Training Requirements for Loan Officers

Loan officers need a bachelor's degree and moderate-term on-the-job training.

Degrees for Loan officers
Percent
Less than High School 1.0
High School 13.8
Some College 23.3
Associates Degree 9.8
Bachelors Degree 41.0
Masters Degree 9.8
Doctorate or Professional Degree 1.3

Employment Outlook for Loan Officers

This represents about 303,000 people in the United States.

Over the next 10 years there will be aproximately 24,000 more loan officers but, because of expected growth and replacement needs in the United States, we will need 75,000 more.

Typical Income for Loan Officers

Hourly Income

On average,loan officers make $36.67 per hour.

Bottom 10% Bottom 25% Median Top 75% Top 90%
Loan officers $15.78 $21.68 $30.60 $44.53 $63.60
Business and financial operations occupations $17.74 $23.78 $31.99 $43.47 $58.13
Financial specialists $18.61 $24.76 $33.07 $45.64 $63.36
Credit counselors and loan officers $15.53 $20.81 $29.34 $42.87 $61.85
National Average $9.27 $11.60 $17.81 $28.92 $45.45

Annual Salaries

On average, loan officers make $76,260 per year.

Bottom 10% Bottom 25% Median Top 75% Top 90%
Loan officers $32,820 $45,100 $63,650 $92,610 $132,290
Business and financial operations occupations $36,910 $49,460 $66,530 $90,410 $120,910
Financial specialists $38,700 $51,510 $68,780 $94,940 $131,800
Credit counselors and loan officers $32,310 $43,270 $61,030 $89,160 $128,660
National Average $19,290 $24,140 $37,040 $60,150 $94,540

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

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