Loan Officers and Counselors


Employment Prospects


There are approximately 316,200 loan officers and counselors in the United States. They primarily work for commercial banks, savings institutions, credit unions, and mortgage and consumer finance companies.

Starting Out

One way to enter banking as a regular employee is through part-time or summer employment. Anyone can apply for a position by writing to a financial institution officer in charge of personnel or by arranging for an interview. Many institutions advertise in the classified section of local newspapers. The larger banks recruit on college campuses. An officer will visit a campus and conduct interviews at that time. Student career services offices can also arrange interviews.

Advancement Prospects

There is no one method for advancement among loan officers and counselors. Advancement depends on the size of the institution, the services it offers, and the qualifications of the employee. Usually the smaller the employer, the slower the advancements. Loan officers and counselors can advance to become loan supervisors (managers of loan departments) or heads of retail or commercial banking. Very experienced workers can advance to the positions of financial institution treasurer or controller, then vice president, and finally bank president.

Financial institutions often offer special training programs that take place at night, during the summer, and in some special instances during scheduled working hours. People who take advantage of these opportunities usually find that advancement comes more quickly. 

Tips for Entry

Talk to loan officers and counselors about their careers. Ask them for advice on preparing for and entering the field.

Visit https://aba.careerbank.com for job listings.

Try to gain experience and excel in lower-level positions such as teller or financial clerk to increase your chances of being considered for the positions of loan officer or counselor.