How to Become a Loan Officer?
Steps to Become a Loan OfficerIf you're considering starting your Loan Officer career path, it's important to note the skills, qualifications, and time it takes to become a professional Loan Officer and how to advance your career path. Below are the steps generally required to begin and advance your Loan Officer career.
Earn a DegreeTo begin your Loan Officer career path, a Bachelor's Degree in Business or a related field is usually necessary in order to remain a competitive option for employers. Focus on industry-specific skill development during your education in order to be properly equipped when applying for entry-level positions and entering the job force. A Loan Officer internship may be required to earn your Bachelor's Degree and acquire necessary on-the-job skills before entering the workforce.
What type of degree should you pursue to become a Loan Officer?
64% of people working as a Loan Officer earned a Bachelor's Degree
What skills do you need to be a Loan Officer?
- BS Degree
- Business Writing
- VERBAL Communication
- Interpersonal and Communication
- Excellent Customer Service
- Written Communication
Choose a Specialty in Your FieldAs an Loan Officer, you may be required to choose a specialty within your field. Determine which part of the Loan Officer field you feel strongest in, and continue taking active steps toward growing in your chosen Loan Officer specialty.
Get an Entry-Level Position as a Loan OfficerOnce you've acquired a Bachelor's Degree in Business or a related field, you'll typically begin your career as an entry-level Loan Officer. In general, you can become a Loan Officer after completing your 4 year Bachelor's Degree in a related discipline. Depending on the type of Loan Officer role you’re pursuing, you may want to explore certification in certified escrow officer.
Advance in Your Loan Officer CareerFollowing entry-level, there are several Loan Officer career path levels to advance into. It can take 2 years as an entry-level Loan Officer to progress to the senior loan officer position. Each advanced Loan Officer position requires approximately 2 years of experience at each level to advance in your Loan Officer career path. It may be necessary to receive additional education, an advanced degree such as a Master's Degree in a related field, or special certifications in order to advance your Loan Officer career path.
Continued Education for Your Loan Officer Career PathNot all industries and companies require continued education to advance your Loan Officer career path. However, earning this degree may help you advance to higher-earning positions more quickly. Earning a Bachelor's Degree in Business can take 4 years to complete. People that have earned their Bachelor's Degree typically make $131,965 compared to $24,608 for those without that type of degree.
Loan Officer Career Path
Senior Loan Officer
Lead Loan Officer
Total Pay Trajectory
Loan Officer Career Path
Related Careers in the Finance & Accounting Industry
Interested in other Finance & Accounting careers? Below are occupations that have high affinity with Loan Officer skills. Discover some of the most common Loan Officer career transitions, along with skills overlap.