Fresh Profile: Loan Officer

Published on 2008-03-07

If you are interested in banking jobs, consider the role of loan officers. Loan officers help businesses and individuals apply for loans. Because so many people and institutions are in positions that require borrowing money, loan officers are busy and important people.

In most cases, loan officers require a Bachelor's Degree in finance or economics, as well as previous experience with bank jobs in sales or lending. However, loan officers are often promoted from within bank branches, so it may be possible to work your way up if you start as a teller or customer service representative. Additional training and license requirements vary by state.

In some ways, loan officer jobs are similar to sales positions. A loan officer must have good interpersonal communication skills to convince businesses or consumers to apply with their bank branch. They work with managers to determine whether or not to grant a loan based on credit and necessity. Loan officers can specialize in various departments, such as commercial (business), mortgage (property) or consumer (individual) loans. Travel is typical for commercial and mortgage officers; consumer loan officers usually work a 40-hour week in an office.

Earnings for this banking job depend on the number of loans approved, and location can also be a factor. On average, loan officers make approximately $52,000 or more annually.