State medians come from the same OEWS release as the national figures. The cost-of-living column divides each state median by that state's BEA Regional Price Parity, restating pay in national-average dollars so a high-cost state and a low-cost one can be compared directly.
Loan Officer Salary (2026): Data, Outlook & How to Become One
The median pay for Loan Officers is $76,690 a year ($36.87/hr), according to BLS OEWS, May 2025. Employment is projected to grow 1.7% through 2034, with about 20,300 openings a year (BLS EP, 2024–2034). Typical entry-level education: Bachelor's degree.
SOC 13-2072Business and Financial OperationsLast updated August 15, 2026
- Median pay
- $76,690
- Projected growth
- +1.7%
- Openings a year
- 20,300
- Typical education
- Bachelor's
BLS OEWS, May 2025
BLS EP, 2024–2034
BLS EP, 2024–2034
BLS EP, 2024–2034
Also advertised as: Commercial Banker, Commercial Loan Officer, Corporate Banking Officer, Financial Aid Advisor, Financial Aid Counselor, Financial Aid Officer.
How much do Loan Officers make?
10th percentile$39,430
Entry / lowest-paid tenth
25th percentile$52,730
Lower quartile
Median (50th)$76,690
Half earn more, half earn less
75th percentile$104,080
Upper quartile
90th percentile$153,180
Top-paid tenth
| Median annual wage | $76,690 |
|---|---|
| Median hourly wage | $36.87/hr |
| Mean annual wage | $87,790 |
| People employed | 274,330 |
Versus all US occupations
At $76,690, Loan Officers earn 50% above the $50,980 median across all US occupations, a difference of $25,710 a year.
Versus business and financial operations occupations
Inside the Business and Financial Operations group, where the middle occupation pays $80,730, this is 5% below the group median.
Pay range
The top 10% earn $153,180 or more while the bottom 10% earn $39,430, a gap of 3.9×. That is an unusually wide spread, which usually tracks specialisation, employer type and years of experience.
Rank in the bank
This median pays more than 62% of the 923 occupations in the NueCareer career bank.
Cost of living
Massachusetts posts the highest raw median ($101,600), but once local prices are taken into account Kansas leads at $96,560 in national-average dollars.
Which states pay Loan Officers the most?
| State | Median | COL-adjusted | Employed |
|---|---|---|---|
| Massachusetts | $101,600 | $96,069 | 4,470 |
| Connecticut | $95,730 | $92,395 | 2,220 |
| New York | $95,710 | $88,685 | 10,840 |
| Minnesota | $95,170 | $96,501 | 6,430 |
| Colorado | $94,520 | $91,721 | 3,230 |
| Oregon | $94,440 | $91,369 | 4,220 |
| New Jersey | $92,920 | $85,400 | 6,200 |
| District of Columbia | $92,890 | $84,522 | 370 |
| Vermont | $88,710 | $90,559 | 350 |
| Kansas | $86,970 | $96,560 | 3,540 |
Is Loan Officer a growing career?
Loan Officers1.7%
All US occupations3.1%
+1.7% projected growth vs 3.1% for all occupations.
Slower than average
BLS projects employment of Loan Officers to change 1.7% over 2024–2034, against 3.1% projected for all occupations. That is 5,000 more jobs.
Annual openings
About 20,300 openings are projected each year, 6.7% of the 301,400 jobs that existed in 2024. Most come from workers leaving the occupation, not from growth alone.
Despite limited employment growth, about 20,300 openings for loan officers are projected each year, on average, over the decade.
Most of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
Demand for loan officers is expected as both businesses and individuals seek credit to finance commercial investments and personal spending. Loan officers will be needed to evaluate the creditworthiness of applicants and determine the likelihood that loans will be paid back in full and on time.
However, the decline of bank branches and the increased use of productivity-enhancing technology in loan processing are expected to slow employment growth.
How to become a Loan Officer
Loan officers typically need a bachelor’s degree and on-the-job training. Mortgage loan officers must be licensed.
| Typical entry-level education | Bachelor's degree |
|---|---|
| Preparation needed (O*NET job zone) | Medium preparation |
| Work experience in a related occupation | Less than 5 years |
| Typical on-the-job training | Moderate-term on-the-job training |
What education people in the job have
O*NET incumbent survey: the highest level of education reported by people already working as loan officers.
