Career: Loan Officers and Counselors
Do you like working with numbers? Being around people? Working on the run? Do you actually get a rush out of going door-to-door selling candy bars to neighbors during fundraising season?
Becoming a loan officer or counselor will give you a chance to indulge all of these interests. However, it will also appeal to your soft side. You’ll be helping people get the money they need to realize their dreams of owning a house, getting a college education, or starting a business.
Loan officers help people and businesses who apply for loans. Loan counselors guide loan applicants who have problems qualifying for traditional loans.
Did You Know?
- Learning to speak a second language will give you an edge in the job market.
Are You Ready To...?
- Make sales
- Help others
- Use computers
- Prepare complex paperwork, such as loan agreements
- Travel and work out of your home or car
- Work long hours
It Helps to Be...
Good with numbers, competitive, and tech-savvy. You’ll also need excellent people skills. And you should be capable of working as part of a team and juggling many projects under tight deadlines.
Make High School Count
- Pay close attention in math and consider trying your hand at statistics and economics.
- Build good communication skills. Loan counselors and officers have to make a good impression on clients.
- Master the computer. Get comfortable with word processing as well as spreadsheet software.
Did You Know?
- If you become a loan officer or counselor, you’ll probably earn more when the economy is strong -- and less when it’s not so strong.
Outlook
Government economists expect jobs for loan officers to grow as fast as the average for all careers through 2016. Loan counselors, on the other hand, should expect to see slower-than-average growth.
A growing population and economy should mean more demand for loan officers. But other factors will limit that demand. For example, the loan application process is simpler now, thanks to new automated systems. And more people are using the Internet to apply for loans, eliminating the need for a loan officer.
Keep in mind, also, that this career can rise and fall with the economy.
Compensation
The U.S. Bureau of Labor Statistics reported that loan officers earned an average yearly income of $63,540 in 2008. Loan counselors earned $41,970. Some loan officers were paid a commission on top of their salary. A commission is a bonus based on the number of loans started.
