Loan Officers

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Hiring Practices

Employers prefer applicants who have a bachelor's degree. They look for applicants who have studied economics, finance, accounting, or business administration. Many banks promote their own workers to loan officers. These workers usually need several years of experience as a bank teller or loan clerk.

Employers look for applicants who have good math and analytical skills. They also look for applicants who have good communication skills, because they must explain difficult concepts to loan applicants. In addition, employers look for applicants who are a good judge of character. Sometimes loan officers must trust their instincts about whether applicants will pay back loans. Finally, employers look for applicants who are honest, because they deal with large amounts of money.

Advancement Opportunities

Experienced loan officers advance by working on larger loans. They also advance by moving to larger branch offices where they work with more customers. Loan officers who have excellent people skills may become supervisors. Those who have excellent administrative skills may become managers. Loan officers may need additional training or education to advance to supervisory or management positions.

Job Title Examples

Commercial Lending Vice President,  Commercial Loan Officer,  Financial Aid Administrator,  Financial Aid Advisor,  Financial Aid Director,  Financial Aid Officer,  Financial Assistance Advisor,  Lending Services Manager,  Loan Counselor,  Mortgage Loan Officer,  Portfolio Manager,  Commercial Banker,  Credit Counselor,  Financial Aid Counselor 

Similar Careers

Below are careers similar to Loan Officers you may be interested in reading about. If you are looking to broaden your job search, these careers require similar skills. Click on the names to link to their career profile.

Accountants and Auditors
Bank Tellers
Billing Clerks
Brokerage Clerks
Credit Analysts
Financial Analysts
Financial Counselors
Insurance Underwriters
Loan Clerks
New Accounts Clerks
Tax Examiners
Tax Preparers

Related Industries

Below are industries related to Loan Officers you may be interested in reading about. Employers in these industries typically hire Loan Officers. Click on the names to link to their industry profile.

Banking And Finance
Insurance
Investments
Real Estate

Source: Minnesota Department of Employment and Economic Development and Minnesota Department of Education.