Credit and Collections Specialists: How to Become One
If you were to ask a group of credit and collections specialists about how they arrived at their current job, there's a good chance you would get several different answers about the paths and steps that each person took.
That said, there are still ways that you can develop a baseline understanding of the preparation that is necessary to become one.
The Best Adult Colleges and Careers Guide has gathered data to provide you with insight into the type of education that's commonly required for credit and collections specialists to land a job. This page contains information, sourced from real job postings, that describes the experience levels and specific skills that employers of credit and collections specialists expect candidates to have. In the end, this information will help you create an education or professional development plan that aligns with your career aspirations.
Keep reading to learn more about career steps for credit and collections specialists.
What Education & Experience is Needed for Credit and Collections Specialists?
Do credit and collections specialists need a degree? What kind of experience do credit and collections specialists typically need? Thanks to data sourced from Lightcast™ from real job postings, we can get some clarity on those questions, as well as the level of education that is commonly required for credit and collections specialists to secure jobs.
Education Level Required in Job Postings for Credit and Collections Specialists
Jobs Postings for Credit and Collections Specialists By Education
- Bachelor's degree: 15,824 (59%)
- No Education Listed: 4,450 (17%)
- High School or GED: 3,248 (12%)
- Master's degree: 3,059 (11%)
- Ph.D. or professional degree: 381 (1%)
A bachelor's degree is the level of education sought the most by employers of credit and collections specialists. According to job data, a bachelor's degree was required for 59% of positions. In 17% of job listings no education level was listed and in 12% of postings a High School diploma or GED was required.
Experience Level Required in Job Postings for Credit and Collections Specialists
Jobs Postings for Credit and Collections Specialists By Experience
- 0-1 Years: 2,754 (17%)
- 2-3 Years: 6,611 (42%)
- 4-6 Years: 4,868 (31%)
- 7-9 Years: 995 (6%)
- 10+ Years: 665 (4%)
While the amount of required experience will vary based on the responsibility and seniority of the position, an aggregate view of job posting data can help paint a picture of the experience level sought for most job openings for credit and collections specialists. In 42% of job postings for Credit and Collections Specialists, employers were looking for candidates with 2-3 years of experience. In 31% of listings employers were looking for candidates with 4-6 years of experience, while 0-1 years of experience was sought in 17% of job postings for credit and collections specialists.
What Kind of Degree Do Credit and Collections Specialists Need?
So far this page has provided detail into the level of education and the amount of experience required in job openings for credit and collections specialists, but what type of education or degree will help prepare you for a career in the field?
According to occupational data obtained through Lightcast,™ there are 8 key academic programs that can help prepare prospective credit and collections specialists, and in 2021 a total of 130,308 of those programs were completed at institutions in the United States.
Check out the information below to learn more about the specific programs that should be considered by prospective credit and collections specialists.
Top Degree Programs for Credit and Collections Specialists
Top 5 Degree Programs for Credit and Collections Specialists (2021)
| Program | Completions |
|---|---|
| Accounting. | 71,881 |
| Finance, General. | 51,430 |
| Accounting and Finance. | 3,644 |
| Accounting and Business/Management. | 1,537 |
| Banking and Financial Support Services. | 991 |
| Program | Completions |
|---|---|
| Accounting. | 71,881 |
| Finance, General. | 51,430 |
| Accounting and Finance. | 3,644 |
| Accounting and Business/Management. | 1,537 |
| Banking and Financial Support Services. | 991 |
| Accounting and Related Services, Other. | 814 |
| Credit Management. | 10 |
| Financial Risk Management. | 1 |
Top Online College For Working Adults
Franklin University is a top choice for adults who need to balance school with busy lives. Founded in 1902 in Columbus, Ohio, Franklin's main focus has been serving adult students and tailoring education to fit their needs. Nonprofit and accredited by the Higher Learning Commission (hlcommission.org/800.621.7440), Franklin offers more than 50 affordable bachelor's, master's, and doctoral programs — all available 100% online.
Degree Options for Credit and Collections Specialists
Develop the foundational financial skills needed to keep business running successfully, including financial reporting and analysis, managerial accounting, and federal taxes, so you can start your career as an accounting technician, tax preparer, payroll assistant and more.
- Class Type: 100% online
- Cost Per Credit: $398
Turn a head for numbers into a career as a financial associate or analyst, and help businesses turn financial data into actionable insights that can maximize investments, improve cash flow, and impact decisionmaking.
