Data & Research
 
* ELMI Occupation Profile - Loan Officers *
 
Loan Officers
(O*NET 13-2072.00, SOC 13-2072)
What they do
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.
 
Also called:
Commercial Banker, Commercial Loan Officer, Corporate Banking Officer, Financial Aid Advisor, Financial Aid Counselor, Financial Aid Officer, Financial Counselor, Loan Counselor, Loan Officer, Mortgage Loan Officer
 
 
Wages
Vermont - 2023
Percentile1HourlyYearly
10% $ 23.50   $48,880  
25% $ 29.41   $61,170  
Median $ 38.22   $79,490  
75% $ 62.15   $129,260  
90% $ 87.47   $181,940  
 
Average $ 46.78   $97,300  
1 What are Percentile Wages?
More at CareerOneStop
 
Industries of Employment
United States - 2020
IndustryPercent of total
  • Credit intermediation and related activities
82%
  • Management of companies and enterprises
4%
  • Motor vehicle and parts dealers
3%
  • Self-employed workers
2%
  • Insurance carriers and related activities
2%
More at BLS
 
Knowledge
People in this career often know a lot about:
  • Customer and Personal Service
    Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
  • Economics and Accounting
    Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
  • English Language
    Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • Mathematics
    Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
  • Sales and Marketing
    Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
More at O*NET
 
Skills
People in this career often have these skills:
  • Active Listening
    Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
  • Speaking
    Talking to others to convey information effectively.
  • Judgment and Decision Making
    Considering the relative costs and benefits of potential actions to choose the most appropriate one.
  • Reading Comprehension
    Understanding written sentences and paragraphs in work-related documents.
  • Critical Thinking
    Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
More at O*NET
 
Interests
People in this career often prefer these work environments:
  • Conventional
    Work involves following procedures and regulations to organize information or data, typically in a business setting. Conventional occupations are often associated with office work, accounting, mathematics/statistics, information technology, finance, or human resources.
  • Enterprising
    Work involves managing, negotiating, marketing, or selling, typically in a business setting, or leading or advising people in political and legal situations. Enterprising occupations are often associated with business initiatives, sales, marketing/advertising, finance, management/administration, professional advising, public speaking, politics, or law.
  • Social
    Work involves helping, teaching, advising, assisting, or providing service to others. Social occupations are often associated with social, health care, personal service, teaching/education, or religious activities.
What are your interests? Take the O*NET Interest Profiler
 
Work Styles
People in this career will do well at jobs that need:
  • Integrity
    Job requires being honest and ethical.
  • Dependability
    Job requires being reliable, responsible, and dependable, and fulfilling obligations.
  • Cooperation
    Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
  • Attention to Detail
    Job requires being careful about detail and thorough in completing work tasks.
  • Adaptability/Flexibility
    Job requires being open to change (positive or negative) and to considerable variety in the workplace.
More at O*NET
 
Tasks
On the job, you would:
  • Meet with applicants to obtain information for loan applications and to answer questions about the process.
  • Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
  • Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
  • Submit applications to credit analysts for verification and recommendation.
More at O*NET
 
Related Occupations
More at O*NET
 
 
Career Video
Watch at CareerOneStop with transcript or at YouTube.
 
Projected Employment
 Vermont
2020 employment 539
2030 employment 555
Annual percent change
(compounded)
0.3%
Annual projected job openings
(due to change and separations)
44
More at Occupational Projections
 
Education and Experience:
  • Typical education needed for entry
    Bachelor's degree
  • Work experience in a related occupation
    Less than 5 years
  • Typical on-the-job training needed to attain competency
    Moderate-term on-the-job training
Based on BLS Education and Training Classifications
 
Physical Work Activity
Performing physical activities that require considerable use of your arms and legs and moving your whole body, such as climbing, lifting, balancing, walking, stooping, and handling materials.
 
  • Physical activity is Somewhat Important
  • Level of activity is Low
Importance
Low   High
Level
Compare Occupations at O*NET
 
Job Zone
Considerable Preparation Needed
  • Specific Vocational Preparation Range
    (7.0 to < 8.0) - A typical worker will require over 2 years up to and including 4 years of training to achieve average performance in this occupation.
Based on O*Net Job Zones and SVP
 
Education Level
How much education do most people in this career have?
Education level Percent of
U.S. Workers
Doctoral or professional degree
or post-MA certificate
  0%
Master's degree or
post-BA certificate
  1%
Bachelor's degree   69%
Associate's degree   11%
Certificate or some college,
no degree
  13%
High school diploma
or equivalent
  6%
Less than high school diploma   0%
More at O*NET
 
Abilities
People in this career often have talent in:
  • Oral Comprehension
    The ability to listen to and understand information and ideas presented through spoken words and sentences.
  • Oral Expression
    The ability to communicate information and ideas in speaking so others will understand.
  • Written Comprehension
    The ability to read and understand information and ideas presented in writing.
  • Near Vision
    The ability to see details at close range (within a few feet of the observer).
  • Written Expression
    The ability to communicate information and ideas in writing so others will understand.
More at O*NET
 
Work Activities
In general, what you might do:
  • Getting Information
    Observing, receiving, and otherwise obtaining information from all relevant sources.
  • Evaluating Information to Determine Compliance with Standards
    Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
  • Establishing and Maintaining Interpersonal Relationships
    Developing constructive and cooperative working relationships with others, and maintaining them over time.
  • Processing Information
    Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
  • Analyzing Data or Information
    Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
More at O*NET
 
Detailed Work Activities
What you might do in a day:
  • Interview clients to gather financial information.
  • Assess financial status of clients.
  • Authorize financial actions.
  • Interpret financial information for others.
  • Submit financial applications.
More at O*NET
 
Other Resources
  • CareerOneStop
    resource for job seekers, students, businessess and career professionals
  • O*NET Online
    nation's primary source of occupational information
 
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This page includes information from the O*NET 28.0 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA.

BLS

This page includes information produced in cooperation with the U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics and State Occupational Projections programs.

 
 
 
 
Vermont.gov State of Vermont Department of Labor