Chief collections officers are essential to many industries, including finance, accounting and healthcare. They often hold bachelor's or master's degrees. Skills in financial analysis, customer service and communication, in addition to a familiarity with collections laws, are often essential for this profession.
A chief collections officer leads a team of workers who are tasked with resolving outstanding accounts. This professional also communicates with upper management by predicting trends and implementing collection strategies. They work in all types of industries and settings. An undergraduate degree in accounting or business is generally required, and some jobs call for a master's degree.
|Required Education||Bachelor's degree in business or accounting; master's degree for some jobs|
|Job Growth (2018-2028)||-8%* (for all bill and account collectors)|
|Median Salary (2019)||$52,174**|
Sources: * U.S. Bureau of Labor Statistics (BLS), **PayScale.com.
Career Options for Chief Collections Officers
Chief collections officers work in many industries, such as healthcare, mortgage and consumer debt. They may lead in-house collections departments or third-party collections agencies. Job locations vary from offices within companies to off-site call centers.
Responsible for meeting goals, whether by dollar amount or number of successful contacts made, a chief collections officer must train and motivate a team or department. This team leader also suggests new ways to resolve debt.
Chief collections officers earn a base salary, and they may receive additional compensation based on performance or commission. PayScale.com reported in August 2019 that the median annual salary for a credit and collections supervisor was $52,174.
The U.S. Bureau of Labor Statistics (www.bls.gov) anticipates that consolidation of the industry will lead to fewer job openings as the number small collections agencies decreases. The BLS predicts that job positions for all bill and account collectors will decline by 8% between 2018 and 2028.
Chief Collections Officer Requirements
Chief collections officers commonly need to hold a bachelor's degree, usually in accounting or business. Some employers expect applicants to have a graduate degree, such as a Master of Business Administration.
Experience in collections is a major requirement to be a chief collections officer. Certain jobs may even require a background in leading a collections team. Customer service skills are necessary, as is an extensive knowledge of collections laws at the federal and state levels.
If the position is with a specialized industry, the officer must have related knowledge. For example, a collections department involved in litigation would benefit from a chief collections officer who has legal training.
Chief collections officers also possess analytical skills so they can predict trends and plan strategies. Communication skills allow them to report results and make presentations to upper management.
Aspiring chief collections officers will need strong analytical skills and a bachelor's or master's degree in business, accounting or a related field. These positions pay annual salaries of around $52,000; however, employment in this field is expected to decline in the coming years.