The importance of a salary benchmarking survey 

Salary benchmarking surveys are an important guidebook for any profession, as they track how individuals are compensated in their roles across different experience levels, industries and locations. Joining together, NACM Affiliates urge members to participate in their Credit Professionals Compensation Survey citing that participation will lead towards building an important and invaluable community resource.

Spearheaded by NACM Connect in 2016, with all NACM affiliates joining over time, the survey collects valuable salary data from companies across the United States. As the survey pool expanded to include more regions, the report now has the power to track salary and compensation trends in different geographical areas and industries.  

The survey has grown exponentially since 2016, with the 2023 survey featuring data from 490 NACM member companies. The questions include details on health insurance, time off, savings plans, professional designations and hiring trends. All the information collected is confidential, with the report showing the compensation in different percentiles, without direct reference to specific companies or employees. The report explores the compensation organized by different roles and experience levels.  

Salary surveys can show credit professionals how their compensation compares to their peers in the field. By looking at the study results, credit professionals can get a strong sense of how compensation evolves as they advance further in the field, motivating them to push themselves harder in their careers and seek out additional education to prepare them for their next promotion.  

The salary survey can help credit professionals as they build a road map for their career. Someone who is just starting out in the field may look and see that compensation is higher for those who have pursued additional education and earned a designation. Armed with that knowledge, newer credit managers can get a better sense of what steps they will need to take to ensure that they are not only continuously growing but compensated fairly as they advance. 

Even more-seasoned credit professionals can benefit from the insights gleaned in the salary survey, as it offers an in-depth look into how their company compares to others. “You need to know the going rate for job descriptions to make sure your company is competitive,” said Leslie Harrison, CGA, vice president of HR, membership and staffing for NACM Connect (Rolling Meadows, IL). “Finding quality credit and collections personnel can be an uphill battle, so you’ve got to arm yourself with up-to-date salary data so you can make sure the salary and benefits you are offering are comparable.” 

When your department is looking to hire a new manager, a salary benchmarking survey can help you assess how your salary and compensation compare to similar roles in your area. “You have to be competitive in this field,” Harrison said. “You need to know what the standard rate for different job descriptions is so that you are not offering below-average compensation.” 

A salary survey goes beyond just salary. If you find your company is unable to provide the median salary for your area, you may be able to compensate with other benefits, like remote or hybrid work options or more paid time off.    

The bottom line: The results of the salary survey will help credit professionals chart a course for their careers. With precise data on how different paths are compensated and the continued education that opens doors to higher positions, credit professionals can visualize what steps they need to set themselves up for success. 

Don’t shy away from participating if you do not know the exact details of your compensation. Simply pass the survey on to your human resources department. By participating, companies are able to access the results for free and share in the important insights on the credit community. Companies that do not participate will need to pay to access the data, making it critical that credit professionals and their human resources department take the time to complete the survey. 

Sponsored by NACM’s Affiliates, the Credit Professionals Compensation Survey will open on Oct. 14 with eligible credit professionals receiving an email invitation from HR Source. The survey will close in November, with results being distributed in January 2026. All participating members will receive a complimentary copy of the report.