Loan Officer/Counselor

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Work Tasks

• Gather information about people and businesses who want loans
• Decide whether or not to give someone a loan based on their ability to pay it back
• Tell people who borrow money how much the loan costs and plan how they will pay it back
• Call people who are not paying back their loans and arrange for them to pay
• Work in offices for banks and savings institutions, credit unions, mortgage firms, the government, and nonprofit organizations
• Work with commercial and consumer loans, mortgage loans, loan and credit applications, financial statements, computers, calculators, and tax forms

Salary, Size & Growth

• $46,500 average per year ($22.25 per hour)
• A large occupation (312,900 workers in 2010)
• Expected to grow moderately (1.1% per year)

Education/Training

• Minimum for Entry: A 4-year degree in business or economics
• Employers Prefer: A 4-year degree in finance
• Skills/Courses: Experience in banking, lending, sales, and computer skills are important. Training in loan products is offered by the employer.