- Bachelor's Degree68.7%
- Some College Courses12.8%
- Associate's Degree (or other 2-year degree)11.2%
- High School Diploma6.1%
- Post-Baccalaureate Certificate1.1%
What does a Loan Officer 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.
Loan officers evaluate, authorize, or recommend approval of applications for personal and business loans.
Day-to-day tasks
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
- 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.
- Review and update credit and loan files.
- Handle customer complaints and take appropriate action to resolve them.
- Work with clients to identify their financial goals and to find ways of reaching those goals.
- Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
O*NET core tasks, ordered by reported importance.
Where loan officers work
| Credit intermediation and related activities | 79% |
|---|---|
| Management of companies and enterprises | 4% |
| Automobile dealers | 4% |
BLS Occupational Outlook Handbook, 2024–2034 edition.
Core skills
- Active Listening4.0/5
- Speaking4.0/5
- Reading Comprehension3.9/5
- Critical Thinking3.8/5
- Writing3.4/5
- Mathematics3.3/5
- Active Learning3.1/5
- Monitoring2.9/5
Transferable skills
- Judgment and Decision Making3.9/5
- Social Perceptiveness3.3/5
- Complex Problem Solving3.3/5
- Time Management3.1/5
- Service Orientation3.0/5
- Coordination2.9/5
- Persuasion2.9/5
- Negotiation2.9/5
Tools and software
- Data base user interface and query software · in demand
- Electronic mail software · in demand
- Enterprise resource planning ERP software · in demand
- Office suite software · in demand
- Presentation software · in demand
- Spreadsheet software · in demand
- Video conferencing software · in demand
- Word processing software · in demand
- Accounting software
- Compliance software
- Content workflow software
- Customer relationship management CRM software
“In demand” marks an O*NET Employer-Based Hot Technology, software named in real job postings for this occupation.
What personality type suits a Loan Officer?
Interest profile: O*NET Occupational Interests, scored 1–7
Realistic1.4
Investigative2.3
Artistic1.0
Socialprimary3.6
Enterprisingprimary5.0
Conventionalprimary6.1
Day to day this is work built around organising, following procedures and working precisely with data, combined with leading, persuading, selling and making decisions.
Closest MBTI types
NueCareer fit scores: cosine similarity between each MBTI type's interest vector and this occupation's O*NET interest profile. Not a BLS or O*NET figure; the method is documented on our methodology page.
Loan Officer: frequently asked questions
How much do Loan Officers make?
Loan Officers earn a median of $76,690 a year (BLS OEWS, May 2025). That is 50% above the $50,980 median for all US occupations. That works out at $36.87/hr. The middle half earn between $52,730 and $104,080. The top 10% earn $153,180 or more.
Do you need a degree to become a Loan Officer?
Yes. BLS reports a bachelor's degree as the typical entry-level education for Loan Officers, and O*NET rates the preparation needed as medium preparation. Employers typically expect less than 5 years of related work experience first. BLS also lists moderate-term on-the-job training as typical on-the-job training. In O*NET's survey of people already doing the job, 68.7% hold bachelor's degree.
Is Loan Officer a growing career?
It is growing, but slowly: 1.7% over 2024–2034 against 3.1% for all occupations (BLS EP, 2024–2034). BLS still projects about 20,300 openings a year, mostly from workers retiring or moving to other work.
What does a Loan Officer do?
Loan officers evaluate, authorize, or recommend approval of applications for personal and business loans. A core O*NET task: explain to customers the different types of loans and credit options that are available, as well as the terms of those services. Employers most often ask for Data base user interface and query software, Electronic mail software, Enterprise resource planning ERP software.
Which states pay Loan Officers the most?
The highest state medians for Loan Officers are Massachusetts ($101,600), Connecticut ($95,730), New York ($95,710) (BLS OEWS, May 2025). Adjusted for local prices using BEA Regional Price Parities, Kansas moves to the top at $96,560.
What personality type suits a Loan Officer?
O*NET scores Loan Officers highest on the Conventional, Enterprising and Social interest areas, so the work mixes organising, following procedures and working precisely with data with leading, persuading, selling and making decisions. On NueCareer's MBTI-to-interest mapping the closest types are ESFJ, ESTJ. Personality is a fit signal, not a gate. The free NueCareer quiz scores your own profile against all 923 occupations in the bank.