How to Become a Loan Officer
Evaluate and approve the loans that let people buy homes and businesses grow, guiding borrowers through the process. It typically requires a bachelor's degree, with a median salary of $76,690 per year and slower than average projected job growth.
Median pay
$76,690/yr
Middle half
$52,730 to $104,080
Job growth
Slower than average
Openings / yr
20,300
Majors that lead here
Key skills
- Credit Analysis
- Customer Service
- Regulatory Knowledge
- Active Listening
- Sales
Helpful certifications
- MLO license (NMLS)
- Certified Lender credentials (ABA)
Is this career a fit?
Remote-friendly
27/100
Work-life balance
63/100
Stress level
61/100
Related careers
- Financial Manager$166,570 median
- Actuary$130,000 median
- Financial Risk Specialist$117,330 median
- Personal Financial Advisor$105,070 median
- Financial Analyst$102,740 median
- Management Consultant$101,860 median
Frequently asked questions
How much does a Loan Officer make?
The median pay for a Loan Officer is $76,690 a year, and the middle half of workers earn between $52,730 and $104,080 (U.S. Bureau of Labor Statistics, May 2025). That covers everyone in the job, not only people starting out, so newer workers sit toward the lower end.
What degree do you need to become a Loan Officer?
The usual entry point is a bachelor's degree. Common majors are Finance, Business Administration, and Economics.
Is Loan Officer a growing field?
Projected job growth for this role from 2024 to 2034 is slower than average (BLS projections via O*NET), with roughly 20,300 U.S. openings a year.
What skills does a Loan Officer use most?
Common skills for this role are Credit Analysis, Customer Service, Regulatory Knowledge, Active Listening, and Sales.
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Take the major quizWhere these pay figures come from
Career pay is the annual wage of everyone working in that occupation, not only recent graduates, so it includes people who have done the job for decades. The middle half is the 25th to the 75th percentile. U.S. Bureau of Labor Statistics and O*NET OnLine (median and percentile annual wages May 2025; employment projections 2024-2034).
All figures are national. What you earn depends on where you work, who you work for, and how far you take the degree.
Job-growth figures: U.S. Bureau of Labor Statistics and O*NET OnLine (median and percentile annual wages May 2025; employment projections 2024-2034).