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
Job growth
1%
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
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Work-life balance
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Stress level
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Satisfaction
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Related careers
- Financial Manager$166,570 median
- Actuary$130,000 median
- Personal Financial Advisor$105,070 median
- Financial Analyst$102,740 median
- Management Consultant$101,860 median
- Financial Examiner$94,160 median
Frequently asked questions
How much does a Loan Officer make?
The median pay for a Loan Officer is $76,690 a year (U.S. Bureau of Labor Statistics, May 2025). Actual pay varies with experience, location, and employer.
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?
The BLS projects slower than average demand for this role, about 1% over the decade, 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 quizSalary and job-growth figures: U.S. Bureau of Labor Statistics and O*NET OnLine (median annual wages May 2025; employment projections 2024-2034). National figures; actual pay varies by location, employer, and experience.