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Loan Officers

General Information

Description

Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, loan underwriters, and payday loan officers.

Workplace at a Glance

What you can expect to experience while on the job

  • Responsibility
  • Exposure to job hazards
  • Physical activity
  • Decision making
  • Repetitiveness
  • Level of competition
  • Time pressure

Industry areas

  • Finance
  • Human Services

Job Outlook

Projected Job Growth (2022 - 2032)
+3%
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Job Outlook

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Employment of loan officers is projected to grow 3 percent from 2022 to 2032, about as fast as the average for all occupations. About 25,300 openings for loan officers are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.

Similar Careers

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Salary

Salary Information

Median Salary This is the median, or the midpoint, of the salary range for this career.

$65,740

State-by-state Salary

Gray states indicate no data available

Salary Range Salary varies based on years of experience, degree level and location.

$30,010
$93,430
No Information for this section

Education & Interests

Most Common Education Levels

People in this career achieve this level of education.

  • Bachelor's degree 68%
  • Some college 12%
  • Associate's degree 11%
  • High school 6%
  • Post baccalaureate 1%
  • Master's degree 0%
  • Doctoral degree 0%
  • Less than high school 0%
  • Post-doctoral training 0%
  • Post-master's certificate 0%
  • First professional degree 0%
  • Post-secondary certificate 0%

Related College Majors

Select major to see colleges that offer it

PERSONALITY CHARACTERISTICS

You may find this career fulfilling if you consider yourself to be:

  • Conventional — You have an interest in following procedures and regulations to organize information or data.
  • Enterprising — You have an interest in managing, negotiating and marketing, or leading and advising others.
  • Social — You have an interest in helping, teaching, advising, assisting or providing service to others.

Not sure what characteristics best describe you? Take the RIASEC Test.

Skills at a Glance

Skills helpful in this career

  • Verbal skills
  • Critical thinking & problem solving
  • Equipment operation & maintenance
  • Math & science skills
  • Technology design & control
  • Leadership

Knowledge

  • Customer and Personal Service
  • Sales and Marketing
  • Mathematics
  • Economics and Accounting
  • Administration and Management

Gain insights into your knowledge by using the ASVAB Career Exploration Program

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Data supplied by Bureau of Labor Statistics, National Center of Education Statistics, Defense Manpower Data Center (View our update schedule). Contact any business, college or military service branch to answer additional questions.