Commercial Loan Officer

Career Overview

Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses.

Education

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.

Salary Expectations

Low End:
Median:
High End:
$32,000 /yr
$63,000 /yr
$132,000 /yr

Recommended Courses

  • Psychology
  • Math - as much as possible!
  • English - as much as possible!
  • Communication
  • Take as many college-prep courses as possible!
  • Finance
Work Environment

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.

Future Outlook

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.

References
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook
Explore Careers, Labour Market Information, Government of Canada