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
Also known as Commercial Banker, Commercial Loan Officer, Corporate Banking Officer
Loan Officers evaluate, authorize, or recommend approval of commercial, real estate, or credit loans.
In addition, Loan Officers
Loan Officers are often responsible for overseeing or executing some or all of the following tasks:
The above responsibilities are specific to Loan Officers. More generally, Loan Officers are involved in several broader types of activities:
The median salary for a Loan Officer is $63,960, and the average salary is $76,930. Both the median and average roughly describe the middle of the Loan Officer salary range, but the average is more easily affected by extremely high or low salaries.
Many Loan Officers earn significantly more or less than the average, due to several factors. About 10% of Loan Officers earn less than $33,650 per year, 25% earn less than $45,540, 75% earn less than $93,490, and 90% earn less than $133,850.
Between the years of 2020 and 2030, the number of Loan Officers is expected to change by 1.3%, and there should be roughly 25,000 open positions for Loan Officers every year.
Career interests describe a person's preferences for different types of working environments and activities. When a person's interest match the demands of an occupation, people are usually more engaged and satisfied in that role.
Compared to most occupations, those who work as a Loan Officer are usually higher in their Conventional, Enterprising, and Social interests.
Loan Officers typically have very strong Conventional interests. Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
Also, Loan Officers typically have very strong Enterprising interests. Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
Lastly, Loan Officers typically have moderate Social interests. Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.
People differ in their values, or what is most important to them for building job satisfaction and fulfillment.
Compared to most people, those working as a Loan Officer tend to value Relationships, Independence, and Support.
Most importantly, Loan Officers very strongly value Relationships. Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment.
Second, Loan Officers strongly value Independence. Occupations that satisfy this work value allow employees to work on their own and make decisions.
Lastly, Loan Officers strongly value Support. Occupations that satisfy this work value offer supportive management that stands behind employees.
Each occupation brings its own set of psychological demands, which describe the characteristics necessary to perform the job well.
In order to perform their job successfully, people who work as Loan Officers must consistently demonstrate qualities such as integrity, dependability, and cooperation.
Below, you'll find a list of qualities typically required of Loan Officers, ranked by importance:
Many Loan Officers will have a four-year bachelor's degree, but some do not.
Loan Officers usually need several years of work-related experience, on-the-job training, and/or vocational training.
Loan Officers may benefit from understanding of specialized subject areas, such as customer and personal service, economics and accounting, or mathematics knowledge.
The list below shows several areas in which most Loan Officers might want to build proficiency, ranked by importance.
Loan Officers must develop a particular set of abilities to perform their job well. Abilities are individual capacities that influence a person's information processing, sensory perception, motor coordination, and physical strength or endurance. Individuals may naturally have certain abilities without explicit training, but most abilities can be sharpened somewhat through practice.
For example, Loan Officers need abilities such as oral comprehension, written comprehension, and oral expression in order to perform their job at a high level. The list below shows several important abilities for Loan Officers, ranked by their relative importance.
Skills are developed capacities that enable people to function effectively in real-world settings. Unlike abilities, skills are typically easier to build through practice and experience. Skills influence effectiveness in areas such as learning, working with others, design, troubleshooting, and more.
Loan Officers frequently use skills like active listening, speaking, and reading comprehension to perform their job effectively. The list below shows several critical skills for Loan Officers, ranked by their relative importance.
The information provided on this page is adapted from data and descriptions published by the U.S. Department of Labor, Employment and Training Administration under the CC BY 4.0 license. TraitLab has modified some information for ease of use and reading, and the U.S. Department of Labor, Employment, and Training Administration has not approved, endorsed, or tested these modifications.
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