Business & Finance
Loan Officers
Also called: Commercial Banker, Commercial Loan Officer, Corporate Banking Officer, Financial Aid Advisor
US median pay
$76,690
per year, 2025
Job growth 2025–35
+1.1%
about average or slower
Openings a year (US)
17,100
283,000 employed
Typical entry education
Bachelor's degree
Preparation 4/5 · Considerable preparation
What this job is
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 they do day to day
- Meet with applicants to obtain information for loan applications and to answer questions about the process.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Submit applications to credit analysts for verification and recommendation.
- Review loan agreements to ensure that they are complete and accurate according to policy.
- Review and update credit and loan files.
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
- Work with clients to identify their financial goals and to find ways of reaching those goals.
- Handle customer complaints and take appropriate action to resolve them.
Skills and knowledge that matter most
Skills
- Judgment and Decision Making3.9/5
- Social Perceptiveness3.2/5
- Complex Problem Solving3.2/5
- Time Management3.1/5
- Service Orientation3.0/5
- Persuasion2.9/5
- Negotiation2.9/5
- Instructing2.9/5
Knowledge
- Customer and Personal Service4.7/5
- Economics and Accounting3.9/5
- English Language3.8/5
- Mathematics3.7/5
- Sales and Marketing3.5/5
- Law and Government3.3/5
Importance rated by people working in the job (1 = not important, 5 = extremely important).
Education and preparation
Preparation level 4 of 5 — Considerable preparation. Usually a bachelor's degree and several years of related experience.
Typical entry education (BLS): Bachelor's degree, plus less than 5 years of related work experience.
Highest education of people in this job:
- Bachelor's degree69%
- Some college13%
- Associate's degree11%
Who this job suits
Mostly Conventional
Organising data, details and procedures
Enterprising
Leading, persuading and starting things
Social
Helping, teaching and caring for people
Based on the Holland (RIASEC) interest profile for this occupation.