken from genuine collections manager resumes that depict typical tasks they would conduct in their positions.

  • Manages a team of more than 50 full-time employees.
  • Reduces DSOs from a steady 59 days to 43 days, achieving the goal a year ahead of schedule.
  • Manages the team through budget/business plans with the supervisory authority for department objectives, m
  • Designs operating procedures, including staff training on procedures, processes, and tools to meet corporate goals.
  • Solicits payments over the phone via ACH, credit card, bank wire, and/or cheques.
  • Establishes and implements a balanced commission system for collection professionals to ensure optimal revenue collection and portfolio delinquency rates.
  • Maintains suitable DSO levels.
  • Migrates purchased enterprises into business unit models while under CMS’s supervision, m
  • Credentials all health plans, including HMOs, PPOs, and private healthcare insurance programs.
  • Promotes employee safety and adherence to all federal government rules, such as OSHA and HIPAA.
  • Uses the ICD-9, CPT, and HCPCS coding manuals to demonstrate procedural coding proficiency.
  • Analyzes and reviews patient medical records for proper physician reimbursement utilizing the CPT and ICD-9CM coding systems.
  • Maintains collections to net income at around $68K-$70K under the supervision of a 15-person department.
  • Works out accounts that are deemed higher risk, such as those that result in litigation suits and all bankruptcy filings.
  • Trains newly hired customer accounting reps to ensure FDCPA compliance.
  • Oversees a company’s money recovery process, whether it’s money owed to them or money owed to one of their clients.
  • Manages the money-collecting workers.
  • Takes care of any concerns or challenging calls.
  • Ensures that personnel follow company regulations when contacting individuals and other businesses to collect past due payments.
  • Ensures that every written correspondence follows business regulations regarding wording and contact frequency.
  • Keeps up with changes in state and federal debt collecting regulations, and ensures that workers are trained on any new rules.
  • Ensures that the collectors on staff adhere to the Federal Fair Debt Collection Practices Act (FDCPA) when initiating phone contact with individuals and businesses.
  • Monitors call records to ensure that collectors are making sufficient phone calls each day.
  • Identifies areas of the collection process that can be improved and executes a new process to assist collectors to be more efficient.
  • Keeps track of the overall process’s success rate and makes adjustments as necessary.
  • Trains new staff while giving existing employees training reviews.
  • Conducts audits on all accounts in the system.
  • Establishes quality control standards and ensures that they are followed and enforced overtime.
  • Negotiates payment arrangements and ensures that payments are received.
  • Researches and locates missing information so that the personnel may perform their responsibilities to the best of their abilities.
  • Allows for financial settlements with persons who owe substantial amounts of money.

 

Qualifications

A Bachelor’s Degree is usually required to work as a Collections Manager. Collections managers typically have a background in either business, accounting, or finance. A Bachelor’s degree is held by 51% of Collections Managers, while an Associate’s degree is held by 22%. We discovered these by examining 11,991 Collections Manager resumes in order to better understand the subject of Collections Manager education. Certified Management Accountant (CMA) and Certified Manager Certification are required certifications for Collections Managers to thrive (CM).

Bachelor’s degree is the most popular degree for Collections Managers. This degree is earned by 51% of Collections Managers. Associate Degree comes in second with 22 percent, and High School Diploma comes in third with 14 percent.

Good IT expertise is required to qualify as a good collections manager. It makes jobs easier, more efficient, and accurate for challenges that require a high level of precision. As a result, the digital sector is now heavily integrated into almost all processes. You expose yourself to quick and flexible information through your IT knowledge, which comes from information distribution through IT gadgets such as cellphones and other digitally capable devices.

You and your organization will benefit from IT skills since you will be able to reach out to more people who are interested in art and culture. This refers to establishing an online presence that can assist you in reaching out to potential customers. In the twenty-first century, not having your company online is a mistake. As a result, it is anticipated that your company establishes a presence on the internet. If this occurs, you should be able to recognize your IT skills and put them to use at work. Remember, as the manager, you may require this talent more than anybody else in the company. To improve your company’s visibility and profitability, you need to be proficient with computers, the internet, and social media in general.

 

Essential Skills

As a collection manager, you need to have the following skills and attributes to be successful in your profession and career:

