Loan Officer

Career Overview

Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses.

Education

Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements. Some job-seekers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as experience in sales, customer service, or banking.

Future Outlook

Employment of loan officers is projected to grow 3 percent from 2019 to 2029, about as fast as the average for all occupations. Increased demand for loan officers is expected as both businesses and individuals seek credit to finance commercial investments and personal spending.

Work Environment

Most loan officers are employed by commercial banks, credit unions, mortgage companies, and related financial institutions. Most loan officers work full time, and many work extensive hours. Except for consumer loan officers, traveling to visit clients is common.

Recommended High School Courses

Psychology
Communication
Finance
Economics
Computer Applications
Mathematics
Statistics

Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Mathematics - Using mathematics to solve problems.
Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
Service Orientation - Actively looking for ways to help people.
Social Perceptiveness - Being aware of others' reactions and understanding why they react as they do.
Speaking - Talking to others to convey information effectively.
Time Management - Managing one's own time and the time of others.
Writing - Communicating effectively in writing as appropriate for the needs of the audience.

Administration and Management - Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Sales and Marketing - Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.

Category Flexibility - The ability to generate or use different sets of rules for combining or grouping things in different ways.
Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.
Fluency of Ideas - The ability to come up with a number of ideas about a topic (the number of ideas is important, not their quality, correctness, or creativity).
Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Information Ordering - The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
Mathematical Reasoning - The ability to choose the right mathematical methods or formulas to solve a problem.
Near Vision - The ability to see details at close range (within a few feet of the observer).
Number Facility - The ability to add, subtract, multiply, or divide quickly and correctly.
Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
Problem Sensitivity - The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
Selective Attention - The ability to concentrate on a task over a period of time without being distracted.
Speech Clarity - The ability to speak clearly so others can understand you.
Speech Recognition - The ability to identify and understand the speech of another person.
Written Comprehension - The ability to read and understand information and ideas presented in writing.
Written Expression - The ability to communicate information and ideas in writing so others will understand.

Interview clients to gather financial information.
Assess financial status of clients.
Authorize financial actions.
Interpret financial information for others.
Submit financial applications.
Verify accuracy of financial information.
Examine financial records.
Gather financial records.
Maintain data in information systems or databases.
Correspond with customers to answer questions or resolve complaints.
Develop financial plans for clients.
Supervise employees.
Confer with personnel to coordinate business operations.
Update professional knowledge.
Market products, services, or events.
Conduct eligibility or selection interviews.
Train personnel to enhance job skills.
Analyze market conditions or trends.
Negotiate agreements to resolve disputes.
Compute debt repayment schedules.
Prepare financial documents, reports, or budgets.
Communicate with government agencies.
Execute sales or other financial transactions.
Establish organizational guidelines or policies.
Recommend investments to clients.

Schools

Bentley University

Berkeley College Online

Berkeley College- Nyc Mid...

Bethel University (indian...

Boston College

Brigham Young University

Clark State Community Col...

Fayetteville State Univer...

Florida State University

Georgetown University

Lehigh University

Lynn University

Sam Houston State Univers...

Santa Clara University

Southern Methodist Univer...

Suny Plattsburgh

Tulane University

University Of Georgia

University Of Illinois At...

University Of Maryland -...

University Of North Dakot...

University Of Notre Dame

University Of Pennsylvani...

University Of Southern Ca...

University Of Texas- Aust...

University Of Wisconsin-...

Villanova University

Wake Forest University

Washington University- St...

Wayland Baptist Universit...

Carleton University

Centennial College

Conestoga College- Doo...

Credit Institute Of Ca...

Douglas College- New W...

Fanshawe College- Lond...

George Brown College-...

Mohawk College- Fennel...

Queen's University- Ki...

Ryerson University

Saskatchewan Polytechn...

Sheridan College Insti...

St. Claire College- Wi...

Trent University- Pete...

University Of Alberta

University Of Guelph

University Of Regina

University Of The Fras...

University Of Waterloo

Potential Scholarships

5 Strong Scholarship

Agnes M. Lindsay Scholars...

Approx Salary Expectation

Currency:

Low End:

$32,560.00 /yr

Avg/Med:

$63,270.00 /yr

High End:

$132,680.00 /yr

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References

Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, https://www.bls.gov/ooh/.
Trend Analysis - Explorer the Market, Labour Market Information, Government of Canada https://www.jobbank.gc.ca/trend-analysis.
O*NET OnLine, National Center for O*NET Development, https://www.onetonline.org/.