Loan Officers

What they do?

Loan officers perform some or all of the following duties:

A. Interview applicants for personal, mortgage, student and business loans

B. Research and evaluate loan applicant's financial status, references, credit and ability to repay the loan

C. Complete credit and loan documentation

D. Submit credit and loan applications to management with recommendations for approval or rejection; or approve or reject applications within authorized limits ensuring that credit standards of the institution are respected

E. Promote the sale of credit and loan services

F. Review and update credit and loan files

G. Prepare statements on delinquent accounts and forward irreconcilable accounts for collector action.

Where they find work?

1. Finance and insurance - 83.0%
2. Wholesale trade - 4.0%
3. Public administration - 2.0%
4. Administrative and support waste management and remediation services - 2.0%

What education do I need?

1. You usually need a high school diploma, extensive banking experience, and a bachelor's degree or college diploma related to commerce or economics.

2. You may also have to complete six- to twelve-month loan or credit training programs.

3. With experience, you may move up the ranks to become a credit or loan manager.

4. Most recent entrants have an undergraduate university degree, and almost 3 in 10 have a community college diploma.

High School Subject that will help:

Math
English
Business

What can you expect to make:

The average hourly wages for Loan Officers is $19.40/HR, which is close to the average for occupations in the business, finance and administration sector and are close to average for all technical, professional, and skilled occupations. These wages grew at an average rate from 2002 to 2004.

Average Wage

Expected Wage by Age

Unemployment:

1% of Loan Officers are unemployed. This rate is below the average for technical, professional, and skilled occupations.

Unemployment

Trends in Unemployment

Current Job Outlook:

The job outlook for Loan Officers is considered Above Average because:

1. Employment grew at an average rate.

2. Hourly wages ($19.40) are close to the average ($18.07), and the rate of wage growth is close to the average.

3. The unemployment rate (1%) is below the 2004 average (7%).

Future Job Prospects:

Your job outlook will continue to be Above Average because:

1. The employment growth rate will likely be close to the average.

2. Although the retirement rate will likely be average, the number of retiring workers should contribute to job openings.

3. The number of job seekers will likely match the number of job openings.

Highest Concetration:

The highest concentrations Loan Officers are found in Manitoba and Saskatchewan while the lowest concentrations are in Quebec and Newfoundland.

Useful Experience:

1. Computer literacy

2. Financial decision-making

3. Assessment

Part Time Workers

Part time workers:

5% of Loan Officers are employed only on a part-time basis. There were 38,400 workers employed in these occupations in 2004, an increase of 41% since 1997.