Finance

Loan Officer Career Guide

Evaluate and authorize loan applications for individuals and businesses.

56Average
Median: $65,000
Hours/week: 40
Education: Bachelor's
Growth: 3%

Overview

Evaluate and authorize loan applications for individuals and businesses.

Median Salary
$65,000
Weekly Hours
40
Education
Bachelor's
Job Growth
3%

Key Metrics

Stress5/10
Work-Life Balance7/10
Job Security7/10
Remote Friendly5/10
Physical Demand2/10
Automation Risk5/10

Pros

  • +Good pay
  • +Helping people
  • +Sales role
  • +Stable demand

Cons

  • -Pressure
  • -Rejection
  • -Market cycles
  • -Commission-based

Savings Calculator

Percentage saved10%
0%25%50%
Yearly Savings
$6,500
Monthly Savings
$542

Top Employers Hiring for Finance

JPMorgan Chase
Bank of America
Goldman Sachs
Morgan Stanley
Wells Fargo

About This Career

Evaluate and authorize loan applications for individuals and businesses.

Guide to Education

Required Education

Bachelor's

Typical Training

3 years of experience/training

Frequently Asked Questions

Do I need licensing?

Yes, NMLS licensing is required for mortgages.

Where do loan officers work?

Banks, credit unions, and mortgage companies.

Is loan officer growing?

Slowly, tied to housing market.

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