- Class Type: 100% online
- Cost Per Credit: $398
Enter into or advance within the rapidly growing accounting industry and prepare for professional certifications like the CPA.
- Class Type: 100% online
- Cost Per Credit: $398
- Accreditation: IACBE
Build in-demand skills in programming, data management and cloud computing with Franklin’s online data science bachelor’s degree.
- Class Type: 100% online
- Cost Per Credit: $398
Master finance principles and develop all-inclusive corporate finance strategies for business firms and financial institutions.
- Class Type: 100% online
- Cost Per Credit: $398
- Accreditation: IACBE
Distinguish yourself as a knowledgeable accounting professional with advanced technical, research, and communication skills.
- Class Type: 100% online
- Months To Complete: 17
- Accreditation: IACBE
- Placement Tests: GMAT/GRE not required for admission
What Skills Do Credit and Collections Specialists Need?
Education and experience have been covered, so what are the specific skills and traits needed by credit and collections specialists to secure a job?
A good way to understand this is to examine actual job postings for skills commonly sought by employers. Continue reading for a breakdown of specialized skills found in job postings for credit and collections specialists, as well as common skills that can help you thrive in the workplace.
In-Demand Skills for Today's Credit and Collections Specialists
Based on 23,346 job postings
Top 5 Specialized Skills for Credit and Collections Specialists
| Skills | Postings | % of Total Postings |
|---|---|---|
| Finance | 10,792 | 46% |
| Accounting | 10,347 | 44% |
| Loans | 9,171 | 39% |
| Credit Risk | 7,537 | 32% |
| Financial Statements | 6,944 | 30% |
Top 5 Common Skills for Credit and Collections Specialists
| Skills | Postings | % of Total Postings |
|---|---|---|
| Management | 10,568 | 45% |
| Communications | 10,066 | 43% |
| Customer Service | 6,595 | 28% |
| Collections | 6,563 | 28% |
| Microsoft Excel | 6,563 | 28% |
Based on 23,346 job postings related to credit and collections specialists, finance was the top specialized skill sought by employers, with 46% of all postings looking for that skillset. Skills for accounting, loans, credit risk, financial statements and underwriting were also highly sought.
As for common skills, management was the most desired skill found in job postings for credit and collections specialists, followed by communications, customer service, collections, microsoft excel and sales.
| Skill | Postings | % of Total Postings |
|---|---|---|
| Finance | 10,792 | 46% |
| Accounting | 10,347 | 44% |
| Loans | 9,171 | 39% |
| Credit Risk | 7,537 | 32% |
| Financial Statements | 6,944 | 30% |
| Underwriting | 6,862 | 29% |
| Financial Analysis | 5,573 | 24% |
| Credit Analysis | 4,974 | 21% |
| Accounts Receivable | 4,326 | 19% |
| Credit Management | 3,874 | 17% |
| Commercial Lending | 3,310 | 14% |
| Economics | 3,256 | 14% |
| Risk Management | 3,121 | 13% |
| Auditing | 2,976 | 13% |
| Financial Services | 2,664 | 11% |
| Credit Reports | 2,448 | 10% |
| Risk Analysis | 2,377 | 10% |
| Portfolio Management | 2,310 | 10% |
| Invoicing | 1,948 | 8% |
| Loan Origination | 1,948 | 8% |
| Skill | Postings | % of Total Postings |
|---|---|---|
| Management | 10,568 | 45% |
| Communications | 10,066 | 43% |
| Customer Service | 6,595 | 28% |
| Collections | 6,563 | 28% |
| Microsoft Excel | 6,563 | 28% |
| Sales | 6,097 | 26% |
| Detail Oriented | 6,081 | 26% |
| Writing | 5,180 | 22% |
| Microsoft Office | 4,942 | 21% |
| Research | 4,758 | 20% |
| Problem Solving | 4,743 | 20% |
| Operations | 3,978 | 17% |
| Analytical Skills | 3,805 | 16% |
| Interpersonal Communications | 3,663 | 16% |
| Leadership | 3,266 | 14% |
| Presentations | 3,114 | 13% |
| Verbal Communication Skills | 3,085 | 13% |
| Microsoft PowerPoint | 2,928 | 13% |
| Organizational Skills | 2,741 | 12% |
| Multitasking | 2,556 | 11% |
Additional Links
Ready to dig deeper into career information about credit and collections specialists? Visit our other pages focused on salary and education for credit and collections specialists.
What do credit and collections specialists do?
How much do credit and collections specialists make?
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