How to Become a Collection Analyst

Become a Collection Analyst

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Taxes are an inevitable part of life in the United States, but it is not a given that everyone will pay what they owe. Collection analysts work for state or federal governments to track down taxes that have not been paid. If you are detail-oriented, communicate well, are not afraid of difficult conversations, and like to enforce policy, consider retraining to gain career skills in order to become a collector. Online training courses or campus-based classes are two ways to get this training.

Career Skills for Collection Analysts

Are you interested in the tax system? Do you have a mind for numbers? Are you good with client relations? You could improve your skills to become a collection analyst. Collection analysts are the professionals responsible for figuring out amounts owed, finding delinquent tax-payers, working out a way to address the money owed, and keeping track of records. Analysts have a solid understanding of the tax system and are detail-oriented. They can work independently, are able to confront clients gracefully, and negotiate when appropriate.

According to the Bureau of Labor Statistics, the need for collection analysts is expected to remain stable into the economy of the future. There may be jobs at both the state and federal level, both of which require that collection analysts stay current on the tax code. Having a strong knowledge of computers will also become increasingly important to this job.

Career Advice--Becoming a Collection Analyst

Do you think you might want to retrain to become a collection analyst? One way to improve your skills is through online training courses. Typically, an associate's degree is sufficient for the state level, though further education helps advancement. Many federal employees have a bachelor's degree. Given that taxes will be a part of life into the foreseeable future, there will likely always be a role for collection analysts.

Career Outlook for Collection Analysts

  • Where the Jobs Are. Nearly 25 percent of collection analysts and collectors work for collection agencies, with the balance employed by lending institutions, banks, healthcare agencies, retail stores, and the government
  • The Training You Need. Employers seek candidates with formal classroom training in finance, negotiation skills, and industry-specific software
  • Collections Analyst Employment Outlook. Employment of bill and account collectors is predicted to rise approximately 23 percent during the 2006-2016 decade. Job prospects are expected to be better for candidates with more formal financial experience and public relations experience. During financial hard times, employment of bill and account collectors rises to meet uncollected debt
  • A Law to Know. The Fair Debt Collection Practices Act of 1978 provides guidelines for the collection of legitimate debts by credit agencies. This act applies to all third-party collections agencies and most in-house collectors.

Bureau of Labor Statistics
Bill and Account Collectors
The Fair Debt Collection Practices Act