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.
Loan Officers
SOC: 13-2072 O*NET: 13-2072.00
Median Salary
$74,180
per year
Job Growth
➡️ 1.7%
Average (2024-2034)
Annual Openings
20.3
projected jobs/year
Education Level
Bachelor's degree or higher
Job Zone 4
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.
What does a Loan Officers do?
How much can you earn?
Entry Level
$38,490
10th percentile
Early Career
$50,460
25th percentile
Median
$74,180
50th percentile
Experienced
$101,920
75th percentile
Top Earners
$145,780
90th percentile
National Salary Distribution
10th
$38,490
25th
$50,460
Middle 50%
MEDIAN
$74,180
Mean: $86,020
75th
$101,920
90th
$145,780
Middle 50% of earners
Median salary
Mean (average)
Key Insights
- •Salary range spans $107,290 from entry level to top earners
- •Middle 50% earn between $50,460 and $101,920
- •Salary spread is 69.4% around the median, showing high variation
- •Total national employment: 290,530 professionals
What's the job outlook?
Job Market Intelligence
Medium Demand
Market demand
Medium Risk
Automation risk
Current Employment
National Employment:301,400
Top Industries
Finance and Insurance84.2%
Credit Intermediation and Related Activities80.8%
Credit Intermediation and Related Activities (5221 and 5223 only)52.3%
10-Year Outlook
Growth Rate:+1.7%
Annual Openings:20,300
Employment Projections
2024 (Current)301,400
Current
2034 (Projected)306,500
+1.7%
+5,000
Employment Change
+1.7%
Growth Rate
10
Year Projection
Growth Category: More slowly than average
Geographic Salary & Employment Data
Explore where Loan Officers professionals work across the United States
Showing 15 of 50 locations
California
27,420 jobs$79,5800.81x
Texas
24,070 jobs$63,7700.92x
Florida
19,750 jobs$71,3401.07x
North Carolina
11,890 jobs$75,8201.29x
New York
11,850 jobs$98,9400.66x
Arizona
11,420 jobs$53,7601.90x
Michigan
10,910 jobs$72,6801.32x
Ohio
10,340 jobs$69,2200.99x
Illinois
10,330 jobs$75,9600.90x
Georgia
9,480 jobs$72,2501.04x
Virginia
9,170 jobs$79,6001.20x
Pennsylvania
8,820 jobs$61,4700.78x
Tennessee
7,610 jobs$63,1601.23x
Missouri
7,000 jobs$72,7301.27x
Minnesota
6,950 jobs$84,4801.26x
Understanding the Data
Location Quotient (LQ):
- • LQ > 1.0: More jobs than national average
- • LQ = 1.0: Same as national average
- • LQ < 1.0: Fewer jobs than national average
Data Source:
Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS), May 2024
Key Growth Factors
Standard growth expectations for this occupation
What skills do you need?
Top 10 Most Important Skills
#1
Speaking
100%
#2
Active Listening
94%
#3
Judgment and Decision Making
86%
#4
Reading Comprehension
80%
#5
Critical Thinking
74%
#6
Writing
66%
#7
Complex Problem Solving
60%
#8
Mathematics
54%
#9
Social Perceptiveness
46%
#10
Active Learning
40%
Skills Overview
Speaking
advanced5.0
100%
Active Listening
advanced4.7
94%
Judgment and Decision Making
intermediate4.3
86%
Reading Comprehension
basic4.0
80%
Critical Thinking
intermediate3.7
74%
Writing
intermediate3.3
66%
Complex Problem Solving
advanced3.0
60%
Mathematics
basic2.7
54%
Skills are rated on a scale of 0-5, with 5 being the most important. The complexity level indicates how advanced the skill typically needs to be.