  • Exceptional mathematical ability: There is almost no field in which mathematics isn’t required, as long as there is something to account for and something to add, subtract, multiply, or divide. If you want to keep a solid record or stock of the collections you have in your hands, you’ll need to be proficient at math as a collection manager and record keeper. To say the least, this will necessitate elementary maths.
  • Bilingual: Collections are appealing and can attract people of all languages and races. As a result, as a collection manager, you must be fluent in at least two international languages, which should assist you to deal with the potential of meeting with consumers from various locations who speak different languages. Nothing irritates a customer more than having to fight to communicate due to a language barrier. That is why learning a few languages is essential, especially if you want to develop your organization outside the confines of your current location. So, study this language and, more importantly, study the cultures of those languages. Language is a fundamental aspect of civilization. As a result, learning a language and at the same time, the culture of the language will be beneficial.
  • Interpersonal skills: This ability aids in the development of positive customer relationships. The collection manager’s relationship with his or her customers is critical to the success of the company for which he or she works. It is in the company’s/best organization’s interest to have a manager who understands how to create a working relationship with customers. Customers are a solid pillar that any business enterprise relies on to stay afloat. This is for the aim of allowing you to be more flexible in your interpersonal relationships, both at work and at home.
  • It is never easy to relate to people and get the best out of them, and it necessitates a high level of mental and emotional intelligence. That is why, in order to be successful, you will need interpersonal abilities. That is why, in order to work with people and get the most out of them, you will require interpersonal skills. To be able to operate with a team, you must be emotionally and mentally intelligent, as there will be variances in thought patterns and ego clashes. Interpersonal skills can also refer to various habits or ways of living that you develop to help you get the most out of yourself. In fact, looking for the best in others is less important than this. We, not the people we meet with on a daily basis, can sometimes be the largest challenge we confront.
  • Creativity: Creativity is the ability to practically create something out of nothing. There’s a popular belief that transformation happens at the point of creativity. This is especially true because the current changes are the result of people’s inventiveness.
  • Skills in research: Personal and systematic research is one technique to learn about what is currently available in the market. Research is a fantastic method to learn new things or refresh what you already know. As a collection manager, this is why you must excel in research. Your research should be motivated by a love and passion for the sector, as well as a desire to learn the most up-to-date information available. You won’t be able to learn more about the industry until you make a determined effort to find out what’s going on in the industry. So, if you want to increase your industry management skills, you should be eager to conduct research that is either directly or indirectly relevant to your industry.
  • Passionate about the arts: You should be enthusiastic about what you’re doing, and that enthusiasm should begin with your enthusiasm for the arts. It’s simpler to translate your excitement and love for the arts into the brains of your customers when you’re passionate about them.
  • Excellent interpersonal skills are required.
  • Knowledge of culture and the art sector is required.
  • Supervising abilities
  • Management abilities
  • Knowledge of applicable corporate legislation
  • Developing relationships
  • Excellent computer abilities are required.
  • Must be able to manage people in an ethical and fair manner while maintaining firmness and implementing business policies.
  • Excellent multitasking and time management abilities.
  • Strong bargaining and persuasive abilities are required.
  • Must be able to prioritize things properly.
  • Excellent oral and written communication skills are required.
  • Strong problem-solving and decision-making abilities are required.
  • Must be able to think critically and make sound decisions.

 

How to Become a Collections Manager

  • Earn a degree:

If you want to work as a Collections Manager, one of the first things you should think about is how much schooling you’ll need. A bachelor’s degree is held by 50.8 percent of Collections Managers, according to our research. In terms of higher education, we discovered that 6.6% of Collections Managers had a master’s degree. Despite the fact that the majority of Collections Managers have a college degree, it is feasible to become one with only a high school diploma or GED.

To work as a credit and collections manager, you’ll need a bachelor’s degree and prior expertise in credit analysis or debt collection. A bachelor’s degree or higher in finance, business, accounting, or a similar field is required or strongly preferred by most organizations for management-level applicants. In lieu of a degree, some businesses accept past credit or collecting experience with a collections firm. A Credit Business Associate (CBA) certificate and a Certified Credit and Risk Analyst (CCRA) credential are two professional certification alternatives offered by the National Association of Credit Management (NACM). This post necessitates exceptional managerial abilities.

When looking into how to become a Collections Manager, picking the right major is critical. When we looked into the most prevalent majors for Collections Managers, we discovered that they mostly earned Bachelor’s or Associate’s degrees. High School Diploma or Master’s Degree degrees are two more degrees that we frequently see on Collections Manager resumes.

  • Gain experiences:

You might find that previous work experience will assist you in becoming a Collections Manager. Many Collections Manager jobs, in fact, need prior experience as a Collector. Many Collections Managers, on the other hand, have previous work experience as Customer Service Representatives or Collection Supervisors.

 

Where to Work as a Collections Manager

Collection managers are required by every firm and organizational unit to function efficiently. As a result, unlike other occupations, collection managers do not have a specific workplace because employment opportunities are available at any organization or agency. A collections manager is in charge of a company’s financial collection department and is in charge of invoicing clients correctly and getting money on time.

Collections Manager Salary

The average hourly wage for a Collections Manager is $27.03, making the annual compensation for a Collections Manager $56,221. Furthermore, Collections Managers are known to make between $42,000 and $74,000 every year. As a result, the highest-paid Collections Managers earn $32,000 more than the lowest-paid. Collections managers’ wages in 2020 will range from $50,000 to $100,000, based on the company’s location and commission structure.

Compensation for collections managers varies widely, although six-figure incomes for some of the most experienced professionals are not uncommon. According to the most recent data, average pay for collections managers can be divided into three tiers: low, mid, and high, depending on a variety of characteristics such as region, market, relative level of expertise, and responsibilities.

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