Loan Officers

job search icon

What do they do?

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.

Also known as:

Commercial Banker, Commercial Loan Officer, Corporate Banking Officer, Financial Aid Advisor, Financial Aid Counselor, Financial Aid Officer, Financial Counselor, Loan Counselor, Loan Officer, Mortgage Loan Officer

Typical Wages

Annual wages for Loan Officers in United States

job search icon

Projected Growth Rate

Employment of Loan Officers is projected to grow 7 percent from 2018 to 2028, about as fast as average compared to all occupations.

job search icon

Projected Employment

No Data Available

Projected Employment Rankings For All United States:

  • 7.7%

    Percent Change

    Select a state to see its job growth rate ranking
  • 29,900

    Annual Projected Job Openings

    Select a state to see its net job growth ranking

Select Type of Degree:

Typical College Majors

Majors that prepare Loan Officers:

Indicates your preferred majors

★ Number of granted degrees for degree type, Bachelors degree, is listed after the major.

Education Level

  • Doctorate or Professional Degree (1%)
  • Master's degree (10.6%)
  • Bachelor's degree (42.8%)
  • Associate's degree (11.1%)
  • Some college, no degree (20.9%)
  • High school diploma equivalent (12.4%)
  • Less than high school diploma (1.1%)

Percent of workers in this field

★ You’re seeing education information for Loan officers(1) because we don’t have information for Loan Officers. Please note the information may not be the same for both occupations.

Colleges that Prepare

Sort By:

Colleges per page

Sort By:

Colleges per page

Looking for colleges that offer a specific major? Use the College Match Tool to find your best-matched schools and discover your estimated Net Price!

job search icon

Skills

People in this career often have these skills:

  • 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.
  • Speaking - Talking to others to convey information effectively.
  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Writing - Communicating effectively in writing as appropriate for the needs of the audience.
job search icon

Knowledge

People in this career often know a lot about:

  • 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.
  • 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.
job search icon

Abilities

People in this career often have talent in:

  • Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
  • Written Comprehension - The ability to read and understand information and ideas presented in writing.
  • Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
  • Written Expression - The ability to communicate information and ideas in writing so others will understand.
  • Near Vision - The ability to see details at close range (within a few feet of the observer).
  • 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.
View more
job search icon

Activities: what you might do in a day

People in this career often do these activities:

  • 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.
View more

This page includes data from:

O*NET OnLine Career data: O*NET 25.1 Database by the U.S. Department of Labor, Employment and Training Administration (“USDOL/ETA”). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA

Occupation statistics: USDOL U.S. Bureau of Labor Statistics Occupational Employment Statistics

careeronestop logo Videos: CareerOneStop, USDOL/ETA and the Minnesota Department of Employment & Economic Development

College Raptor loading bar gif.