Top 10 Collection Specialist Certifications

Certifications are important for a collection specialist in the job market as they demonstrate a level of knowledge and skill that employers value. Having a certification shows potential employers that you have specialized training in collections, which means you can be trusted to handle their accounts efficiently and effectively. Certifications also provide recognition of your expertise and experience, making it easier for employers to trust you with managing their financial accounts. Certifications also give you an edge over other applicants when it comes to getting hired. In addition, many certifications come with continuing education requirements, indicating that you are committed to staying up-to-date on the latest collection practices and techniques.

The purpose of this article is to review and explain how certifications for Collection Specialists can help advance their career.

What are Collection Specialist Certifications?

Collection specialist certification is a professional designation that recognizes individuals who have demonstrated expertise in the collection of debts. This certification is offered by the Association of Credit and Collection Professionals (ACA International) and the International Association of Commercial Collectors (IACC).

The certification provides specialized knowledge and skills to help collection professionals understand consumer rights and laws, as well as best practices for collecting past-due accounts. To earn the certification, candidates must complete an approved program and pass an exam covering topics such as consumer protection laws, ethical practices, dispute resolution, negotiation techniques, communication strategies, and financial analysis.

Having a collection specialist certification can help debt collectors increase their job opportunities and earning potential. It also demonstrates their commitment to professional excellence and to providing ethical services that protect consumers' rights. Additionally, having a certified professional on staff can help businesses improve their debt recovery rate while reducing risk related to non-compliance with consumer protection regulations.

Pro Tip: When considering a collection specialist certification, make sure to research the requirements carefully. There are often different levels of certification available, and some may require additional training or experience. Be sure to check the specific requirements for each level of certification to ensure that you meet all the necessary criteria.

Related: What does a Collection Specialist do?

Top 10 Collection Specialist Certifications

Here’s our list of the best certifications available to Collection Specialists today.

1. Certified Credit & Collection Compliance Officer (CCCCO)

A Certified Credit & Collection Compliance Officer (CCCCO) is a professional certification program designed to provide individuals with the knowledge and skills necessary to effectively manage credit and collection operations. The CCCCO certification is offered by the National Association of Credit Management (NACM), a non-profit organization dedicated to promoting ethical practices in the credit and collection industry.

The CCCCO certification requires applicants to have a minimum of two years of experience in credit or collections, as well as successful completion of an online exam. The exam covers topics such as legal compliance, risk management, customer service, and financial analysis. The cost for the exam is $395 for NACM members and $495 for non-members.

The process typically takes about six months from start to finish. After registering for the exam, applicants must complete an online training program that consists of six modules covering various topics related to credit and collections. Once the training is complete, applicants can take the online exam at any Prometric testing center located throughout the United States. Upon passing the exam, applicants will receive their CCCCO certification within four weeks.

Overall, becoming a Certified Credit & Collection Compliance Officer (CCCCO) is an excellent way to demonstrate expertise in credit and collections operations while also helping ensure compliance with applicable laws and regulations.

2. Certified Professional Collector (CPC)

Certified Professional Collector (CPC) is a certification program designed by the American Collectors Association (ACA) to recognize individuals who have achieved a high level of knowledge and experience in the field of debt collection. The CPC designation is earned after passing a comprehensive exam that covers all aspects of debt collection, including legal compliance, ethical standards, and best practices.

It typically takes about six months to prepare for the CPC exam. During this time, candidates should review ACA's study material and take advantage of online resources to gain an understanding of debt collection fundamentals. Candidates must also complete a minimum number of hours of relevant continuing education courses prior to taking the exam.

The CPC exam consists of 150 multiple-choice questions that must be completed within three hours. Upon successful completion of the exam, candidates are awarded the Certified Professional Collector designation and may use it as part of their professional credentials.

The cost to take the CPC exam is $395 for ACA members and $495 for non-members. This fee includes access to all materials needed to prepare for the exam as well as one attempt at taking the exam itself.

3. Certified Accounts Receivable Manager (CARM)

Certified Accounts Receivable Manager (CARM) is a professional certification offered by the Institute of Finance and Management (IOFM). This certification demonstrates a high level of competence in accounts receivable management. It is designed to recognize professionals who have the knowledge and skills necessary to manage accounts receivable processes, including credit and collections, cash application, dispute resolution, customer service, and reporting.

It typically takes about 3-6 months to complete the requirements for the CARM certification. The process includes taking an online assessment that evaluates your knowledge of accounts receivable management principles and practices. Once you pass the assessment, you will receive your certificate from IOFM.

The cost of obtaining the CARM certification varies depending on how you choose to pursue it. If you take the online assessment only, it will cost $295 USD. If you opt for additional training or mentoring services, there may be additional costs associated with those services.

