Information About Loan Officers

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Training

Loan officers need moderate-term on-the-job training.

Degrees for Loan officers
Training for Loan Officers
Percent
Less than High School 1.1
High School 15.4
Some College 25.5
Associates Degree 10.1
Bachelors Degree 39.5
Masters Degree 7.5
Doctorate or Professional Degree 0.9

Employment

Represents about 327,000 people in the United States- 3.7% of which are self-employed

Employment prospects are up Over the next 5 years there will be aproximately 33,000 more loan officers but, because of expected growth and replacement needs in the United States, we will need 68,000 more.


Hourly Income

On average, loan officers make $32.67 per hour.

Hourly Income Distribution in U.S. Dollars ($)
Bottom 10% Bottom 25% Median Top 75% Top 90%
Loan officers $15.40 $20.10 $27.90 $39.30 $55.50
Business and financial operations occupations $16.70 $21.90 $29.60 $40.10 $52.90
National Average $8.65 $10.70 $16.50 $26.60 $41.00

Annual Salaries

On average, loan officers make $67,960 per year.

Annual Salary Distribution in U.S. Dollars ($)
Bottom 10% Bottom 25% Median Top 75% Top 90%
Loan officers $32,110 $41,890 $58,030 $81,850 $115,450
Business and financial operations occupations $34,770 $45,750 $61,700 $83,450 $110,040
National Average $18,000 $22,380 $34,460 $55,470 $85,280

This data is from the U.S. Bureau of Labor Statistics, Occupational Employment Statistics

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