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.
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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
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Wages
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Vermont - 2023 |
Percentile1 | Hourly | Yearly |
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 |
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Average |
$ 46.78 |
$97,300 |
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More at CareerOneStop |
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Industries of Employment
United States - 2020 |
Industry | Percent of total |
- Credit intermediation and related activities
| 82% |
- Management of companies and enterprises
| 4% |
- Motor vehicle and parts dealers
| 3% |
| 2% |
- Insurance carriers and related activities
| 2% |
More at BLS |
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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.
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- Economics and Accounting
Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
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- English Language
Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
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- Mathematics
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
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- 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.
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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.
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- Speaking
Talking to others to convey information effectively.
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- Judgment and Decision Making
Considering the relative costs and benefits of potential actions to choose the most appropriate one.
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- Reading Comprehension
Understanding written sentences and paragraphs in work-related documents.
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- Critical Thinking
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
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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.
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- 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.
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- 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.
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What are your interests? Take the O*NET Interest Profiler |
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Work Styles
People in this career will do well at jobs that need: |
- Integrity
Job requires being honest and ethical.
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- Dependability
Job requires being reliable, responsible, and dependable, and fulfilling obligations.
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- Cooperation
Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
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- Attention to Detail
Job requires being careful about detail and thorough in completing work tasks.
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- Adaptability/Flexibility
Job requires being open to change (positive or negative) and to considerable variety in the workplace.
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More at O*NET |
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Tasks
On the job, you would: |
- Meet with applicants to obtain information for loan applications and to answer questions about the process.
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- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
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- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
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- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
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- Submit applications to credit analysts for verification and recommendation.
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More at O*NET |
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Related Occupations
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Career Video
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Projected Employment
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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 |
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Education and Experience:
- Typical education needed for entry
Bachelor's degree
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- Work experience in a related occupation
Less than 5 years
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- Typical on-the-job training needed to attain competency
Moderate-term on-the-job training
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Based on BLS Education and Training Classifications |
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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
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Low | | High |
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Compare Occupations at O*NET |
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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.
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Based on O*Net Job Zones and SVP |
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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 |
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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.
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- Oral Expression
The ability to communicate information and ideas in speaking so others will understand.
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- Written Comprehension
The ability to read and understand information and ideas presented in writing.
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- Near Vision
The ability to see details at close range (within a few feet of the observer).
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- Written Expression
The ability to communicate information and ideas in writing so others will understand.
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More at O*NET |
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Work Activities
In general, what you might do: |
- Getting Information
Observing, receiving, and otherwise obtaining information from all relevant sources.
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- 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.
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- Establishing and Maintaining Interpersonal Relationships
Developing constructive and cooperative working relationships with others, and maintaining them over time.
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- Processing Information
Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
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- Analyzing Data or Information
Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
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More at O*NET |
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Detailed Work Activities
What you might do in a day: |
- Interview clients to gather financial information.
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- Assess financial status of clients.
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- Authorize financial actions.
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- Interpret financial information for others.
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- Submit financial applications.
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More at O*NET |
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Other Resources
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- CareerOneStop
resource for job seekers, students, businessess and career professionals
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- O*NET Online
nation's primary source of occupational information
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