Collection Manager Job Description
Collection Managers oversee a business’ financial collection department. They supervise staff to ensure all money owed to the company is billed and received correctly and in a timely fashion. They most often work for credit card companies or collection agencies, but other types of businesses may also employ Collection Managers to collect on debts owed to them.
Collection Managers are generally the head of the collection department and answer to a company’s general manager or accounts manager. They must possess strong leadership skills as well as the ability to work in teams. The Bureau of Labor Statistics projects negative job growth of 6 percent through 2024 due to jobs moving overseas and the popularity of software and automated systems being used. This may result in 19,600 fewer jobs in this sector during this period, however because of a high turnover rate in this field, job prospects should still be good.
Collection Manager Duties and Responsibilities
The type of organization a Collection Manager works for will determine their particular responsibilities, however, there are several main duties all Collection Managers perform. A review of current job listings identified the following primary tasks and responsibilities.
Collection Managers are in charge of supervising a staff of collections personnel. In large companies this may include upwards of 50 employees and be one of the most time consuming duties they perform. The Collection Manager may be responsible for interviewing and hiring staff members, providing training, creating work schedules, filing timesheets, and performing any disciplinary actions. They also often observe or review employee interactions with customers to ensure all policies and regulations are being adhered to by their staff.
Collection Managers are responsible for minimizing a company’s financial losses. They do this in several ways. They may research, develop and implement collection procedures that reduce the amount of delinquency they encounter. Or they may study customer accounts and authorize various tactics such as extensions and write-offs to save the company money. Also by employing effective staff, the Collection Manager helps to ensure more debts are recovered.
Generate Reports and Analysis
A large part of the Collection Manager’s job entails regularly reporting the collection department’s progress and statistics. This may be performed each week or on a monthly basis, and often requires knowledge of statistics and data analysis. Collection Managers may also need to present their information to management or their department to highlight trends or achievements.
Collection Manager Skills
A Collection Manager must enjoy providing customer service and be an experienced leader. A high attention to detail and excellent organizational skills are also important. Collection Managers should be team players and excellent in communicating both verbally and in writing. In addition to these traits, employers look for applicants with the following skillsets.
Core skills: Based on job listings we looked at, employers want Collection Manager with these core skills. If you want to work in Collection Manager, focus on the following.
- Highly proficient in computer software programs such as, word processors, spreadsheet programs and database systems
- Strong mathematical skills
- Knowledge of state and federal collection laws
- Knowledge of high volume collections, credit authorization and billing procedures and practices
- Familiar with Customer Relationship software such as, Oracle
Advanced skills: While most employers did not require the following skills, multiple job listings included them as preferred. Add these to your skillset and broaden your career options.
- Degree in business or related field
Collection Manager Resources
There are some helpful and informational resources available on the Web for those interested in working in Collection Manager. We scoured the internet and found these links full of learning opportunities and the latest industry news.
On the Web
Collector Magazine – This monthly magazine is published by ACA International and provides important information regarding credit and collections. Stay up-to-date in the industry with this popular periodical.
Collection Advisor – A great reference tool for debt collection professionals, this magazine offers insightful articles and best practices advice. Their website also offers additional resources and a useful blog.
Credit Tools – This website offers credit and collection professionals management tools and ways to reduce financial losses. The site is full of useful resources, how-to articles and online tools to help collection departments maximize their profits.
Collection Manager Books
The Debt Collector’s Handbook – Written by an experienced collections attorney, this resource covers all the aspects debt collectors must know to effectively collect their money from clients.
Telephone Collection Call Scripts & How to Respond to Excuses – This text provides collection professionals with helpful scripts and ideas for talking to customers about their debts. Written by a former collection agent and manager, these effective dialogues should help increase the debts collected and minimize collection staff’s anxiety about angry or defensive customers.
The Guide to Getting Paid: Weed Out Bad Paying Customers, Collect on Past Due Balances, and Avoid Bad Debt – This resource goes into great detail about setting up a functioning in-house credit policy and collection team, managing the department and collecting on debts.
The Association of Credit and Collection Professionals – ACA International was founded in 1939 to bring together credit and collection professionals. They offer a wealth of resources to members such as education courses, networking events and industry publications.
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