Loan Officers
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.Salary by State
| State Name | Employment | Annual Salary | Hourly Salary | |
|---|---|---|---|---|
| Alabama | 5,650 | $70,940 | $34.11 | |
| Alaska | 540 | $65,730 | $31.60 | |
| Arizona | 12,650 | $62,730 | $30.16 | |
| Arkansas | 3,170 | $79,760 | $38.35 | |
| California | 37,120 | $82,610 | $39.71 | |
| Colorado | 4,630 | $84,190 | $40.47 | |
| Connecticut | 2,410 | $72,900 | $35.05 | |
| District of Columbia | 420 | $98,200 | $47.21 | |
| Florida | 26,770 | $74,590 | $35.86 | |
| Georgia | 9,520 | $78,850 | $37.91 | |
| Hawaii | 1,160 | $91,200 | $43.85 | |
| Idaho | 2,790 | $65,970 | $31.72 | |
| Illinois | 14,360 | $79,250 | $38.10 | |
| Indiana | 5,490 | $75,790 | $36.44 | |
| Iowa | 4,130 | $74,570 | $35.85 | |
| Kansas | 4,220 | $85,970 | $41.33 | |
| Kentucky | 3,570 | $73,460 | $35.32 | |
| Louisiana | 3,510 | $67,620 | $32.51 | |
| Maine | 1,480 | $88,720 | $42.65 | |
| Maryland | 5,450 | $83,110 | $39.96 | |
| Massachusetts | 6,010 | $95,370 | $45.85 | |
| Michigan | 15,040 | $91,740 | $44.11 | |
| Minnesota | 7,520 | $87,680 | $42.15 | |
| Mississippi | 2,750 | $55,340 | $26.60 | |
| Missouri | 7,600 | $88,310 | $42.46 | |
| Montana | 1,330 | $75,990 | $36.53 | |
| Nebraska | 2,980 | $78,260 | $37.63 | |
| Nevada | 2,860 | $101,690 | $48.89 | |
| New Hampshire | 1,320 | $93,410 | $44.91 | |
| New Jersey | 7,620 | $91,790 | $44.13 | |
| New Mexico | 1,160 | $70,550 | $33.92 | |
| New York | 15,700 | $107,770 | $51.81 | |
| North Carolina | 12,070 | $85,100 | $40.91 | |
| North Dakota | 1,350 | $79,500 | $38.22 | |
| Ohio | 12,280 | $72,210 | $34.72 | |
| Oklahoma | 4,420 | $68,680 | $33.02 | |
| Oregon | 5,200 | $96,340 | $46.32 | |
| Pennsylvania | 9,930 | $79,540 | $38.24 | |
| Rhode Island | 1,390 | $81,770 | $39.31 | |
| South Carolina | 4,590 | $64,360 | $30.94 | |
| South Dakota | 1,880 | $74,130 | $35.64 | |
| Tennessee | 6,080 | $74,200 | $35.67 | |
| Texas | 26,500 | $72,300 | $34.76 | |
| Utah | 5,520 | $65,440 | $31.46 | |
| Vermont | 490 | $65,380 | $31.43 | |
| Virginia | 9,090 | $88,870 | $42.72 | |
| Washington | 8,420 | $82,400 | $39.62 | |
| West Virginia | 1,100 | $59,640 | $28.67 | |
| Wisconsin | 6,980 | $87,430 | $42.04 | |
| Wyoming | 870 | $73,980 | $35.57 |
Education
The programs listed below are typically the education paths that can land you this kind of job.
A program that generally prepares individuals to plan, manage, and analyze the financial and monetary aspects and performance of business enterprises, banking institutions, or other organizations. Includes instruction in principles of accounting, financial instruments, capital planning, funds acquisition, asset and debt management, budgeting, financial analysis, and investments and portfolio management.
A program that prepares individuals to perform and/or manage operations concerning personal and corporate credit, collateral, loan processing, and related financial agency communications. Includes instruction in general finance and banking principles, insurance, real estate, taxation, business law and regulations, quantitative methods, financial computer systems applications, database management, communications skills, business and office management, and professional standards and ethics.
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$80,570 per yearNational average salaryModerateJob growth rate
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Bachelor's degreeTypical education requirement
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Less than 5 yearsTypical experience requirement
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Moderate-term on-the-job trainingTypical on-the-job training requirement
Educational Attainment
The following chart shows the highest education level completed by those working as loan officers.
- Less than high school 1%
- High school graduate 13%
- College dropout 22%
- Associate’s degree 10%
- Bachelor’s degree 42%
- Master’s degree 10%
- Doctorate degree 1%
Similar Careers
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Loan Interviewers and Clerks$44,910 per year Average salaryDecliningJob growth rate
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Credit Analysts$88,030 per year Average salaryDecliningJob growth rate
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Credit Counselors$50,430 per year Average salaryModerateJob growth rate
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Credit Authorizers, Checkers, and Clerks$44,540 per year Average salaryDecliningJob growth rate
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Personal Financial Advisors$119,960 per year Average salaryVery HighJob growth rate