Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses.
Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements. Some job-seekers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as experience in sales, customer service, or banking.
Most loan officers are employed by commercial banks, credit unions, mortgage companies, and related financial institutions. Most loan officers work full time, and many work extensive hours. Except for consumer loan officers, traveling to visit clients is common.
Employment of loan officers is projected to grow 11 percent from 2016 to 2026, faster than the average for all occupations. Although the demand for loan officers will increase as the overall economy grows, the decline of bank branches may moderate employment growth.
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