Loan Officers
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Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, loan underwriters, and payday loan officers.
Titles for this career often contain these words
About 52% of credit counselors have at least a bachelor's degree.
Education attained by credit counselors
High School
Some College
Bachelor's Degree
Master's Degree
Professional Degree
Context: workers with bachelor's degrees
More credit counselors have bachelor's degrees than 68% of other careeers.
Workforce size
Loan officers, with 316,200 workers, form a larger workforce than 84% of careers.
Predicted employment growth
Over the next decade, jobs for loan officers are expected to grow by 8%, and should have about 29,900 job openings a year.
Safety from automation
Loan officers are more likely to be automated than 95% of other careers.
Context: Median Salary
How do salaries for loan officers compare to other jobs' salaries?
Distribution: What salary can you expect?
See what most loan officers earn.
Women account for 54% of credit counselors -- that's a larger percentage than 67% of other jobs.
Gender of credit counselors
Context: Salary inequity
For each career, we compared the median (middle) men's salary to the median women's salary. For credit counselors, the median men's salary was 44% more the median woman's salary.
About 18% of credit counselors are minority, and 10% are foreign-born.
Race/origin of credit counselors
Pacific Islander
American Indian
Context: Foreign-born workers (10%)
Where are the most jobs?
We ranked the number of jobs in Loan Officers per thousand workers in each state, DC, and Puerto Rico. Blue indicates low density, with lighter shades moving to yellow indicating higher numbers working in this profession.
How do benefits for this career compare to other jobs?
Context: Employer offers health insurance
Context: Employer offers a pension plan
Context: workers are union members
Worker concerns
Some jobs are more stressful than others, and some are just plain dangerous. The following list gives the percentages of loan officers who report hazardous or difficult situations typically occurring at least once a week.
  • Time Pressure (69%)
  • Consequence of Error (49%)
Salary and diversity
What do credit counselors earn?
The Bureau of Labor Statistics (BLS) provides company-reported job titles and corresonding salaries at the specialty level (loan officers). This data excludes self-employed workers.
Distribution: Salaries for loan officers (BLS Salary Data)
Context: Median salaries across careers (BLS Salary Data)
The American Community Survey (ACS) asks individuals to report their occupation and salary, and as such includes self-employed workers. This view of salaries is only available for all credit counselors.
Distribution: Salaries for credit counselors (ACS Salary Data)
Context: Median salaries across careers (ACS Salary Data)
Loan Officers: Inflation-adjusted salary trend
This job's median $58KAll jobs' median $45K$58K$44K070809101112131415161718$0$50K$100K$150K
A look at employers and corresponding salaries
The donut shares the break-down of workers by employer type, giving us a picture of what employers most typically hire loan officers.
Employers of Credit Counselors (ACS)
Private for-profit (86.6%)
Private not-for-profit (7.4%)
Local government (0.5%)
State government (1.9%)
Federal government (1.9%)
Self-employed incorporated (1.0%)
Self-employed not incorporated (0.7%)
Working without pay (0.0%)
Distribution: Salaries of credit counselors by type of employer (ACS data)
Following are the salary distributions by employer type calculated by aggregating individual household survey responses. These salaries were reported for the larger career group of credit counselors, which combines the 2 specialties for this career.
$56K$58K$47K$54K$46K$67K$65K$43K$0$50,000$100,000$150,000$200,000Self-employed not incorporatedSelf-employed incorporatedFederal governmentState governmentLocal governmentPrivate not-for-profitPrivate for-profitAll
Distribution: Salaries of loan officers by type of employer (BLS data)
Following are the salary distributions by employer type as reported by BLS based on large employer-focused surveys. We note that smaller employer categories are not included by BLS. Remember that the BLS salaries are for the specialty loan officers, and may differ signficantly from the ACS salary estimates which combine several career specialties.

We only include salary data when the survey error is less than 20%, so you may see only partial information for some categories.

Salary growth for credit counselors

Is this a job that rewards experience, or is this job most likely a part of a career ladder? The higher a job's experience quotient, the more experience is rewarded with pay increases. Jobs in the green range have the best rewards with experience.

Take a minute to look at how much you might expect your salary to increase with each five years' experience, as well as how the numbers working at each age change. Does this seem to be a job for the young or the old, or could it be a career offering steady salary growth for many years?

Salary distribution
Number employed

We only include salary data when the survey error is less than 20%, so you may see only partial information for some categories.

Credit counselors and gender

With 54% women, this occupation has a higher percentage of women than 67% of careers.

Context: Women in the workforce
Gender of Credit counselors
Men (46%)
Women (54%)
Distribution: Salaries by gender

The median (middle) salary for all full-time male workers in the US exceeds the full-time median salary for women by 19%, and the difference for credit counselors tops that, with the median salary for men 44% higher than the median salary for women.

Context: Salary Inequity

The chart below shows the salary inequity, the percentage by which the median men's salary is higher than the median women's salary for all but about 20 jobs in which women typically earn more than men. Credit counselors have one of the more significant inequity issues, with the increase in men's median salary over women's median salary even higher than that for 94% of other jobs.


