Credit and Collections Analyst Salary: What to Expect and How to Maximize It

What is a Credit and Collections Analyst Salary?

The average credit collections analyst salary in the U.S. is approximately $88,300 per year. However, actual earnings depend on factors like experience, location, industry, and credentials.

Here’s a breakdown by experience level:

• Entry-Level: $54,335 to $59,599
• Mid-Level (2–4 years): ~$73,000
• Senior-Level: $74,000 or higher, often with team or strategic responsibilities

These figures reflect national averages and may vary based on company size and sector.

Credit and Collections Analyst Salaries in US States

Salaries for Credit and Collections Analysts can vary widely depending on location, reflecting differences in cost of living, industry concentration, and demand for finance professionals. Below is a snapshot of average salaries across select U.S. states to help you gauge earning potential and career opportunities based on geography.

What Influences Credit and Collections Analyst Salaries?

Multiple variables influence a credit and collections analyst salary. Understanding each factor can help you set salary expectations and identify fair offers.

• Level of experience. Your work history plays a key role in your earning potential. Senior analysts with years of field experience and/or specialized skills typically command the highest salaries, whereas entry-level analysts can expect modest salaries. Mid-level analysts with a few years of experience can enjoy a mid-range salary.
• Location. Where you work will also contribute to what you earn. For example, the average salary for analysts in states like New York, California, and Oregon is higher than in other states, due to factors like the cost of living, increased demand, and robust financial sectors. You’ll even see salary discrepancies between individual cities within the same state, with more congested, metropolitan areas traditionally paying more than remote/rural regions.
• Education and certifications. Advanced academic training/certifications can also unlock higher earning potential. A bachelor’s degree,  FMVA certification, or CBCA certification demonstrates your grasp of specialized skills that are valued in the financial space. Employers are often willing to pay more for employees who possess these credentials.
• Industry. Your chosen field will play a significant role in salary prospects. For example, the national average salary for a credit analyst in the investment banking sector is $97,666 per year, while the same role at an insurance or corporate finance company pays closer to $88,000 per year. 

Your years of experience and location might be fixed, but you can always advance your training. Our certifications can equip you with specialized skills that employers value, helping you access a new level of financial opportunities.

What Does a Credit and Collections Analyst Do?

Credit and collections analysts evaluate financial data to determine risk and help companies make informed credit decisions. Typical responsibilities include:

• Analyzing credit reports and financial statements
• Preparing invoices and billing documents
• Managing credit applications or collections processes
• Collaborating with finance teams to improve cash flow

This role requires a blend of technical, financial, and communication skills—and the ability to interpret financial ratios, identify risk, and make strategic recommendations.

Learn more about the credit and collections analyst role, including day-to-day responsibilities and required skills.

Entry-Level vs. Experienced Analysts: What to Expect

Each stage of your professional journey as a credit and collections analyst will bring new challenges and new earning possibilities. Here’s what you can expect at every phase of your career:

Higher salaries come with greater responsibilities, often requiring broader business knowledge and technical skills.

How to Increase Your Credit and Collections Analyst Salary

Whether you’re just entering the financial sector or feel that you’ve outgrown your current salary, here are tips to maximize your earning potential:

• Earn a recognized certification. Certifications like CFI’s FMVA and CBCA give you a competitive edge in a sea of qualified applicants.
• Expand your technical skills. Proficiency in relevant tools such as statistical software, financial modeling software, and data visualization tools makes you a more valuable asset (who commands a higher salary).

• Build a network in credit and collections. Professionals who frequently change employers typically receive higher pay than those who remain at the same company. Creating a comprehensive network of career-relevant connections can keep you apprised of openings and new opportunities.

By taking these proactive steps, you’ll position yourself to be top of mind for employers during hiring and promotion talks.

Frequently Asked Questions

How much does a credit and collections analyst earn?

The national average is around $88,300 per year, with entry-level roles starting around $54,000 and senior-level roles exceeding $90,000. Factors such as location, industry, and certifications affect this range.

Do certifications improve a collections analyst’s salary?

Yes. Earning a certification like the FMVA® or CBCA® can significantly improve your marketability and salary by proving specialized, in-demand skills.

What industry pays collections analysts the most?

Analysts working in investment banking, financial services, and corporate strategy roles tend to earn more than those in billing or insurance operations.

Additional Resources

CFI offers the Financial Modeling & Valuation Analyst (FMVA)™ certification program for those looking to take their careers to the next level. To keep learning and advancing your career, the following CFI resources will be helpful:

• Credit Rating
• Debt Covenants
• Job Titles in Banking and Finance
• Loan Servicing
• See all Career resources