Loan Officers
Loan officers evaluate, authorize, or recommend approval of loan applications.
Is loan officers a good career?
It scores 19/100 and ranks #327 of 825 occupations on pay, growth, employment and openings. Here's what the federal data says, with no editorializing.
Advantages
- Pays above the U.S. median wage ($76,690)
- High volume of openings — about 20,300 a year
Possible tradeoffs
- Slower-than-average projected growth (+1.7%)
- Typically requires a bachelor's degree
- Often needs prior experience (less than 5 years)
What loan officers earn
Wages: BLS OEWS May 2025Pay is a range, not a number. Half of U.S. loan officers earn between $52,730 and $104,080 a year.
Best-paying states
Best-paying metros
Live loan officers jobs
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- Typical education
- Bachelor's degree
- Work experience
- Less than 5 years
- On-the-job training
- Moderate-term on-the-job training
- Outlook
- Employment is projected to grow slower than average through 2034.
Education
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 jobseekers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as in banking, customer service, or sales. Organizations that specialize in certain fields typically prefer to hire candidates who have some experience in those areas. For example, mortgage companies may prefer to hire candidates with residential mortgage or real estate experience.
Training
Once hired, loan officers typically receive some on-the-job training. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job.
Licenses, certifications & registrations
Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. To become licensed, they must complete prelicensing courses, pass a national exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements.
Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities.
Important qualities
Decision-making skills. Loan officers must assess an applicant’s financial information and decide whether to approve the loan.
Detail oriented. Information on an application affects the potential profitability of a loan, so loan officers must pay attention to details.
Initiative. Loan officers may act as salespeople in promoting their lending institution, so they must contact people and businesses to determine their need for a loan.
Interpersonal skills. Loan officers must be able to guide customers through the application process and answer their questions.
Related occupations
How much do loan officers make?
The national median wage is $76,690 a year, with the middle half earning between $52,730 and $104,080 (BLS OEWS May 2025).
Is loan officers a good career?
On the Jobs.best index it scores 19 of 100 and ranks #327 of 825 occupations, weighing pay, growth, employment and openings. Employment is projected to change +1.7% through 2034.
What education do you need to become a loan officer?
The typical entry-level education is bachelor's degree, usually with less than 5 years.
Where do loan officers earn the most?
Among states, Massachusetts pays the highest median ($101,600). Local pay for every state and metro is below.