What is a Credit and Collections Analyst Salary?
The credit and collections analyst salary depends on several factors, such as educational background, technical skills, and number of years of experience in the industry. In the US, the average annual salary of a credit and collections analyst is $45,275. Entry-level credit analysts can expect to receive $28,236 a year. Credit analysts with more years of work experience can command an annual salary of $68,707.
Credit and collections analysts are responsible for analyzing credit information and financial statements of individuals or companies to determine the risk level in extending a line of credit. They also create reports involving credit data that can be used to make informed decisions.
If you want to be a credit and collections analyst, you need to possess at least a college degree in the field of finance, business, or economics, as well as previous work experience in the industry, preferably in credit or collection operations. Insurance firms, call centers, billing departments, and business offices employ credit and collections analysts to handle various responsibilities such as preparing bills and invoices, processing loan or insurance applications, and managing inquiries about loans or bills.
Economic conditions play a key role in the demand for credit and collections analysts. Individuals or companies that increase their purchasing power or activity may borrow money to get more funds, fueling the demand for analysts who will determine if an entity is creditworthy or not.
Credit and Collections Analyst Salaries in US States
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: