Loan Officers

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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, and loan underwriters.

Also known as:

Agricultural Loan Officer, Banking Services Officer, Branch Account Executive, Branch Account Manager, Branch Lending Officer, Business Banker, Business Banking Officer, Commercial Banker, Commercial Loan Officer, Commercial Mortgage Broker, Consumer Loan Officer, Corporate Banking Officer, Loan Officer, Mortgage Broker, Mortgage Loan Officer, Mortgage Loan Originator, Personal Banking Officer, Portfolio Manager, Relationship Manager, Small Business Banking Officer

Typical Wages

Annual wages for Loan Officers in United States

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Projected Growth Rate

Employment of Loan Officers is projected to show little or no change from 2018 to 2028.

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Projected Employment

No Data Available

Projected Employment Rankings For Virginia:

  • 1.3%

    Percent Change

    Ranks #32 in job growth rate
  • 920

    Annual Projected Job Openings

    Ranks #10 in net job growth

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 (1.1%)
  • Master's degree (10.3%)
  • Bachelor's degree (39.7%)
  • Associate's degree (9.8%)
  • Some college, no degree (24.9%)
  • High school diploma equivalent (13.3%)
  • Less than high school diploma (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

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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.
  • Service Orientation - Actively looking for ways to help people.
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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.
  • Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
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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.
  • Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
  • Speech Clarity - The ability to speak clearly so others can understand you.
  • Written Comprehension - The ability to read and understand information and ideas presented in writing.
  • 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.
  • Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.
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Activities: what you might do in a day

People in this career often do these activities:

  • Assess financial status of clients.
  • Gather financial records.
  • Interview clients to gather financial information.
  • Interpret financial information for others.
  • Verify accuracy of financial information.
  • Authorize financial actions.
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This page includes data from:

O*NET OnLine Career data: O*NET 24.3 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

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