Overall, obtaining a CARM certification can be beneficial for those looking to demonstrate their expertise in accounts receivable management and advance their careers in this field.

4. Certified Credit and Collection Professional (CCCP)

Certified Credit and Collection Professional (CCCP) is a professional certification program offered by the International Association of Commercial Collectors (IACC). The CCCP certification is designed to recognize individuals who have achieved a high level of knowledge and experience in the field of credit and collections.

The CCCP certification requires applicants to complete an online application, pass an exam, and meet certain prerequisites. Applicants must have at least two years of verifiable experience in the credit and collection industry, as well as a minimum of 40 hours of continuing education within the past five years.

The exam consists of multiple-choice questions covering topics such as accounts receivable management, legal aspects of collections, consumer protection laws, and ethical standards for collectors. The exam takes approximately four hours to complete.

To maintain their certification, CCCPs are required to participate in continuing education activities every two years.

The cost for taking the CCCP exam is $395 USD.

5. Certified Risk Management Professional (CRMP)

Certified Risk Management Professional (CRMP) is a professional certification program designed to recognize individuals who demonstrate knowledge and experience in the field of risk management. The CRMP certification is offered by the Global Risk Management Institute (GRMI), an independent, not-for-profit organization dedicated to advancing the practice of risk management.

The CRMP certification program is designed for professionals with at least three years of experience in the risk management field. Candidates must have a bachelor’s degree or higher from an accredited college or university, as well as a minimum of two years of full-time experience in risk management. Candidates must also pass a comprehensive exam that covers topics such as risk assessment, risk control, insurance and financial analysis, legal aspects of risk management, and more.

It typically takes between four and six months to complete the CRMP certification process. During this time, candidates will need to complete a series of online courses and exams that cover the various topics related to risk management. After successful completion of all coursework and exams, candidates will be eligible to take the final exam for their CRMP certification.

The cost for obtaining a CRMP certification varies depending on your location and other factors such as whether you are taking an online or in-person course. Generally speaking, it can cost anywhere from $2,000 - $4,000 USD to obtain your CRMP certification. This cost includes tuition fees for courses as well as any associated examination costs.

6. Certified Financial Services Auditor (CFSA)

Certified Financial Services Auditor (CFSA) is a professional certification granted by the Institute of Internal Auditors (IIA). It is designed to provide assurance and consulting services to organizations in the financial services industry. The CFSA credential demonstrates an individual’s expertise in auditing, risk management, and compliance within the financial services sector.

To obtain the CFSA credential, applicants must have a minimum of two years of experience in auditing or related areas within the last five years. They must also pass a four-hour exam that covers topics such as internal control frameworks, audit standards, corporate governance, and risk management.

The cost of obtaining the CFSA credential varies depending on whether you are an IIA member or non-member. For IIA members, it costs $450 for the application fee and $375 for the exam fee. For non-members, it costs $550 for the application fee and $475 for the exam fee.

It typically takes around three months to complete all requirements necessary to obtain the CFSA credential. This includes submitting your application and passing the exam within six months of submitting your application.

7. Certified Debt Collection Specialist (CDCS)

Certified Debt Collection Specialist (CDCS) is a professional certification program offered by the International Association of Professional Debt Arbitrators (IAPDA). It is designed to provide debt collection professionals with the knowledge and skills necessary to effectively collect consumer debts. The certification requires passing an exam, which covers topics such as consumer rights, collection laws, ethical practices, and dispute resolution.

The CDCS certification is valid for two years from the date of issue. To maintain the status of Certified Debt Collection Specialist, individuals must complete at least 10 hours of continuing education during each two-year period.

To obtain the CDCS certification, individuals must first complete an approved training program and pass the IAPDA's online exam. The IAPDA offers several approved training programs that are available both online and in-person.

The cost of obtaining a CDCS certification varies depending on the type of training program chosen. Online courses generally cost between $500 and $1,000 while in-person courses can be more expensive. Additionally, there may be additional fees associated with taking the exam or renewing your certification every two years.

8. Certified Credit Executive (CCE)

Certified Credit Executive (CCE) is a professional designation offered by the National Association of Credit Management (NACM). It is designed to recognize credit professionals who have demonstrated expertise in the field of credit management.

The CCE program requires applicants to complete a comprehensive training course and pass an examination. The course covers topics such as credit policies, risk assessment, financial analysis, and legal aspects of credit. Upon completion of the course and passing the exam, applicants become Certified Credit Executives.

The CCE program takes approximately six months to complete and consists of two parts: a self-study component and an online exam. The self-study component includes reading materials, videos, webinars, and other resources that provide an overview of credit management principles and practices. The online exam tests knowledge gained from the self-study materials.

