How much does a Collection Specialist make?
A Collection Specialist works to collect payments that are owed. The average yearly salary for this job is around $41,863. Some specialists earn less or more, based on experience, skills, and the company. Below is a look at different salary ranges for Collection Specialists:
Here is a breakdown of the salary distribution:
- 11.14% earn $28,000 or less
- 13.65% earn between $28,000 and $32,000
- 17.65% earn between $32,000 and $36,000
- 18.37% earn between $36,000 and $40,000
- 12.73% earn between $40,000 and $44,000
- 9.31% earn between $44,000 and $48,000
- 4.27% earn between $48,000 and $52,000
- 2.64% earn between $52,000 and $56,000
- 3.22% earn between $56,000 and $60,000
- 1.43% earn between $60,000 and $64,000
- 0.59% earn $64,000 or more
What are the highest paying cities for a Collection Specialist?
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Washington, DC
Average Salary: $83,742
In Washington, DC, you can find rewarding work in collections. The city is home to major companies that value skilled collectors. You'll work with professionals and gain valuable experience.
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Boston, MA
Average Salary: $69,640
Boston offers a vibrant atmosphere for those in collections. The city is known for its financial institutions. You can build your career with well-known companies in the area.
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Seattle, WA
Average Salary: $59,547
Seattle provides a dynamic environment for collections work. The tech industry and local businesses offer various opportunities. Working here can help you grow your career in a bustling city.
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Philadelphia, PA
Average Salary: $54,310
In Philadelphia, you can find fulfilling roles in collections. The city is rich with business opportunities. You’ll work with diverse companies and develop strong skills.
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Los Angeles, CA
Average Salary: $54,081
Los Angeles offers a lively setting for collections professionals. The entertainment industry and large corporations provide many job openings. You'll have the chance to work with top companies.
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Sacramento, CA
Average Salary: $54,052
Sacramento is a great place to work in collections. The state capital brings many opportunities. You can find jobs with both local and national companies.
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Madison, WI
Average Salary: $53,078
Madison offers a friendly environment for collections work. The city is known for its universities and government jobs. Working here provides stability and growth opportunities.
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Richmond, VA
Average Salary: $53,053
Richmond provides a supportive atmosphere for those in collections. The city has many opportunities in both government and private sectors. You can find stable and rewarding work here.
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Eugene, OR
Average Salary: $51,425
Eugene offers a peaceful setting for collections work. The city has a growing tech sector and local businesses. Working here provides a balanced and fulfilling career.
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Albany, NY
Average Salary: $49,058
Albany provides a historic environment for collections professionals. The state capital offers many job opportunities. You can work with both government and private companies.
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What are the best companies a Collection Specialist can work for?
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Bloodworks Northwest
Average Salary: $60,630
Bloodworks Northwest offers rewarding Collection Specialist roles. They operate in Washington, Oregon, and Montana. Employees handle important tasks in blood donation collections and processing, ensuring the supply of blood products for medical needs.
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The Chefs' Warehouse
Average Salary: $58,318
The Chefs' Warehouse values Collection Specialist roles, offering a competitive salary. They serve chefs across the U.S. with gourmet food products. Collection Specialists here play a key role in managing customer accounts and ensuring timely payments.
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Accenture
Average Salary: $49,420
Accenture offers Collection Specialist positions that provide ample growth opportunities. They operate worldwide, delivering consulting and tech services. Collection Specialists work with clients to ensure payments are received, contributing to Accenture’s global success.
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Makotek
Average Salary: $46,511
Makotek employs skilled Collection Specialists in their tech-driven environment. They operate across multiple locations in the U.S. Employees help manage client accounts, ensuring smooth financial operations for their tech projects.
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State of Tennessee
Average Salary: $45,778
The State of Tennessee offers stable Collection Specialist roles with a good salary. They serve residents across Tennessee. Collection Specialists here work on government accounts, ensuring the state’s financial health.
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AppleOne
Average Salary: $44,088
AppleOne values their Collection Specialists, offering a supportive work environment. They serve job seekers nationwide. Collection Specialists manage customer accounts and payments, helping people find their next career move.
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Coronis Health LLC
Average Salary: $42,538
Coronis Health LLC employs Collection Specialists to manage healthcare accounts. They operate in various U.S. states. Employees ensure timely payments, contributing to the smooth operation of healthcare services.
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Amerita
Average Salary: $41,565
Amerita offers Collection Specialist roles with a focus on healthcare billing. They operate nationwide. Employees manage medical accounts, ensuring accurate and timely payments for healthcare services.
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Graybar
Average Salary: $40,842
Graybar provides Collection Specialist roles focusing on electrical and industrial supplies. They serve clients across the U.S. Employees help manage accounts, ensuring clients receive the products they need.
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Above Lending
Average Salary: $40,711
Above Lending hires Collection Specialists to manage loan accounts. They operate in several states. Employees help clients with their financial needs, ensuring smooth loan processes.
How to earn more as a Collection Specialist?
To earn more as a Collection Specialist, focus on key areas that can enhance your skills and performance. This profession demands a combination of strong communication skills, attention to detail, and an understanding of financial regulations. Specializations in industries such as healthcare, telecommunications, or finance can also provide higher earning potential. Additionally, obtaining relevant certifications and advancing to a supervisory role can significantly boost income.
Several factors can help a Collection Specialist increase their earnings. These factors include gaining experience, enhancing customer service skills, developing negotiation tactics, and seeking out opportunities for advancement within the company. Collection Specialists who demonstrate proficiency in these areas often find themselves in higher-paying positions. Building a strong network within the industry can also open doors to better-paying jobs.
An effective approach to earning more involves continuous learning and staying updated on industry trends. The following list highlights the most impactful factors:
- Gain experience in a high-demand industry.
- Develop strong negotiation skills.
- Pursue relevant certifications.
- Seek advanced roles, such as a team leader or manager.
- Build a robust professional network.
