Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses.
Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements. Some job-seekers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as experience in sales, customer service, or banking.
Employment of loan officers is projected to grow 3 percent from 2019 to 2029, about as fast as the average for all occupations. Increased demand for loan officers is expected as both businesses and individuals seek credit to finance commercial investments and personal spending.
Most loan officers are employed by commercial banks, credit unions, mortgage companies, and related financial institutions. Most loan officers work full time, and many work extensive hours. Except for consumer loan officers, traveling to visit clients is common.