Filter:
Sort by:
Speaking
advancedImportance100%
skills
5.0/5.0
Active Listening
advancedImportance94%
skills
4.7/5.0
Judgment and Decision Making
intermediateImportance86%
abilities
4.3/5.0
Reading Comprehension
basicImportance80%
abilities
4.0/5.0
Critical Thinking
intermediateImportance74%
abilities
3.7/5.0
Writing
intermediateImportance66%
skills
3.3/5.0
Complex Problem Solving
advancedImportance60%
abilities
3.0/5.0
Mathematics
basicImportance54%
skills
2.7/5.0
Social Perceptiveness
basicImportance46%
skills
2.3/5.0
Active Learning
basicImportance40%
abilities
2.0/5.0
Highly Transferable Skills
These skills are valuable across multiple career paths, making career transitions easier:
Administrative Law Judges, Adjudicators, and Hearing Officers82%
5 shared skills
Precision Agriculture Technicians82%
5 shared skills
Urologists82%
5 shared skills
Atmospheric and Space Scientists82%
5 shared skills
Audiologists82%
5 shared skills
Statisticians82%
5 shared skills
Skills by Career Stage
Entry Level
Must Have:
- ✓Speaking
- ✓Active Listening
Learn on the Job:
- →Mathematics
- →Writing
- →Complex Problem Solving
Mid Career
Expected:
- ✓Speaking
- ✓Active Listening
- ✓Judgment and Decision Making
- ✓Reading Comprehension
Senior Level
Mastery Required:
- ★Speaking
- ★Active Listening
- ★Judgment and Decision Making
- ★Reading Comprehension
- ★Critical Thinking
Skill Development Tips
- •Focus on developing the top 5 skills first - they have the highest impact on career success
- •Transferable skills open doors to related careers and provide flexibility
- •Balance technical skills with soft skills for well-rounded professional development
- •Entry-level positions prioritize foundational skills that can be built upon over time
What technology will you use?
Technology & Digital Skills
Essential technology proficiencies for Loan Officers
Technology Intensity
Very High
Digital Literacy Requirements
This career requires expert digital literacy
1
Basic
2
Intermediate
3
Advanced
4
Expert
Key Digital Competencies:
Advanced software proficiencySystem architecture understandingAutomation and scriptingEmerging technology adaptationTechnical problem-solving
🔥
Hot Technologies in Demand
These technologies are currently trending and highly sought after in this field
Microsoft Dynamics
🔥 Hot TechMicrosoft Access
🔥 Hot TechMicrosoft Outlook
🔥 Hot TechOracle PeopleSoft
🔥 Hot TechSAP software
🔥 Hot TechMicrosoft Office software
🔥 Hot TechMicrosoft PowerPoint
🔥 Hot TechMicrosoft Excel
🔥 Hot TechZoom
🔥 Hot TechMicrosoft Word
🔥 Hot TechTechnology Stack
Technology Stack Overview
Key technologies used in this career
Microsoft Dynamics
Microsoft Access
Microsoft Outlook
Oracle PeopleSoft
SAP software
Microsoft Office software
Microsoft PowerPoint
Microsoft Excel
Zoom
Microsoft Word
📚 Technology Learning Resources
Recommended Certifications
- •Vendor-specific software certifications
- •Industry-recognized technology credentials
- •Professional development courses
Online Learning Platforms
- •LinkedIn Learning - Comprehensive technology courses
- •Coursera - University-level programs
- •Udemy - Practical skills training
💡 Technology Skill Development Tips
- •Focus on mastering hot technologies first - they're currently most in-demand
- •Build a portfolio demonstrating your proficiency with key tools and software
- •Stay current through continuous learning - technology evolves rapidly
- •Consider vendor certifications to validate your skills to employers
What's the work environment like?
🏢
Location
MOSTLY INDOOR
💪
Physical Demand
HIGH
👥
Team Orientation
MOSTLY TEAM
🤝
Customer Interaction
CONSTANT
💡Is This Work Environment Right for You?
Consider these factors when evaluating if you'll thrive in this work environment:
- •Are you comfortable working in mostly indoor environments?
- •Can you meet high physical demands?
- •Do you enjoy mostly team team environments?
- •Are you comfortable working with safety protocols and protective equipment?
What are the key tasks?
