According the Bureau of Labor Statistics, loan officers can expect steady job growth through the year 2016. Currently, loan officers hold about 370,000 jobs across the nation, with 90% working for commercial banks and credit unions. If you're interested in this line of work, consider getting a bachelor's degree in finance, which makes you more competitive in the job market. Most states don't require loan officers to have a license, although some do. Here's a guide to becoming a licensed loan officer.
Instructions
1. Get a bachelor's degree in business or finance. Most financial institutions prefer that loan officers have a degree in finance; however you can also become a loan officer if you have several years of financial intuition experience. According to the Bureau of Labor Statistics, the entry-level pay doesn't differ for those with and without degrees--it's just generally easily to get a job with a degree.
2. Check with your state for licensing requirements. Many states don't require loan officers to be licensed. However, check with your state's Commissioner of Banks Department to see if you need a license. If you visit your state's home page, there is typically a department for the Commissioner of Banks listed. If your state has this requirement, you are usually required to take an exam and pay an application fee of $100 to $200. You may also need to pass a criminal background check.
3. Refresh your résumé. Once you are ready to apply for loan officer positions, give your résumé a complete overhaul. Loan officer résumés should be focused on sales and customer service abilities. Samples can be found at Aspirations Resume (see Resources).
4. Start your loan officer job search. Once you have your skills in place, and have revamped your resume, you're ready to search for jobs. Companies such as Monster, HotJobs and Loan Officer Jobs (see Resources) post loan officer positions.
5. Seek opportunities for advancement. Check out the American Bankers Association for opportunities to develop your skills to make yourself more marketable for management opportunities.
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