How much does a Collection Specialist make?
A Collection Specialist plays a key role in ensuring that businesses receive payments for goods and services. This job involves contacting customers to collect overdue payments. The average yearly salary for a Collection Specialist is around $42,092. This salary can vary based on experience and location.
Collection Specialists often earn more as they gain experience. Entry-level specialists may start at the lower end of the salary range. Those with more experience can earn closer to the higher end. Some specialists may also receive bonuses or commissions based on their performance. This can increase their total earnings. The salary can also differ by location. Urban areas with higher living costs often offer higher salaries.
What are the highest paying cities for a Collection Specialist?
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Washington, DC
Average Salary: $78,184
Washington, DC offers a dynamic environment for those in the financial sector. With numerous federal agencies and financial institutions, opportunities for growth are plentiful. Companies like Capital One and T. Rowe Price provide a stable platform for professionals.
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Boston, MA
Average Salary: $65,621
Boston is a hub for finance and technology. The city's strong economy offers a variety of roles in collections. Firms like State Street and Fidelity Investments are well-known employers in the area.
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Seattle, WA
Average Salary: $59,419
Seattle's tech-driven economy offers a unique setting for collections specialists. The presence of companies like Amazon and Microsoft provides a robust environment for career development. The city's progressive culture also supports work-life balance.
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Sacramento, CA
Average Salary: $54,052
Sacramento, the capital of California, offers a balanced lifestyle with a growing job market. The city is home to major financial institutions like Bank of America and Wells Fargo, providing ample opportunities for specialists.
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Richmond, VA
Average Salary: $53,736
Richmond, known for its historical significance, also offers a thriving job market. The city's financial sector, including companies like Capital One and Dominion Energy, provides a stable environment for professionals.
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Philadelphia, PA
Average Salary: $53,628
Philadelphia, with its rich history and vibrant culture, offers a dynamic job market. The city's financial institutions, such as Wells Fargo and PNC, provide excellent opportunities for growth in the collections field.
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Los Angeles, CA
Average Salary: $53,139
Los Angeles, a major economic center, offers diverse opportunities in the financial sector. The city's large population and business environment provide a wealth of options for collections specialists.
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Madison, WI
Average Salary: $52,925
Madison, known for its political and educational influence, offers a stable job market. The city's financial sector, including companies like Associated Bank, provides a supportive environment for professionals.
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Eugene, OR
Average Salary: $50,904
Eugene, with its vibrant community and natural beauty, offers a unique setting for collections specialists. The city's growing economy and presence of companies like Umpqua Bank provide a stable platform for career growth.
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Albany, NY
Average Salary: $50,095
Albany, the capital of New York, offers a mix of government and private sector opportunities. The city's financial institutions, including KeyBank and HSBC, provide a solid environment for professionals in the collections field.
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What are the best companies a Collection Specialist can work for?
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Ryder System
Average Salary: $62,340
Ryder System offers Collection Specialist jobs with a focus on logistics and transportation. They operate in various locations across the United States, providing opportunities for growth and development.
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Bloodworks Northwest
Average Salary: $59,846
Bloodworks Northwest provides Collection Specialist jobs with a focus on healthcare services. They operate in the Pacific Northwest, offering a chance to work in a vital industry.
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Aston Carter
Average Salary: $50,521
Aston Carter offers Collection Specialist jobs with a focus on staffing and recruitment. They operate nationwide, providing diverse opportunities for professionals.
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Accenture
Average Salary: $49,420
Accenture provides Collection Specialist jobs with a focus on consulting and technology. They operate globally, offering a chance to work in a dynamic and innovative environment.
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Robert Half
Average Salary: $48,185
Robert Half offers Collection Specialist jobs with a focus on finance and accounting. They operate in many locations, providing opportunities for career advancement.
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AppleOne
Average Salary: $47,559
AppleOne provides Collection Specialist jobs with a focus on staffing and recruitment. They operate in various regions, offering diverse opportunities for professionals.
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State of Tennessee
Average Salary: $45,778
The State of Tennessee offers Collection Specialist jobs with a focus on public service. They operate throughout the state, providing a chance to contribute to the community.
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RCH
Average Salary: $45,480
RCH provides Collection Specialist jobs with a focus on healthcare services. They operate in the Pacific Northwest, offering a chance to work in a vital industry.
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Eminent LLC
Average Salary: $44,404
Eminent LLC offers Collection Specialist jobs with a focus on staffing and recruitment. They operate in various locations, providing diverse opportunities for professionals.
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Makotek
Average Salary: $44,254
Makotek provides Collection Specialist jobs with a focus on technology and consulting. They operate in multiple regions, offering a chance to work in a growing industry.
How to earn more as a Collection Specialist?
A Collection Specialist can increase earnings by focusing on several key areas. Building strong relationships with clients can lead to better payment terms and more frequent payments. This skill involves clear communication and understanding the client's situation. Another way to earn more is by mastering the use of collection software and tools. These tools can help track accounts and manage tasks more efficiently. Staying updated with the latest collection laws and regulations ensures compliance and reduces the risk of legal issues.
Specializing in certain industries or types of accounts can also boost earnings. For example, working with high-value accounts or those in specific sectors can lead to higher commissions. Continuous learning and professional development can open up higher-paying opportunities. Attending workshops, earning certifications, and gaining experience in different areas of collections can make a specialist more valuable. Networking with other professionals in the field can lead to job referrals and new opportunities that offer higher pay.
Here are some key factors to consider:
- Build strong client relationships
- Master collection software and tools
- Stay updated with collection laws
- Specialize in specific industries or accounts
- Invest in continuous learning and professional development
