Commercial Loan Officer
What Does A Commercial Loan Officer Do?
A loan officer reviews and evaluates loan applications and potentially awards loans to applicants. James, the loan officer featured in the video, deals with commercial loans (loans related to real estate, machinery, and equipment that will be used by a business).
How Do I Become A Commercial Loan Officer?
A four-year bachelor’s degree in accounting, finance, marketing, or a related field is required to obtain this position. A master’s degree in business (MBA), which may take an additional two-three years to earn, would be more valuable.
What is the Average Salary For A Commercial Loan Officer?
High – 132,000
Median – 63,000
Low – 32,000
What Courses Should I Take To Become A Commercial Loan Officer?
- Take as many college-prep courses as possible!
- Math – As much as possible!
- English – As much as possible!
- Communication
- Business
- Finance
- Psychology
What Is The Work Environment For A Commercial Loan Officer?
Loan officers work in banks, credit unions, and other financing-related institutions.
What Is The Future Outlook For A Commercial Loan Officer?
The job outlook for this position looks good over the next 10 years, keeping in mind that geographical differences may exist.
References
- Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook
- Explore Careers, Labour Market Information, Government of Canada