Tasks & Responsibilities
21
Core Tasks
8
Daily Tasks
20
Work Activities
0
Emerging Tasks
Filter:
Sort by:
Management & Supervision (3)General Responsibilities (14)Analysis & Evaluation (1)Planning & Development (2)Documentation & Record-Keeping (1)
1
Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
🔴Daily
Importance:
Management & Supervision100% perform100%
2
Meet with applicants to obtain information for loan applications and to answer questions about the process.
🔴Daily
Importance:
General Responsibilities97% perform98%
3
Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
🔴Daily
Importance:
Analysis & Evaluation94% perform96%
4
Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
🔴Daily
Importance:
General Responsibilities91% perform94%
5
Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
🔴Daily
Importance:
General Responsibilities88% perform92%
6
Review and update credit and loan files.
🔴Daily
Importance:
General Responsibilities85% perform90%
7
Review loan agreements to ensure that they are complete and accurate according to policy.
🔴Daily
Importance:
General Responsibilities82% perform88%
8
Compute payment schedules.
🔴Daily
Importance:
General Responsibilities79% perform86%
9
Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
🟡Weekly
Importance:
General Responsibilities76% perform84%
10
Submit applications to credit analysts for verification and recommendation.
🟡Weekly
Importance:
General Responsibilities73% perform82%
💡 Key Takeaways
- •Daily tasks focus primarily on management & supervision activities
- •33% of tasks are performed by most workers in this occupation
- •Career advancement brings increased leadership and strategic responsibilities
What career paths are available?
Career Pathways
0
Advancement Opportunities
0
Lateral Move Options
0%
Avg. Salary Increase
Advancement Opportunities
Typical career progression paths from Loan Officers
💡 Career Planning Tips
- •Most successful advancement happens after 3-5 years of experience
- •Lateral moves can provide valuable cross-functional experience for future leadership roles
- •Focus on developing skills that are transferable across multiple career paths
- •Consider industry trends when planning long-term career moves
Is this career right for you?
Personality & Values Fit
Is This Career Right for You?
Loan Officers professionals typically have a CES Holland code and highly value relationships
CConventional
EEnterprising
SSocial
Important Personality Traits
Work styles that contribute to success as a Loan Officers
Integrity
CriticalIntegrity
Importance Level4.66
Dependability
Very ImportantDependability
Importance Level4.36
Cooperation
Very ImportantCooperation
Importance Level4.15
Attention to Detail
Very ImportantAttention to Detail
Importance Level4.09
Adaptability/Flexibility
ImportantAdaptability/Flexibility
Importance Level3.99
Initiative
ImportantInitiative
Importance Level3.98
Complete Work Styles Profile
Integrity
4.7
Dependability
4.4
Cooperation
4.2
Attention to Detail
4.1
Adaptability/Flexibility
4.0
Initiative
4.0
Stress Tolerance
4.0
Analytical Thinking
3.9
Self-Control
3.9
Persistence
3.9
💡 Tips for Career Fit Success
- •While personality fit is important, skills can be developed with practice and training
- •Consider informational interviews to better understand the day-to-day personality requirements
- •Work environments vary by employer - research specific companies for cultural fit
- •Your interests and values may evolve - reassess periodically throughout your career
What education is required?
Education Level
Bachelor's degree or higher
Typical duration: 4 years
Preparation Level
Job Zone 4
Considerable Preparation Needed
Experience Needed
A considerable amount of work-related skill, knowledge, or experience needed
📚 Education Requirement
Required Level:Bachelor's degree or higher
Most of these occupations require a four-year bachelor's degree, but some do not.
Training:
Significant preparation with related work experience
💼 Experience Requirement
A considerable amount of work-related skill, knowledge, or experience needed
Common pathways to gain experience:
- • Bachelor's degree in related field
- • Several years of work experience
- • Professional certifications often required
4
Job Zone Four: Considerable Preparation Needed
Most of these occupations require a four-year bachelor's degree, but some do not.
Bachelor's degree in related fieldSeveral years of work experienceProfessional certifications often required
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