The cost for the CCE program varies depending on whether or not you are a member of NACM. For non-members, the cost is $1,295; for members, it is $995. All fees must be paid prior to taking the exam.

To become a Certified Credit Executive, you must meet certain criteria including having at least three years of professional experience in credit management or related fields; having completed at least one year of college-level study in business or finance; and having passed the CCE exam with a score of 70% or higher.

9. Accredited Financial Counselor (AFC)

Accredited Financial Counselor (AFC) is a professional certification that provides financial advisors with the knowledge and skills needed to help individuals and families make informed decisions about their finances. The AFC certification is offered through the Association for Financial Counseling and Planning Education (AFCPE).

To become an AFC, applicants must complete a rigorous education program that includes coursework in financial counseling, personal finance planning, debt management, budgeting, credit counseling, and other related topics. Additionally, applicants must pass an exam to demonstrate their understanding of the material.

The entire process typically takes up to two years to complete. During this time, applicants must complete a minimum of 40 hours of classroom instruction as well as take the required exam. Once they have successfully completed all requirements and passed the exam, they will be awarded their Accredited Financial Counselor certification.

The cost of becoming an Accredited Financial Counselor varies depending on the institution offering the program. Generally speaking, it can range from $500-$2,000 or more depending on the institution's fees and other associated costs such as textbooks and materials.

10. Professional Association of Healthcare Coding Specialists Certification Program (PAHCS-CP).

The Professional Association of Healthcare Coding Specialists Certification Program (PAHCS-CP) is a comprehensive certification program designed to recognize and validate the expertise of healthcare coding specialists. This certification is offered by the American Health Information Management Association (AHIMA). It provides a rigorous assessment of healthcare coding knowledge and skills, as well as a commitment to ongoing professional development.

The PAHCS-CP certification process includes an online application, an exam, and continuing education requirements. The online application requires applicants to provide information about their educational background, experience in healthcare coding, and other relevant qualifications. Once the application is approved, applicants must pass an exam that covers topics such as medical terminology, anatomy and physiology, reimbursement systems, coding systems, and data analysis. Upon successful completion of the exam, applicants are awarded the PAHCS-CP credential.

The PAHCS-CP certification process typically takes several months to complete. Applicants should plan on spending at least three months studying for the exam and completing all necessary paperwork before taking the exam. After passing the exam, applicants must maintain their certification through continuing education credits every two years in order to remain certified.

The cost of obtaining the PAHCS-CP certification varies depending on factors such as location and membership status with AHIMA or other professional organizations. Generally speaking, it can cost anywhere from $200-$500 to apply for this certification program.

Do You Really Need a Collection Specialist Certificate?

The answer to this question depends on the individual. If you are looking to pursue a career in collection specialist and want to gain an edge over other applicants, then a collection specialist certificate could be beneficial. It can provide you with a better understanding of the field, as well as demonstrate your commitment and dedication to the profession.

Having a collection specialist certificate can also give you an advantage when applying for positions within the field. Many employers may view it as evidence that you have taken the extra step to become certified and are more knowledgeable than other applicants who do not have one. Furthermore, having a certification can make you more attractive to potential employers and increase your chances of getting hired.

On the other hand, if you already have experience working in collections or are confident in your own knowledge and skillset, then there is no need for a collection specialist certificate. A certification will not necessarily guarantee success or job offers, so it is important to weigh up all of your options before making any decisions.

Ultimately, whether or not you need a collection specialist certificate depends on what type of career path you wish to take and how competitive the job market is in your area. If you feel that such certification would benefit you, then it may be worth pursuing.

Related: Collection Specialist Resume Examples

FAQs About Collection Specialist Certifications

1. What are the requirements for Collection Specialist certification?

Answer: The specific requirements for becoming a certified Collection Specialist vary by organization, but generally include completing a certain number of hours of training in collections and passing an exam.

2. How long does it take to become a Certified Collection Specialist?

Answer: The amount of time required to become a Certified Collection Specialist depends on the specific program, but can range from six months to two years.

3. What type of job opportunities exist for Certified Collection Specialists?

Answer: Certified Collection Specialists are employed in a variety of settings including banks, finance companies, law firms and collection agencies. They typically work with debtors to develop payment plans or negotiate settlements.

4. How much do Certified Collection Specialists earn?

Answer: Salaries for Certified Collection Specialists vary based on experience level, job responsibilities and location, but can range from $30,000 to $60,000 annually.

5. Are there any continuing education requirements for maintaining my certification?

Answer: Yes, most organizations require that you complete periodic continuing education courses or seminars in order to maintain your certification in good standing.