We only include salary data when the survey error is less than 20%, so you may see only partial information for some categories.

Race and origin of credit counselors

Here we check out the diversity of origin in this career. There is a smaller percentage of minority credit counselors than for 59% of other careers. As with minority workers, there is also a smaller percentage of foreign-born workers in this career than in most other careers.

Race/origin of credit counselors
White (80% )
Black (9% )
Asian (5% )
Other (2% )
Multiracial (2% )
Hispanic (1% )
American Indian (0% )
Pacific Islander (0% )
Context: Representation of minorities in the workforce
Context: Representation of foreign-born workers
Distribution: Salaries for credit counselors by race/origin

For some careers, there is a pay disparity depending on race or origin, though this is not prevalent. We calculate standard errors for all of our calculations, and when the error is high we do not show results. Therefore, for some jobs will have omitted race/origin categories.

$42K$44K$47K$48K$51K$56K$58K$63K$0$50K$100K$150KAmerican IndianOtherBlackHispanicPacific IslanderMultiracialWhiteAsian
Distribution: Salaries for credit counselors by nativity
$54K$56K$0$50K$100K$150KAll foreign-bornAll native citizens

We only include salary data when the survey error is less than 20%, so you may see only partial information for some categories.

Credit counselors and Part-time/Full-time employment

We've found that somes jobs hava a huge number of part-time workers, and that typically most who are working part-time are doing so because they cannot find full-time work or the job they have cannot provide full-time hours. With 4% part-time workers, this occupation has a lower percentage of part-time workers than 83% of careers.

Context: Part-time workers in the workforce
Why workers are part-time
Full-Time is less than 35 hours a week
Retired/Social Security limit on earnings
Could not find full-time work
Seasonal work
Slack work/business conditions
Health/medical limitations
Child care problems
Other family/personal obligations
Other reasons
Distribution: Salaries by part-time/full-time status

The salary distributions for full-time and part-time credit counselors is shown following.

$23K$56K$0$50K$100K$150KPart-time workersFull-time workers
Pathways to this career
Education attained by loan officers

According to the Bureau of Labor Statistics (BLS), loan officers typically hold a bachelor's degree.

Sometimes the typical education identified by the BLS differs a bit from the reality of the how much education current workers actually have. The donut shows the education level held by people currently working as credit counselors as reported in responses to the American Community Survey.

Details: Education and training recommended for loan officers

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 experience in sales, customer service, or banking.

Details: Licensing and certification recommended for loan officers

Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements.

Several banking associations, including the American Bankers Association and the Mortgage Bankers Association, as well as a number of schools, offer courses, training programs, or certifications for loan officers. Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities.

Education attained by credit counselors
High School
Some College
Bachelor's Degree
Master's Degree
Professional Degree
Distribution: Salary by education level

What level of education is truly needed for credit counselors? Below we see the distribution of credit counselors salaries based on the education attained.

$45K$47K$51K$48K$64K$78K$93K$0$50K$100K$150K$200KNone (1%)High School (13%)Some College (24%)Associate's/Cert. (10%)Bachelor's Degree (41%)Master's Degree (10%)Professional Degree (1%)

We only include salary data when the survey error is less than 20%, so you may see only partial information for some categories.

The Department of Education recommends the following college degree programs as preparation for this career. You can click the program row to learn more about the program and explore a list of schools that offer the program.

Number of degrees awarded in 2017
Education level of awarded degrees
Associate's degree or certificate
Gender of graduates
Race/origin of graduates
College majors held by credit counselors

This table shows the college majors held by people working as credit counselors.

If you see "**" before the name of a degree/program, that means this field is one that the Department of Education believes is preparatory for this career. However, you can see from this list that those recommendations are far from your only path to this job!

Percentage of Credit counselors with this degree
Salary for all majors
Salary distribution (across jobs). Showing 0-$200,000.
Middle 50%
Middle 80%
Final education level of all people with this major
Bachelor's Degree
Master's Degree
Gender of people this bachelor's degree
The link between degrees and careers

With the following sankey diagram, you can follow the top ten bachelor's degrees held by people working as credit counselors, and then, in turn, you can see the 10 occupations that hire the most of each degree's graduates. We hope this provides ideas for similar jobs and similar fields of study.

Specialized ManagersAccountants and AuditorsFinancial ManagersFirst-Line Supervisors of...Wholesale and Manufacturi...Chief executives and legi...Labor Relations Specialis...First-Line Supervisors of...Customer Service Represen...Elementary and Middle Sch...Personal Financial Adviso...Financial and Investment ...Securities, Commodities, ...Lawyers, and judges, magi...Loan OfficersRetail SalespersonsFirst-Line Supervisors of...Bookkeeping, Accounting, ...Management AnalystsPostsecondary TeachersMarketing ManagersSales ManagersMarket Research Analysts ...Sales Representatives of ...Specialized Social Worker...Educational, Guidance, an...Specialized PsychologistsRegistered NursesEducation and childcare a...Secretaries and Administr...Paralegals and Legal Assi...Secondary School TeachersBusiness Management andAdministrationFinanceGeneral BusinessAccountingEconomicsMarketingPsychologyCommunicationsPolitical Science andGovernmentHistoryAll other degreesThis jobTop 10 majorsEach major's top ten jobs
What college major is your best entry?

