Information Provided by the Bureau of Labor Statistics Occupational Outlook Handbook
About 9 out of 10 loan officers work for commercial banks, savings institutions, credit unions, and related financial institutions. Loan officer positions generally require a bachelors degree in finance, economics, or a related field; training or experience in banking, lending, or sales is advantageous. Slower-than-average employment growth is expected despite rising demand for loans, because technology is making for simpler and faster processing and approval of loans. Earnings often fluctuate with the number of loans generated, rising substantially when the economy is good and interest rates are low.
On average, Loan Officers earn $ 51,760 per year.
Job Opportunities for Loan Officers are expected to:
Increase slower than average.
For many individuals, taking out a loan is the only way to buy a house, car, or college education. For businesses, loans likewise are essential to start many companies, purchase inventory, or invest in capital equipment. Loan officers facilitate this lending by finding potential clients and helping them to apply for loans. Loan officers also gather personal information about clients and businesses to ensure an informed decision regarding their creditworthiness and the probability of repayment.
Loan officer positions generally require a bachelors degree in finance, economics, or a related field. Loan officers without a college degree often advance to their positions after gaining several years of work experience in various other related occupations, such as teller or customer service representative. Previous banking, lending, or sales experience is also highly valued by employers.
Loan officers held about 373,000 jobs in 2006. About 9 out of 10 loan officers were employed by commercial banks, savings institutions, credit unions, and related financial institutions. Loan officers are employed throughout the Nation, but most work in urban and suburban areas. At some banks, particularly in rural areas, the branch or assistant manager often handles the loan application process.