About 52% of people working as credit counselors have at least a bachelor's degree. Each dot represents a college major leading to these jobs, with the dots to the right representing the majors sending the most of their grads into this career. The dots at the top are the majors who earn the most working in this career.

Darker colors have a larger percentage with graduate degreesOverall median salary0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%Percentage with this major$30,000$40,000$50,000$60,000$70,000$80,000$90,000$100,000$110,000$120,000$130,000$140,000Median salary with this major
Switching Careers
The most common next careers for credit counselors

What jobs will most credit counselors hold next year?

The data in this chart comes from person interviews for the Census Bureau's Current Population Survey. The survey interviews households eight times over a two-year period, allowing us a glimpse into how people move from job to job. You can see more details from the results of the survey in our last tab in this section, and you can read about our methodology in our source descriptions.

Here we see all of the jobs that at least 1% of credit counselors reported holding in their second year's survey. Is your future job on this list?

Loan OfficersFinancial ManagersLoan Interviewers and ClerksSecurities, Commodities, and Financial Services Sales AgentsAccountants and AuditorsPersonal Financial AdvisorsChief executives and legislatorsCustomer Service RepresentativesCredit Authorizers, Checkers, and Clerks
Lateral job transitions for credit counselors

A lateral career transition is a move to a job with similar pay and responsibilities. A move to such a job can offer a change of pace without an increase in stress or a decrease in pay. The following table simply identifies all 9 jobs which were held by at least 1% of survey respondents before working as credit counselors as well as 1% of respondents after working as credit counselors. Select a row to investigate the job's full description and determine if it truly offers an opportunity for a lateral transition.

Prior and next careers for credit counselors: full listings

What do people typically do before and after they work as credit counselors? Here are the full lists of all jobs that at least 1% of credit counselors surveyed reported as holding a year earlier or later.

Choose which type of transition to view
Prior jobs
Next jobs
Variation by state
State-by-state employment numbers

Some careers tend to be centered in specific parts of the country. For example, most jobs in fashion are in New York or California. Let's see if your dream job is easy to find in your dream location! We have a few choices for viewing the data that can help you get a full employment picture.

Job density versus job count

Which states hire the most loan officers? We wonder if that's a fair question since states come in all sizes, so instead let's start with the question of which states have the highest density of people working as loan officers. You can choose to view the number of jobs per state if you prefer.

BLS vs ACS data

This map defaults to employment information from the Bureau of Labor Statistics (BLS), which provides job totals carefully compiled for accuracy and with a primary focus on how employers describe their workers. The BLS job totals do not count self-employed workers. We've also compiled totals using the Census Bureau's American Community Survey (ACS) which are based on how workers describe themselves. Sometimes ACS results are quite a bit different from the employer-based BLS data.

One important factor in the differences between ACS and BLS data is that the ACS numbers are for all credit counselors, comprised of all specialities listed in the menu bar, and you can choose to view the BLS at the specialty or full career level.

Choose the metric to review
Jobs per 1000 working
Number of jobs
Use this data source
BLS for this specialty
Number of Loan Officers per 1,000 workers (BLS)
Select a state to see local area details
Salaries by state
Let's get a feel for where loan officers earn the highest salaries. There are several choices for which data we consider and how we view that data, and each can lead to different conclusions, so please read on...
Median salary versus state ratio

We use two methods to compare salaries across states:

  • In-state comparisons: the ratio of median (middle) salaries for credit counselors compared to the median salary for all people working in each state, or
  • Median salary: the unaltered median salaries for credit counselors.

We hope the ratio allows perspective about how salaries may compare to the regional cost-of-living.

BLS vs ACS data

We have two sources for statewide salary information with important distinctions. The BLS data is created by surveying companies, missing individuals who are self-employed or work for smaller companies. The ACS data is compiled from multi-faceted household surveys and may reflect the inconsistencies that people may have in reporting information. The ACS salaries are for all credit counselors, which combines the specialities from which you can choose at the top of the page.

Choose the metric to review
Location-adjusted median salary
Median salary
Use this data source
BLS for this specialty
Location-adjusted median salary for Loan Officers (BLS for this specialty)
The darkest shading corresponds to states in which loan officers earn the highest salary when compared to other jobs in the state. We think this ratio might be a better indicator than the actual salary for your buying power as a state resident.
Select a state to see local area details
Compare to similar jobs

If this job interests you, then use the tabs and education selector to find other careers that might be a good fit for you.

How should the career similarity be computed?

There are a number of ways to measure the similarity of jobs, here are a few we provide:

  • Interests: Also known as a Holland Code - Are you a thinker? A helper? What fits your personality?
  • Environment: Are there hazards? Will you be comfortable? Will it be stressful?
  • Knowledge: What do you need to know the most about?
  • Physical Abilities: Do you need to especially strong or coordinated?